RBC Target 2017 Corporate Bond ETF
RQE.TO
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- RBC Target 2017 Corporate Bond ETF (RQE.TO) is an exchange-traded fund managed by RBC Global Asset Management Inc. that seeks to provide income for a limited period by replicating, to the extent possible, the performance of the FTSE TMX Canada 2017 Maturity Corporate Bond Index (formerly DEX 2017 Maturity Canadian Corporate Bond Index). The ETF invests primarily in Canadian dollar-denominated investment grade corporate bonds rated BBB- or above with effective maturities in 2017, including a portfolio of held-to-maturity fixed income securities from the Canadian corporate bond market; it also holds federal bonds as part of its asset allocation, comprising approximately 58.5% of assets as of mid-2017. Launched as part of RBC GAM's suite of target maturity corporate bond ETFs, it targets income-focused investors seeking predictable fixed income exposure with a defined end date and operates exclusively in the Canadian fixed income market. The fund, headquartered in Toronto, Ontario, Canada—the base of operations for RBC Global Asset Management Inc.—matured and terminated effective the close of business on November 17, 2017, with a final net asset value per unit of $18.8164, consisting of $0.0694 in income per unit and $18.7470 in capital per unit. Proceeds from the maturity were distributed pro rata to remaining unitholders on that date, following an announcement earlier in 2017 of its planned wind-down on or about November 30, 2017, as it reached the end of its target maturity horizon. Units ceased trading prior to termination, marking a significant operational change consistent with the target maturity structure of RBC's corporate bond ETF series, which includes similar products maturing from 2018 through 2023 and beyond. No active trading or operations have occurred since termination, positioning RQE.TO as a delisted security within the broader RBC GAM ETF portfolio focused on fixed income segments.