Dawn of the PTF: An Inside Look at Canada's Attempt to Revive the Mutual Fund Market

Invesco Canada, TMX Group and potentially even Fundserv are building products that blend ETFs and active mutual funds.

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In finance, there’s something of a friendly rivalry as to who deserves credit for the advent of the exchange-traded fund (ETF) market: the American Stock Exchange or the Toronto Stock Exchange. While the US exchange was the first on the board in 1989 with its Index Participation Shares offering, a lawsuit forced it to close soon after its launch. A year later, Canada entered the fray with the TSX’s Toronto Index Participation Shares product, which stuck and became the basis for what Amex would

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