Briefly: “Canada’s lowest cost ETF launched” and more news

When you’re tracking an index, cost matters. Horizons BetaPro has launched the lowest cost ETF in Canada, tracking the S&P/TSX 60 Index.

The aptly named Horizons BetaPro S&P/TSX 60 Index began trading on the Toronto Stock Exchange today under the symbol HXT, and has a management fee of 7 basis points (plus applicable sales taxes) less than half the cost of the next lowest priced ETF in Canada.

“Fees are a crucial component for all investors, including those choosing index-based ETF investing,” said Howard Atkinson, president of BetaPro in a press release. “By design, index-tracking ETFs are not supposed to outperform the index, so if you lower their cost, you increase their potential performance.”

– Suzanne Sharma

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GMP to distribute PWBank GICs

Pacific & Western Credit has signed an agreement with GMP Securities, which will see the brokerage distribute guaranteed investment certificates issued by PWC’s subsidiary, Pacific & Western Bank of Canada.

“GMP Securities is a welcome addition to our growing network of deposit agents,” said David Taylor, president and CEO of PWC. “This relationship furthers our corporate strategy to diversify and expand our deposit base.”

PWBank is a branchless Schedule I chartered bank specializing in providing financing throughout Canada to well established corporations and government entities, including hospitals, school boards, universities and colleges, municipalities, provinces and territories, and federal government agencies.

GMP Securities offers institutional sales, research and trading services to Canadian and U.S. clients and also services European clients through its affiliate GMP Europe.

– Steven Lamb

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Desjardins Group reduces carbon footprint

Desjardins Group launched an alternative transportation program alongside the “In Town Without My Car!” event to encourage employees to avoid traveling alone by car when commuting.

The program was developed in partnership with Voyagez futé and MobiliT, with support from the Ministère des Transports du Québec. It is designed based on employee needs, taking into consideration specific issues within each of the following targeted communities: downtown Montréal, Anjou, L’Assomption, Gaspé, Québec City, Lévis, St-Romuald, Trois-Rivières, Mississauga and Toronto.

Desjardins hopes to promote the use of public transportation, carpooling, walking and cycling.

“Desjardins is not only concerned about the quality of life of its employees, but also the well-being of the community, from both a social and environmental standpoint,” said Pauline D’Amboise, secretary general and vice-president of cooperative support at Desjardins Group. “By supporting the use of alternative transportation, we are giving our employees a practical way to express their desire to make a difference for themselves and for society.”

– Suzanne Sharma

(09/15/10)