First Asset ETFs Complete Conversion of Advisor Class Units to Common Class Units

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, July 17, 2017 /CNW/ - 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.

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.


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



1.40%

0.65%

NXF.D

NXF.B

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



1.35%

0.60%

UXM.D

UXM.B

0.9992

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



1.35%

0.60%

YXM.D

YXM.B

0.9722

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



1.35%

0.60%

XXM.D

XXM.B

0.9955

18.

First Asset Morningstar International Value Index ETF

1.35%

0.60%

VXM.A

VXM

0.9984



1.35%

0.60%

VXM.D

VXM.B

1.0011

19.

First Asset Morningstar International Momentum Index ETF

1.35%

0.60%

ZXM.A

ZXM

0.9982



1.35%

0.60%

ZXM.D

ZXM.B

0.9994

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



1.35%

0.60%

RWU.D

RWU.B

0.9999

23.

First Asset MSCI Europe Low Risk Weighted ETF

1.35%

0.60%

RWE.A

RWE

0.9970



1.35%

0.60%

RWE.D

RWE.B

0.9986

24.

First Asset MSCI World Low Risk Weighted ETF

1.35%

0.60%

RWW.A

RWW

0.9967



1.35%

0.60%

RWW.D

RWW.B

1.0012

25.

First Asset Active Credit ETF

1.35%

0.85%

FAO.A

FAO

1.0045



1.35%

0.85%

FAO.V

FAO.U

1.0035

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



0.90%

0.15%

CES.D

CES.B

1.0008



0.90%

0.15%

CES.V

CES.U

0.9998

SOURCE First Asset

For further information: please call First Asset at 416-642-1289 or 1‐877‐642‐1289 or visit www.firstasset.com.

RELATED LINKS
http://www.firstasset.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890