TORONTO, June 6, 2018 - First Asset Morningstar U.S. Consumer Defensive Index Fund (the "Fund") (TSX: UCD.UN) announces that a special meeting of the unitholders of the Fund (the "Meeting") will be held on Thursday, July 19, 2018. If required, an adjourned Meeting will be held on Monday, July 30, 2018. Unitholders of record on May 31, 2018 will be entitled to receive notice of and vote at the Meeting. The Notice and Management Information Circular which details the matters to be considered at the Meeting will be available on www.firstasset.com and www.sedar.com on or about June 15, 2018.
At the Meeting, unitholders will be asked to approve a merger (the "Merger") of the Fund into First Asset MSCI USA Low Risk Weighted ETF (the "Continuing Fund"), pursuant to which all unitholders of the Fund will become holders of CAD hedged common units (TSX: RWU) of the Continuing Fund (the "ETF Units").
First Asset Investment Management Inc., the manager of the Fund (the "Manager"), believes that the Merger will benefit existing unitholders because, as an exchange-traded mutual fund, the Continuing Fund offers greater market liquidity and efficient trading, potential benefits from economies of scale through the continuous offering of the ETF Units, a lower management fee, increased diversification in a similar mandate and lower operating costs. In connection with the Merger, the Manager will also propose amendments to the Fund's declaration of trust in order to accelerate the Fund's 2018 annual redemption in order to provide unitholders with an opportunity to redeem their units at net asset value if they do not wish to participate in the Merger.
If the Merger is approved, the Manager anticipates implementing it in September 2018, subject to obtaining any required third party or regulatory approvals in order to effect the Merger.
For further information: please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.
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This communication is intended for informational purposes only. You will usually pay brokerage fees to your dealer if you purchase or sell units of this investment fund on the TSX. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
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