First Asset Investment Management (First Asset), a manager of the First Asset Exchange Traded Funds (ETFs), 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, 14 July, 2017.
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 then 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.