Bank of Montreal is counting on Canada's weakened currency for the success of the three latest additions to its First Canadian family of funds. Launched on Oct. 2, the U.S.-dollar-denominated funds are designed for investors who are looking to hedge their currency bets through diversification. The funds include a money market, a bond and an equity index fund. The bond fund will invest in U.S.-government debt and the index will track the S&P 500 total return index.

The bank, which is marketing the funds as a family designed to cover the three major asset classes, is hoping the funds will gain the attention of Canadians who have invested in U.S.-dollar savings accounts. The firm is promoting the no-load funds as deposit substitutes, saying they have comparable liquidity and can be redeemed at any time at no cost. The funds also require small minimums of $500 (U.S.) initially and $50 dollars each month under a periodic investment plan.

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