
RBC Global Asset Management Inc. announces RBC ETF cash distributions for May 2025 Français
* Cash distribution per unit ($) amounts are USD for RUQN.U, RUQO.U, RUQP.U, RUQQ.U, RUQR.U, RUQS.U, RUQT.U, RUDB.U, RUSB.U, RUD.U, RUDC.U, RUBY.U, RPD.U, RID.U, and RXD.U
Unitholders of record on May 23, 2025, will receive distributions payable on May 30, 2025.
For further information regarding RBC ETFs, please visit www.rbcgam.com/etfsolutions.
Commissions, management fees and expenses all may be associated with investments in exchange-traded funds ("ETFs"). Please read the applicable ETF Facts document before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. RBC ETFs do not seek to return any predetermined amount at maturity. Index returns do not represent RBC ETF returns. RBC ETFs are managed by RBC Global Asset Management Inc., which is a member of the RBC GAM group of companies and an indirect wholly-owned subsidiary of Royal Bank of Canada.
RBC Target 2025 Canadian Government Bond ETF, RBC Target 2026 Canadian Government Bond ETF, RBC Target 2027 Canadian Government Bond ETF, RBC Target 2028 Canadian Government Bond ETF, RBC Target 2029 Canadian Government Bond ETF, RBC Target 2030 Canadian Government Bond ETF and RBC Target 2031 Canadian Government Bond ETF (collectively, the "Canadian TMGB ETFs"), and RBC Target 2025 Canadian Corporate Bond Index ETF, RBC Target 2026 Canadian Corporate Bond Index ETF, RBC Target 2027 Canadian Corporate Bond Index ETF,
RBC Target 2028 Canadian Corporate Bond Index ETF, RBC Target 2029 Canadian Corporate Bond Index ETF, RBC Target 2030 Canadian Corporate Bond Index ETF and RBC Target 2031 Canadian Corporate Bond ETF (collectively, the "Canadian TMCB ETFs"), and RBC Target 2025 U.S. Corporate Bond ETF, RBC Target 2026 U.S. Corporate Bond ETF, RBC Target 2027 U.S. Corporate Bond ETF, RBC Target 2028 U.S. Corporate Bond ETF, RBC Target 2029 U.S. Corporate Bond ETF, RBC Target 2030 U.S. Corporate Bond ETF and RBC Target 2031 U.S. Corporate Bond ETF (collectively, the "U.S. TMCB ETFs"), do not seek to deliver a predetermined amount at maturity, and the amount an investor receives may be more or less than their original investment.
The Canadian TMCB ETFs have been developed solely by RBC GAM Inc., and are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). All rights in the FTSE Canada 2025 Maturity Corporate Bond Index, FTSE Canada 2026 Maturity Corporate Bond Index, FTSE Canada 2027 Maturity Corporate Bond Index, FTSE Canada 2028 Maturity Corporate Bond Index, FTSE Canada 2029 Maturity Corporate Bond Index and FTSE Canada 2030 Maturity Corporate Bond Index (collectively, the "FTSE Maturity Corporate Bond Indices") vest in the relevant LSE Group company which owns the FTSE Maturity Corporate Bond Indices. "FTSE®" is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license.
The FTSE Maturity Corporate Bond Indices are calculated by or on behalf of FTSE Global Debt Capital Markets Inc. or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the FTSE Maturity Corporate Bond Indices or (b) investment in or operation of the Canadian TMCB ETFs. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Canadian TMCB ETFs or the suitability of the FTSE Maturity Corporate Bond Indices for the purpose to which they are being put by RBC GAM Inc.
RBC Canadian Bank Yield Index ETF, RBC U.S. Banks Yield Index ETF, and RBC U.S. Banks Yield (CAD Hedged) Index ETF have been developed solely by RBC GAM Inc. and are not sponsored, promoted, sold or supported by Solactive AG ("Solactive"). The Solactive Canada Bank Yield Index, Solactive U.S. Bank Yield NTR Index and Solactive U.S. Bank Yield NTR (CAD Hedged) Index are calculated and published by Solactive. Solactive does not offer any express or implicit guarantee or assurance regarding the results to be obtained from the use of the index or index price nor does Solactive make any representation regarding the advisability of investing in the ETFs.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional), manage approximately $710 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.
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The firm said in an updated outlook this week that while it expects job losses to pick up steam in the months ahead, it also sees inflation rising to three per cent by mid-2026 thanks to tariffs and related supply-chain strain. The Bank of Canada will want to lean against any potential rise in prices and will keep its policy rate on hold even as the trade war stymies growth, Oxford Economics argued. Donald said that after inflation surged over the pandemic, consumers are likely feeling 'scarred' as new price pressures bubble up around them. 'Canadians have been through a very serious affordability crisis and this is a Bank of Canada that's likely going to lean on the side of wanting to prevent a second round,' she said. BMO, meanwhile, has three more interest rate cuts in its forecast currently, with the final coming in March of next year. But BMO chief economist Doug Porter acknowledged the arguments are growing for fewer, if any, cuts. 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Brown said he expects the policy rate will likely drop to 2.25 per cent before the central bank's easing cycle is done, giving the economy some tailwinds through the trade uncertainty. Donald believes the Bank of Canada is well positioned at the middle of its neutral range — able to pivot lower with a couple of interest rate cuts as needed or keep rates elevated if inflation proves stubborn in the months ahead. She said she doesn't expect interest rate hikes will be in the cards anytime soon, but argues the Bank of Canada maintains overall flexibility by keeping its policy rate on hold until the data tells it which way to move. 'They could choose to stay at this level for the next one to two years waiting for the next shock, which could go in one direction or the next.' Craig Lord, The Canadian Press


Winnipeg Free Press
a day ago
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Why the Bank of Canada could be done cutting its policy rate for now
OTTAWA – The Bank of Canada has largely kept to the sidelines as it tries to get a sense of how U.S. tariffs will impact the economy — and some economists think it might just stay there. After a quarter-point cut in March, the central bank held its benchmark interest rate steady at 2.75 per cent in April and June. With last month's jobs figures showing a surprise gain and core inflation levels holding steady at around three per cent, economists now broadly expect the central bank will continue its holding pattern at its next decision on July 30. The central bank lowers its policy rate when it wants to encourage spending and boost the economy but keeps borrowing costs elevated when there are concerns inflation could pick up steam. Most economists expect the Bank of Canada will deliver at least one or two more quarter-point cuts in the months ahead. Lower rates would help shore up the economy in the trade war, the argument goes. RBC is among a small group making the case for no more interest rate cuts from the Bank of Canada for the time being. Frances Donald, RBC's chief economist, said the central bank could opt to cut again amid 'pockets' of weakness in the economy — a soft housing market and a sharp slowdown in tariff-struck sectors like manufacturing, to name a few. 'On the flip side,' she said in an interview, 'it's worth considering, would Bank of Canada rate cuts actually help what's hurting the Canadian economy?' The policy rate is a broad tool that affects every Canadian — and every market — regardless of their need for support, Donald noted. That means that tariff-sensitive Windsor, Ont., where the unemployment rate now tops 11 per cent, would see the same stimulus from a rate cut as Victoria, B.C., where the jobless rate currently sits at just 3.9 per cent. 'Rate cuts would probably be inappropriate in an economy like that,' Donald said. Instead, RBC argues that markets like Windsor need the precision of fiscal policy support from the government. The Bank of Canada has already delivered 2.25 percentage points of interest rate cuts over the past year, and that support is only now starting to filter into the economy, Donald said. The central bank can now hand the baton to the federal government without having to provide much more support for the economy, she said, unless signs of a broader downturn start to materialize. Donald said RBC has a more optimistic view of the economy than some other forecasters, expecting growth to pick up through the rest of the year thanks to resilient consumer spending and an expected rebound in business confidence. But Oxford Economics, which expects Canada is already in a recession that will persist through the rest of the year, also expects no further interest rate cuts from the central bank. The firm said in an updated outlook this week that while it expects job losses to pick up steam in the months ahead, it also sees inflation rising to three per cent by mid-2026 thanks to tariffs and related supply-chain strain. The Bank of Canada will want to lean against any potential rise in prices and will keep its policy rate on hold even as the trade war stymies growth, Oxford Economics argued. Donald said that after inflation surged over the pandemic, consumers are likely feeling 'scarred' as new price pressures bubble up around them. 'Canadians have been through a very serious affordability crisis and this is a Bank of Canada that's likely going to lean on the side of wanting to prevent a second round,' she said. BMO, meanwhile, has three more interest rate cuts in its forecast currently, with the final coming in March of next year. But BMO chief economist Doug Porter acknowledged the arguments are growing for fewer, if any, cuts. 'If you look at what the financial markets are expecting, and they're often a very good judge, at this point they're really only looking for one more cut,' he said in an interview after Tuesday's inflation release. Porter said the federal government is expected to rapidly ramp up spending, particularly on defence and infrastructure, in the coming months, taking some of the pressure off the Bank of Canada to cut rates. Stephen Brown, deputy chief North America economist at Capital Economics, believes it's not reasonable to expect the central bank is done cutting with the unemployment rate holding near seven per cent and the economy's output well below potential. 'I think it's quite unlikely that we're in a position where the economy doesn't need any cuts at all,' he said. At 2.75 per cent, the Bank of Canada's benchmark interest rate is at the middle of its so-called 'neutral range,' where monetary policy is neither boosting nor stifling economic growth. Monday Mornings The latest local business news and a lookahead to the coming week. Brown said he expects the policy rate will likely drop to 2.25 per cent before the central bank's easing cycle is done, giving the economy some tailwinds through the trade uncertainty. Donald believes the Bank of Canada is well positioned at the middle of its neutral range — able to pivot lower with a couple of interest rate cuts as needed or keep rates elevated if inflation proves stubborn in the months ahead. She said she doesn't expect interest rate hikes will be in the cards anytime soon, but argues the Bank of Canada maintains overall flexibility by keeping its policy rate on hold until the data tells it which way to move. 'They could choose to stay at this level for the next one to two years waiting for the next shock, which could go in one direction or the next.' This report by The Canadian Press was first published July 19, 2025.