First Asset Investment Management, manager of the First Asset family of ETFs, plans to eliminate all advisor-class units of its ETFs.
First Asset says advisor class units are currently only available on certain ETFs it offers (they’re denoted by .A, .D or .V after their ticker symbols). The advisor class units represent less than 2% of First Asset’s ETF AUM and, in a release, the company says it “anticipates the changing regulatory environment will continue to reduce the demand for these units.”
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As of April 28, 2017, conversions from common class units to advisor class units will no longer be available, says First Asset. And, on or about July 7, 2017, the company will reduce the annual management fee on the advisor-class units. Then, either concurrently or as soon as possible, it will convert all advisor class units into the corresponding common class units of the same ETF, subject to approvals.
Here’s the list of affected funds:
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 |