BMO Launches Canadian ETF MMF
A press release entitled, "BMO Investments Inc. Launches ETF Series for BMO Money Market Fund," tells us, "BMO Investments Inc., the manager of the BMO Mutual Funds, today announced the launch of ETF Series units for the BMO Money Market Fund. BMO Money Market Fund – ETF Series' (Ticker: ZMMK) objective is to provide capital preservation by investing in a portfolio of high-quality money market instruments issued by governments and corporations in Canada. To support this objective, the portfolio manager selects high-quality money market instruments that mature in less than 365 days and have an average term of 90 days or less to reset date and 180 days to maturity date. The offering of ETF Series units of the fund has closed and it will begin trading on the Toronto Stock Exchange today." Mark Raes, Head of Product, BMO Global Asset Management Canada, comments, "We're pleased to be expanding our ETF shelf to include ETF Series units of BMO Money Market Fund. ZMMK provides a solution for investors looking for a liquidity sleeve, or a place to hold their cash as they assess the market for other investments." BMO adds, "Further information about BMO ETFs and ETF Series of the BMO Mutual Funds can be found at www.bmo.com/etfs." According to ICI's latest Worldwide mutual fund totals, Canada ranks 14th among money fund managers with $27.0 billion.
