The Canadian market for exchange-traded funds has expanded over the past few years, and many are projecting 2012 to be another year of growth, as ETF providers target niche areas in the market, according to an article in the Financial Post.

An example of the recent shift away from benchmarks in Canada is the TSX-listed PowerShares S&P 500 Low Volatility CAD Hedged Index ETF (TSE: ULV). The Bank of Montreal listed its own low-volatility option – the BMO Low Volatility Canadian Equity ETF (TSE: ZLB) – in October, the article said.

In 2006, the Canadian market had just 26 ETFs with a total of $15 billion assets under management. That number has shot up 222 funds and $45.3 billion in assets of January, according to the FP article.