TORONTO, July 17, 2017 - Further to its announcements on April 3, 2017 and May 1, 2017, First Asset Investment Management Inc. ("First Asset"), the manager of the First Asset Exchange Traded Funds ("ETFs"), announces that it has completed the conversion of all advisor class units to the corresponding common class units of the same ETF at the close of business on Friday, July 14, 2017 (the "Conversion Date").
On the Conversion Date, First Asset reduced 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 thereafter converted all advisor class units into the corresponding common class units of the same ETF. Holders of record of the advisor class units on the Conversion Date 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 units converted, based on their respective NAVs as of the Conversion Date (the "Conversion Ratio"). The conversion of advisor-class units into whole common class units of the same ETF does not give rise to a disposition by unitholders of converting advisor-class units for tax purposes on any whole units converted. Any remaining fractional advisor-class units will be redeemed for cash and such redemption will be considered a disposition for tax purposes.
The list of affected ETFs, the management fee reduction and the Conversion Ratio of advisor-class units to common class units for each ETF is detailed in the table below.
No action is required by unitholders on any of these changes.
For further information, please call First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.
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.
Not for dissemination to U.S. Newswire Services or for dissemination in the United States of America.
|ETF Name||Advisor Class Management Fee||Management Fee After Conversion Date||Advisor Class Ticker||Common Class Ticker||Conversion Ratio|
|1.||First Asset Canadian Convertible Bond ETF||1.40%||0.65%||CXF.A||CXF||0.9997|
|2.||First Asset 1-5 Year Laddered Government Strip Bond Index ETF||0.70%||0.20%||BXF.A||BXF||0.9997|
|3.||First Asset Can-Energy Covered Call ETF||1.40%||0.65%||OXF.A||OXF||1.0090|
|4.||First Asset Can-Materials Covered Call ETF||1.40%||0.65%||MXF.A||MXF||1.0090|
|5.||First Asset Tech Giants Covered Call ETF||1.40%||0.65%||TXF.A||TXF||0.9982|
|6.||First Asset Energy Giants Covered Call ETF||1.40%||0.65%||NXF.A||NXF||1.0015|
|7.||First Asset European Bank ETF||1.60%||0.85%||FHB.A||FHB||0.9944|
|8.||First Asset U.S. & Canada Lifeco Income ETF||1.50%||0.75%||FLI.A||FLI||1.0119|
|9.||First Asset Active Canadian Dividend ETF||1.30%||0.55%||FDV.A||FDV||0.9987|
|10.||First Asset Active Utility & Infrastructure ETF||1.40%||0.65%||FAI.A||FAI||1.0003|
|11.||First Asset Canadian REIT ETF||1.50%||0.75%||RIT.A||RIT||1.0006|
|12.||First Asset Morningstar Canada Dividend Target 30 Index ETF||1.35%||0.60%||DXM.A||DXM||0.9980|
|13.||First Asset Morningstar US Dividend Target 50 Index ETF||1.35%||0.60%||UXM.A||UXM||0.9969|
|14.||First Asset Morningstar Canada Momentum Index ETF||1.35%||0.60%||WXM.A||WXM||0.9978|
|15.||First Asset Morningstar US Momentum Index ETF||1.35%||0.60%||YXM.A||YXM||0.9758|
|16.||First Asset Morningstar Canada Value Index ETF||1.35%||0.60%||FXM.A||FXM||0.9965|
|17.||First Asset Morningstar US Value Index ETF||1.35%||0.60%||XXM.A||XXM||0.9969|
|18.||First Asset Morningstar International Value Index ETF||1.35%||0.60%||VXM.A||VXM||0.9984|
|19.||First Asset Morningstar International Momentum Index ETF||1.35%||0.60%||ZXM.A||ZXM||0.9982|
|20.||First Asset Morningstar National Bank Québec Index ETF||1.25%||0.50%||QXM.A||QXM||0.9972|
|21.||First Asset MSCI Canada Low Risk Weighted ETF||1.35%||0.60%||RWC.A||RWC||0.9999|
|22.||First Asset MSCI USA Low Risk Weighted ETF||1.35%||0.60%||RWU.A||RWU||1.0033|
|23.||First Asset MSCI Europe Low Risk Weighted ETF||1.35%||0.60%||RWE.A||RWE||0.9970|
|24.||First Asset MSCI World Low Risk Weighted ETF||1.35%||0.60%||RWW.A||RWW||0.9967|
|25.||First Asset Active Credit ETF||1.35%||0.85%||FAO.A||FAO||1.0045|
|26.||First Asset Core Canadian Equity ETF||0.90%||0.15%||CED.A||CED||1.0000|
|27.||First Asset Core U.S. Equity ETF||0.90%||0.15%||CES.A||CES||0.9995|