The Portfolio Management Association of Canada (“PMAC”), through its Industry Regulation & Tax Committee, is pleased to have the opportunity to participate in the consultation process regarding the summary disclosure document called “ETF Facts” and the content and delivery of ETF Facts to investors (the “Consultation”).
PMAC commends the CSA’s commitment to ensure that investors in all publicly offered investment funds have access to effective and meaningful disclosure through a largely harmonized summary disclosure document – Fund Facts documents for mutual funds and ETF Facts for ETFs. PMAC supports the ETF Facts document and believes that investors should have plain language transparency on the risks and costs of investing in ETFs. We also support a consistent disclosure framework between conventional mutual funds and ETFs.