/NOT FOR DISSEMINATION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION TO THE
UNITED STATES OF AMERICA./
TORONTO, Jan. 23, 2015 /CNW/ - First Asset Active Credit
ETF (the "First Asset ETF") (TSX: FAO; FAO.A; FAO.U;
FAO.V) today announces that it has completed the initial offering
of its advisor units (the "Advisor Units") pursuant to a
final prospectus dated January 12,
2015, filed with the securities regulatory authorities of
all of the Canadian provinces and territories in connection with
the conversion of the First Asset ETF from a closed-end fund to an
exchange traded fund.
The Advisor Units, available in both Canadian and U.S. dollar
denominated versions will begin trading on the Toronto Stock
Exchange (TSX) today under the symbols TSX:FAO.A (C$) and
TSX:FAO.V (U.S.$). Canadian and U.S. dollar denominated
common class units (the "Common Units") of the First Asset
ETF (the "Common Units") commenced trading on the TSX under
the symbols TSX:FAO (C$) and TSX:FAO.U (U.S.$) on January 19, 2015. The only difference
between the Common Units and the Advisor Units is the management
fee payable by the First Asset ETF due to the service fee payable
by the Manager to registered dealers in respect of the Advisor
Units.
It is intended that at all times at least 90% of the value of
the foreign currency exposure attributable to the Common Units and
the Advisor Units, other than the U.S. $ versions, will be hedged
back to the Canadian dollar. Foreign currency exposure attributable
to the US$ Common Units and the US$ Advisor Units will not be
hedged back to the Canadian dollar.
Advisor Units would generally be suitable only for investors who
have retained an advisor to advise them regarding their purchase
and who do not have a fee based account. Investors purchasing
through self-directed brokerage accounts would most likely consider
the Common Units. Prospective Unitholders are encouraged to consult
their dealers to determine which class of Units are most
appropriate for their investment.
First Asset - Smart SolutionsTM
First Asset
is an independent investment firm, focused on providing smart, low
cost solutions that address the real-world investment needs of
Canadians - capital appreciation, income generation and risk
mitigation. 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.
This communication is intended for informational purposes only.
This offering is made only by prospectus. The prospectus
contains important detailed information about the First Asset ETF
and its units. A copy of the prospectus may be obtained from your
investment advisor, First Asset or at www.sedar.com. Investors
should read the prospectus before making an investment decision.
Commissions, trailing fees, management fees and expenses all may be
associated with investments in the First Asset ETF. The First Asset
ETF is managed by First Asset Investment Management Inc.
SOURCE First Asset Exchange Traded Funds