/NOT FOR DISSEMINATION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA./
TORONTO, April 3, 2017 /CNW/ - First Asset Investment
Management Inc., the manager of the First Asset family of exchange
traded funds ("First Asset"), announces that it plans to
eliminate all advisor-class units of its exchange trade funds
("ETFs"). Advisor class units are a class of ETF units which
pay a service fee to the financial professionals who have purchased
them on behalf of their clients. Advisor class units are currently
only available on certain ETFs offered by First Asset (see the
table below) and are denoted by ".A", ".D" or ".V" after their
ticker symbol. The advisor class units represent less than 2%
of First Asset's ETF assets under management and First Asset
anticipates the changing regulatory environment will continue to
reduce the demand for these units.
As of April 28, 2017, advisor
class units will no longer be issued by the First Asset ETFs, and
conversions from common class units to advisor class units will no
longer be available. On or about July
7, 2017 (the "Conversion Date"), First Asset plans to
reduce the annual management fee on the advisor-class units by an
amount equal to the applicable service fee payable in respect of
that class of units, and either concurrently or as soon as
reasonably practicable thereafter, convert all advisor class units
into the corresponding common class units of the same ETF, subject
to receipt of all regulatory and third party approvals, if any. As
at the Conversion Date, the advisor class units and the common
class units will share the same attributes, and accordingly, the
conversion will not adversely impact the financial interests or
rights of any unitholders.
In connection with the conversion, holders of converting advisor
class units will receive a number of whole converted common class
units of the same ETF with an aggregate net asset value
("NAV") equal to the aggregate NAV of the advisor class
units converted, based on their respective NAVs as of the
applicable Conversion Date. The conversion of advisor class units
into common class units of the same ETF does not give rise to a
disposition by unitholders of converting advisor class units for
tax purposes. A further press release will be issued confirming the
details of conversion prior to the Conversion Date.
Unitholders do not have to take any action to participate in the
elimination of the service fee or the conversion described
above.
First Asset – Smart SolutionsTM
First Asset, a CI Financial Company, is a Canadian investment
firm delivering a comprehensive suite of smart ETF solutions.
Rooted in strong fundamentals, First Asset's smart solutions strive
to deliver better risk-adjusted returns than the broad market,
while helping investors achieve their personal financial goals.
TMFirst Asset and its logo are trademarks of First
Asset Capital Corp., a wholly-owned subsidiary of CI Financial
Corp. which is listed on the Toronto Stock Exchange under the
symbol "CIX". ®CI FINANCIAL is a registered
trademark of CI Investments Inc., used under license.
|
Name
|
Ticker(s)
|
|
1.
|
First Asset Canadian
Convertible Bond ETF
|
CXF.A
|
|
2.
|
First Asset 1-5 Year
Laddered Government Strip Bond Index ETF
|
BXF.A
|
|
3.
|
First Asset
Can-Energy Covered Call ETF
|
OXF.A
|
|
4.
|
First Asset
Can-Materials Covered Call ETF
|
MXF.A
|
|
5.
|
First Asset Tech
Giants Covered Call ETF
|
TXF.A
|
|
6.
|
First Asset Energy
Giants Covered Call ETF
|
NXF.A
NXF.D
|
|
7.
|
First Asset European
Bank ETF
|
FHB.A
|
|
8.
|
First Asset U.S.
& Canada Lifeco Income ETF
|
FLI.A
|
|
9.
|
First Asset Active
Canadian Dividend ETF
|
FDV.A
|
|
10.
|
First Asset Active
Utility & Infrastructure ETF
|
FAI.A
|
|
11.
|
First Asset Canadian
REIT ETF
|
RIT.A
|
|
12.
|
First Asset
Morningstar Canada Dividend Target 30 Index ETF
|
DXM.A
|
|
13.
|
First Asset
Morningstar US Dividend Target 50 Index ETF
|
UXM.A
UXM.D
|
|
14.
|
First Asset
Morningstar Canada Momentum Index ETF
|
WXM.A
|
|
15.
|
First Asset
Morningstar US Momentum Index ETF
|
YXM.A
YXM.D
|
|
16.
|
First Asset
Morningstar Canada Value Index ETF
|
FXM.A
|
|
17.
|
First Asset
Morningstar US Value Index ETF
|
XXM.A
XXM.D
|
|
18.
|
First Asset
Morningstar International Value Index ETF
|
VXM.A
VXM.D
|
|
19.
|
First Asset
Morningstar International Momentum Index ETF
|
ZXM.A
ZXM.D
|
|
20.
|
First Asset
Morningstar National Bank Québec Index ETF
|
QXM.A
|
|
21.
|
First Asset MSCI
Canada Low Risk Weighted ETF
|
RWC.A
|
|
22.
|
First Asset MSCI USA
Low Risk Weighted ETF
|
RWU.A
RWU.D
|
|
23.
|
First Asset MSCI
Europe Low Risk Weighted ETF
|
RWE.A
RWE.D
|
|
24.
|
First Asset MSCI
World Low Risk Weighted ETF
|
RWW.A
RWW.D
|
|
25.
|
First Asset Active
Credit ETF
|
FAO.A
FAO.V
|
|
26.
|
First Asset Core
Canadian Equity ETF
|
CED.A
|
|
27.
|
First Asset Core U.S.
Equity ETF
|
CES.A
CES.D
CES.V
|
SOURCE First Asset