U.S.-based Madison Investments Holdings, Inc. has officially entered Canada’s ETF industry with two new funds that offer investors access to the firm’s flagship active U.S. equity strategies.
The Madison US Mid Cap ETF (TSX: MMID) and Madison US Large Cap ETF (TSX: MLRG) began trading on July 8. Both funds are managed by the Madison, Wis.-based firm’s relatively new Canadian subsidiary Madison Investments (Canada) Ltd., while affiliated U.S.-based investment manager Madison Asset Management, LLC serves as the sub-advisor.
“We’ve had Canadian partnerships and relationships for a long time, and Canadian registered ETFs were a natural extension of our product offering,” said Steven Carl, chair of Madison Investments’ executive committee, in an interview.
“And so, simply put, we wanted to create active ETF products that would allow Canadian investment advisors flexibility on product choice that benefited their clients.”
The funds, which were “in the works for quite some time,” are seeded by RBC, Carl said, noting that the bank has been a partner of his firm “for a very long time in both the U.S. and in Canada, and so, they were the real driver behind the initial decision to move forward.” He didn’t disclose how much RBC put up in its seed investment.
Built on existing investment strategies offered by the firm in the U.S., MMID and MLRG both seek to achieve long-term capital appreciation by investing primarily in or gaining exposure to U.S.-based medium-cap and large-cap companies, respectively.
Consisting of 25–40 stocks each, the fund portfolios are managed by the firm’s U.S.-based equity team, which includes Haruki Toyama, Joe Maginot, Andy Romanowich and Rich Eisinger.
“[These] are two of our flagship strategies. They have a really high active share — they don’t look anything like their stated benchmarks,” Carl explained.
“They have a bit of a participate-and-protect theme to them. Of course, they want to participate when the markets are up, but they certainly want to protect when they’re down. And … they have a very long track record dating back to the ’90s.”
He also noted that offering the U.S. investment strategies through Canada-listed ETFs gives Canadian investors a tax advantage, allowing them to avoid withholding taxes that come with investing in ETFs listed south of the border.
MMID has a 0.6% management fee, while MLRG has a 0.55% management fee. Both have a medium risk rating.
Asked whether Madison Investments has plans to launch additional products in Canada, Carl said the firm, which physically set up shop in the country in the second quarter of 2026, is “strongly considering” it.
“There’s nothing I can communicate today, but … the hope, the plan is for more to come.”
Madison Investments is an independent investment management firm with roughly US$28 billion in assets under management (AUM). Its entry into the Canadian ETF industry brings the total number of ETF providers in the country to 49. As of the end of June, these providers collectively manage more than $880 billion in net AUM.
TDAM, iCapital introduce global real estate fund
Eligible Canadian accredited investors now have access to a global real estate strategy managed by TD Asset Management Inc. (TDAM) through iCapital Network Canada Ltd.’s investment platform.
The new vehicle gives investors exposure to a portfolio of physical real estate assets “across Canada and key global markets, designed to deliver durable income and diversification,” said Andrew Croll, managing director, head of global real estate investments with TDAM, in a release on July 7.
The launch marks the expansion of iCapital and TDAM’s partnership. The two also teamed up in 2025 to give eligible Canadian accredited investors access to TDAM’s global infrastructure strategy.
NBI’s got a new Canadian equity fund
National Bank Investments Inc. (NBI) has rolled out a new actively managed Canadian equity fund.
As of July 9, the NBI SmartData Canadian Equity Fund is available in several mutual fund series and an ETF series (TSX: NSDC).
The fund aims to deliver long-term capital growth by investing directly, or through investments in mutual funds, in a portfolio mainly composed of stocks of Canadian companies.
The advisor, investor and T5 series of the fund have a 1.3% management fee and 0.05% administration fee. The F series, F5 series and ETF series have a 0.3% management fee and a 0.05% administration fee.
NBI manages the fund, while Goldman Sachs Asset Management, L.P. will serve as sub-advisor.
The NBI SmartData Canadian Equity Fund has a medium risk rating.
Harvest launches new covered-call gold ETF
Oakville-Ont.-based Harvest ETFs has launched an actively managed covered-call gold ETF.
The Harvest Premium Yield Gold ETF (TSX: HPYG) began trading on the TSX on July 8.
HPYG provides investors with exposure to gold bullion and leading global gold equities, and it employs an active covered call strategy as well as leverage through written put options and cash borrowing “to enhance growth potential and monthly cash distributions,” the firm said in a release.
The fund has a 0.65% management fee and high risk rating.
Mawer rolls out private equity fund
Calgary-based Mawer Investment Management Ltd. has launched a new fund, providing expanded access to its private equity strategy to clients in its private wealth division.
Announced July 2, the new Mawer Private Equity Fund provides accredited investors with access “to growth and buyout private equity investments” across primary funds, secondaries, co-investments and direct deals, the firm said in a release.
The new fund builds on Mawer’s private equity fund offering, the Mawer Partners LP Fund (MPLP), which launched in 2022. It’s managed by portfolio managers Peter Lieu and Paul Moroz, who also manage MPLP.
The Mawer Private Equity Fund has an investment minimum of $25,000 and is now available to registered accounts.
Fundata looks to improve access to Canadian fund data
Fundata Canada Inc. has introduced standardized identifiers for Canadian investment funds through the Nasdaq Fund Network (NFN) to provide more accessible fund data to portfolio managers, financial advisors and investors.
Mutual funds, segregated funds, exempt-market products, structured notes and other Canadian fund products in Fundata’s database will now be assigned NFN identifiers. This will make it easier to search for the products across market data platforms, financial portals and fund sponsor websites, a release said.
“Fundata tracks more than 3,500 distinct mutual funds and nearly 1,000 ETFs, encompassing over 40,000 fund entries when accounting for series and clones,” the release added. “The addition of standardized identifiers will empower investment managers to streamline data sourcing for analysis and portfolio construction.”
Green Street introduces Canadian commercial real estate index
Green Street has introduced a new Canadian commercial real estate index to give investors and market participants a timely read on commercial real estate values.
Announced July 9, the new index joins Green Street’s U.S. and European indices. The firm provides commercial real estate and infrastructure research, news, data, analytics and advisory services in Canada, the U.S., Europe and Australia.
“While other price indices rely on closed transactions or formal appraisals, features that differentiate Green Street’s Canadian CPPI are its timeliness, its emphasis on average institutional quality properties, and its ability to capture changes in the aggregate value of the commercial property sector,” the firm said in a release.
“The launch builds on Green Street’s growing Canadian presence and expands its ability to deliver independent, forward-looking intelligence across public and private markets.”
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