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First Trust’s FHY and FSD ETFs to merge on 8 February


The previously announced merger of First Trust Short Duration High Yield Bond ETF (FHY) into First Trust Short Duration High Yield Bond ETF (CAD-Hedged) ((FSD) is excepted to become effective as of 8 February, 2015.

FSD will be the continuing fund and, as a result, holders of Common Units and Advisor Class Units of FHY will become holders of Common Units and Advisor Class Units of FSD. Exchange ratios will be determined based on the relative net asset values as of the close of business on 5 February, 2016.
Prior to the implementation of the Merger, all earnings of FHY must be distributed to FHY unitholders prior to the Merger. In this regard, FHY will be paying a reinvested distribution to FHY unitholders. Reinvested distributions generally represent realised capital gains and other income or special distributions received by the Fund over and above cash distributions paid out during the period and are paid to unitholders, as required, to ensure the ETFs are not liable for ordinary income tax. The reinvested distribution is payable on February 5, 2016 to unitholders of record on 5 February , 2016

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