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.


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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