Tribunal Finds Emerge Canada Mismanaged Cathie Wood-Linked ETFs

Canada Says Firm That Sold Cathie Wood’s ETFs Took Money From Funds The failed investment firm that sold Toronto-listed versions of Cathie Wood’s exchange-traded funds took self-dealing loans, maintained improper records and failed to act in the best interest of its funds, Canada’s top securities regulator ruled. Ontario’s Capital Markets Tribunal found that former fund manager Emerge Canada Inc., its founder and another executive diverted about C$6 million ($4.2 million) from a suite of ETFs over three years to prop up its businesses. The amount was equivalent to 6.1% of the funds’ net asset value at the end of that period, according to Ontario Securities Commission filings.