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  • Published: October 21, 2025

  • Investor Knowledge   5分钟

    ETF系列在加拿大日益受到青睐

    Bridging the gap between ETFs and mutual funds

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When Canadian investors think about building wealth, two investment options usually come to mind: mutual funds and exchange-traded funds (ETFs). Both options have unique features and benefits that can impact an investors' decision when trying to determine which option is more appropriate for their needs and goals.

But what if there was an option that combined the benefits of both?

Enter the ETF Series - an innovative structure that combines many key benefits of both mutual funds and ETFs. First introduced in Canada in 2013, ETF Series have grown steadily as investors and advisors recognize their potential as a flexible, efficient way to access familiar strategies.

What Exactly Is an ETF Series?

At its core, ETF Series is not a brand-new fund but rather a different way to access an existing mutual fund. The underlying portfolio remains the same, but instead of buying units directly from the fund company, investors can trade them on a stock exchange - just like an ETF.

Think of it as opening a new door to the same house: the furnishings inside don’t change, but the entrance (and the experience of getting in) gets an upgrade.

The Appeal of ETF Series

ETF Series were designed for investors who want the professional oversight of mutual funds but also value the flexibility and transparency of ETFs. Some of the key advantages include:

  • Intraday Liquidity: Unlike mutual funds, which only settle once per day, ETF Series can be bought and sold throughout the trading day

  • Performance History: Since ETF Series are linked to existing funds, investors can review historical data rather than starting with a “blank slate”

  • Cost Efficiency: Fees are generally in line with F-Series mutual funds, making them accessible to a wider audience

  • Simplified Tax Reporting: Investors receive a single annual slip, keeping year-end reporting straightforward

Key Considerations

While ETF Series offer many advantages, they also come with nuances that investors should be aware of:

  • Bid/Ask Spreads:
    Depending on market liquidity, execution costs may vary

  • Limited Tax Efficiency:
    Unlike traditional ETFs, ETF Series may not fully benefit from in-kind redemption strategies that help minimize taxable events

  • Less Frequent Disclosure:
    Active ETF Series typically disclose holdings quarterly, like mutual funds, rather than daily like most ETFs

A Growing Role in Canadian Portfolios

ETF Series are still relatively new in the broader investment landscape, but their adoption in Canada is accelerating. They represent a compelling evolution in investment access: They don't replace mutual funds or ETFs, but they give Canadian investors a new option to balance cost, flexibility, and professional management.

As more fund companies embrace this structure, ETF Series are poised to become an increasingly important part of the investment toolkit, bridging the gap between the familiar and the innovative.

Mutual Funds vs. ETF Series vs. Standalone ETFs

功能

互惠基金

ETF系列

ETFs (Standalone)

StructureTraditional pooled investmentExchange-traded version of a mutual fundIndependent ETF
交易End-of-day price (NAV)Intraday on exchangesIntraday on exchanges
流动性日常IntradayIntraday
Order TypesNo market ordersMarket, limit, stop ordersMarket, limit, stop orders
费用Varies by seriesTypically aligned with F-SeriesOften lower than mutual funds
Tax ReportingMay Require Multiple SlipsOne annual slipOne annual slip
Holdings Disclosure每三个月一次每三个月一次Daily (passive) or quarterly (active)
Execution CostsShared across all seriesShared across all seriesExternalized via bid/ ask spreads

本文所含信息由道明资产管理有限公司提供，仅供参考。信息出自我们认为可靠的来源。本信息并未提供财务、法律、税务或投资建议。具体的投资、税款或交易策略应根据每位投资者的目标和风险承受能力加以评估。进行交易所买卖基金投资可能需要负担相关佣金、管理费以及支出。投资前请参阅招股章程和ETF情况概要。交易所买卖基金没有担保，其价值可能经常变化，且既往表现可能不会重现。交易所买卖基金单位在证券交易所按市场价格进行买卖，因此收益会因经纪人佣金的支付而减少。 Unlike a traditional mutual fund ("Fund"), exchange-traded series ("ETF series") are traded on stock exchanges. The trading price of the ETF series will fluctuate in accordance with changes in the market supply and demand on the exchange or marketplace on which the ETF series are traded. In the event of a disruption or a halt in trading of the ETF series on a stock exchange or marketplace on which the ETF series of the Fund are traded, the trading price of the ETF series may be affected. As a result, the disruption or halting of such trading may cause a performance variance between the ETF series and the Fund because the ETF series may trade in the market at a premium or discount to the net asset value (NAV) per unit of the Fund. There can be no assurance that the ETF series trading price will behave similar to the NAV per unit of the Fund. As such, the performance between the ETF series and the Fund may vary. In addition, there are other factors that could lead to performance variances between the ETF series and the fund, such as, for example, brokerage commissions and HST.本文档中的部分陈述可能包含预测性的前瞻性陈述（“FLS”），其中包含“预计”、“预期”、“打算”、“认为”、“估计”和类似的前瞻性表述或其否定形式。前瞻性陈述基于当前对未来普遍的经济、政治、相关市场因素（例如利率和汇率、股票和资本市场）以及普遍经营环境的预计和预测，并假定不发生税法或其他法律或政府管制方面的任何变动或灾难事件。对于未来事件的预计和预测本身受无法预见的风险和不确定性的影响。此等预计和预测可能在未来并不准确。前瞻性陈述并非对未来表现的保证。实际发生的事件可能与前瞻性陈述明示或暗示的事件存在实质差异。包括上文所述各项因素在内的多个重要因素均可能造成这种背离。您不应在任何程度上依赖于前瞻性陈述。道明互惠基金由道明银行（Toronto-Dominion Bank）全资子公司道明资产管理有限公司（TD Asset Management Inc.）管理，并通过授权经销商销售。道明交易所买卖基金由道明银行（Toronto-Dominion Bank）全资子公司道明资产管理有限公司（TD Asset Management Inc.）管理。

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