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BMO Asset Management, part of Bank of Montreal (NYSE:BMO), said Monday it has launched a new structured outcome exchange-traded fund called BMO US Equity Buffer Hedged to CAD ETF - April (ZAPR).
The fund seeks to provide holders with income and appreciation that matches to the extent possible the return of an index designed to gauge the large-cap segment of the U.S. equity market.
In doing so, ZAPR provides a buffer against the first 15 per cent of a decrease in the market price of the reference index, over a period of approximately one year from the first business day of April of each year to on or about the last business day of March of the following year.
ZAPR has closed its initial offering of exchange traded units and today is listed and trading on Cboe Canada Inc.
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