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TD Target Maturity Bond Funds
Where Convenience Meets Investment Experience
Simplify how you manage your fixed income portfolio with the TD Target Maturity Bond Exchange Traded Funds (ETFs) and Mutual Funds (collectively, "TD TMB(s)"). The TD TMBs offer the benefits of a traditional bond fund like diversification and regular income with the added benefits that come with an ETF or Mutual Fund like liquidity and transparency. TD TMBs buy and hold bonds to a set maturity date, which can help reduce short-term volatility and provide greater clarity of the cash flows over the defined term and the principal repayment value at maturity.
运行方式
The TD TMBs invest in a portfolio of investment-grade corporate bonds which are hand-picked by the Fixed Income Investment Team at TD Asset Management Inc. (TDAM), offering increased diversification and the chance to generate higher yields when compared to other fixed income products. Each TD TMB matures in successive years from 2025 to 2031. The suite includes the following investment wrappers:
加元
Each of the Canadian TD TMBs seek to provide regular income and preserve capital by investing primarily in a portfolio of investment-grade Canadian corporate bonds denominated in Canadian dollars, each maturing in the Maturity Year of the respective TD TMB.
美元
Each of the U.S. TD TMBs seek to provide regular income and preserve capital by investing primarily in a portfolio of investment-grade U.S. corporate bonds denominated in Canadian dollars, each maturing in the Maturity Year of the respective TD TMB.
重要资料
| TD Target 2026 Investment Grade Bond | TD Target 2026 U.S. Investment Grade Bond | TD Target 2027 Investment Grade Bond | TD Target 2027 U.S. Investment Grade Bond | TD Target 2028 Investment Grade Bond | TD Target 2029 Investment Grade Bond | TD Target 2030 Investment Grade Bond | TD Target 2031 Investment Grade Bond |
ETF Tickers | TBCF | TBUG.U | TBCH | TBCI | - | |||
互惠基金 | TDB2731 | TDB2796 | TDB2808 | TDB2816 | ||||
基准 | ICE BofA 1-3年加拿大企业指数 | ICE BofA 1-3年美国企业指数 | ICE BofA 1-3年加拿大企业指数 | ICE BofA 1-3年美国企业指数 | ICE BofA 1-5年加拿大企业指数 | ICE BofA 1-5年加拿大企业指数 | ICE BofA 1-5年加拿大企业指数 | ICE BofA 1-5年加拿大企业指数 |
管理 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
Risk Rating | 低 | 低 | 低 | 低 | 低 | 低 | 低 | 低 |
分红次数 | Monthly & Variable | Monthly & Variable | Monthly & Variable | Monthly & Variable | Monthly & Variable | Monthly & Variable | Monthly & Variable | Monthly & Variable |
Currency Exposure | 加元 | CAD or USD | 加元 | CAD or USD | 加元 | 加元 | 加元 | 加元 |
TMB Fund Characteristics
Download file for updated weekly fund characteristics like yield to maturity, average coupon, bond yield and more.
Reasons to Invest
- Ease of execution - TD TMB ETFs can be purchased on the Toronto Stock Exchange with no minimum purchase amounts, providing investors with the desired bond exposure for their portfolio.
- Liquidity – An ETF or Fund structure allows investors to trade and adjust their bond exposure in response to changing market conditions or evolving investment objectives.
- Yield – TD TMBs can offer competitive yields to GICs or other money market instruments.
- Potential for tax-efficiency - With many corporate bonds trading at a discount, a portion of the total return can be treated as capital gains as opposed to interest income which is taxed at higher rate in a non-registered investment account.
- Aligning investment time horizons – TD TMBs offer the ability to match the time horizon of the investor with the maturity date of the TD TMB, which allows investors to save for specific financial goals or needs.
- Build laddered portfolios – TD TMBs are an efficient way to help build a laddered portfolio to manage interest rate and/or reinvestment risk. While a traditional bond fund will typically buy and sell individual bonds to maintain an average maturity, the TD TMBs have a fixed target date, and when the TD TMB matures, investors should receive their principal, similar to individual bond investments.
What Happens at Maturity
The TD TMBs purchase bonds that have a common maturity date. In the maturity year, as the bonds held in the TD TMB mature, the proceeds are generally invested in cash and cash equivalents or additional investment-grade corporate bonds with maturity in line with the TD TMBs maturity date. As the TD TMB nears its maturity date, its yield to maturity should closely reflect prevailing money market yields, its duration will shorten and price volatility should gradually decline. In addition, as maturity approaches, monthly distributions can be expected to decrease, to reflect money market yields being earned. Over this same time period, the TD TMBs net asset value per unit will converge toward its par value per unit. When the TD TMBs maturity date arrives, the TD TMB is expected to terminate, and investors should receive their principal, similar to individual bond investments.
Comparing Different Types of Fixed Income Offerings
TD Target Maturity Bond Funds (ETF and Mutual Fund) |
Individual Bonds |
GIC |
Traditional Bond Funds |
|
|---|---|---|---|---|
Defined Maturity |
|
|
|
|
Ability to Bulk Trade |
|
1 |
|
|
Monthly Income |
|
2 |
|
|
Ease of Execution |
|
|
|
|
分散投资 |
|
|
不适用 |
|
专业人士管理 |
|
|
不适用 |
|
1Bonds trade over the counter and inventory may be limited
2Most corporate bonds pay coupons on a semi-annual basis
*ETFs and mutual funds, unlike GICs, are not insured by the Canada Deposit Insurance Corporation (CDIC) or any other deposit insurer nor guaranteed by any entity.
TD TMBs Additional Resources
Product Overview
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。图表仅供解说之用，并不反映任何投资的未来价值或未来表现。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。
进行互惠基金和/或交易所买卖基金（“ETF”）投资（统称“基金”）可能会产生相关的佣金、管理费和支出。进行互惠基金投资可能会产生相关的尾随佣金。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。在投资基金之前，请阅读基金概况或ETF概况及招股章程，其中包含详细的投资信息。所显示的回报率 (货币市场基金除外) 为互惠基金在相应时期内按复利计算的历史总回报率，包括单位价值变动和分红再投资。所显示的每种货币市场基金的回报率是指所示七天期限内的年化历史收益率，并在复利计算七天回报的基础上对有效收益率按年度计算所得，并不代表实际一年的回报率。指数回报不代表道明交易所买卖基金的回报。所显示的回报率并未考虑任何证券持有人的销售、赎回、佣金费用、分红或可选收费（如适用）或所得税，这些部分会降低回报。此类基金不在加拿大存款保险局 (Canada Deposit Insurance Corporation) 或任何其他政府存款保险机构的承保范围内，并且无担保或保险。互惠基金价值经常变动。货币市场基金的每单位资产净值不获保证会维持不变，您的投资本金亦不获保证全数归还。过往表现未必会重现。
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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