FT Portfolios Canada Co. Announcement
FT Portfolios Canada Co. Announces Proposal to Convert First Trust Advantaged Short Duration High Yield Bond Fund (FSD) Into an ETF and to Merge First Trust Short Duration High Yield Bond ETF (FHY) Into FSD
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 06/25/15 -- FT Portfolios Canada Co. (the "Manager"), the manager of each of First Trust Advantaged Short Duration High Yield Bond Fund (TSX: FSD) ("FSD") and First Trust Short Duration High Yield Bond ETF (TSX: FHY) ("FHY"), is pleased to announce that the board of directors of the Manager has approved a proposal (the "FSD Proposal") to:
In addition, in connection with the Conversion, it is proposed that FHY will merge into FSD (the "Merger") in order to combine FHY and FSD into one high-yield bond fund that will be an ETF, with FSD being the continuing fund (the "Continuing Fund") to be called First Trust Short Duration High Yield Bond ETF II.
The Conversion should provide holders of units in FSD with several benefits, including the following:
If the Merger is implemented, holders of units in FHY will own units in FSD, as the Continuing Fund. As a result of the Merger, holders of units in FHY may experience a lower management expense ratio as a result of the combined FSD and FHY asset base. In addition, as FSD has existing non-capital tax losses and will also own directly portfolio assets after the Merger, FSD should be able to use such losses which will benefit all unitholders of the Continuing Fund. In all other respects, the attributes of FSD will be changed to align with FHY, and as a result, holders of units in FHY should experience no additional changes (other than short-term benefits, if any, that may be associated with FSD''s forward agreement arrangements).
Each of FSD and FHY (collectively, the "Funds") has called and will hold a special meeting of its unitholders on August 10, 2015 to consider and vote upon the proposal. A joint management information circular (the "Circular") describing the proposals is being prepared and will be mailed to the unitholders of the Funds. The Circular will also be available on SEDAR at and posted on the Manager''s website at . Implementation of the Conversion and the Merger is subject to all required regulatory approvals. If approved, the Conversion is expected to be implemented in mid to late August 2015 and the Merger is expected to be implemented in late August to early September 2015.
About First Trust
The First Trust companies are a well-respected global enterprise with a history in the U.S. market since 1991 and in Canada since 1996. As of May 29, 2015, First Trust Advisors L.P., the portfolio advisor for the First Trust AlphaDEX™ ETFs, has approximately US$43 billion in ETF assets under management and more than US$53 billion total assets under supervision or management. First Trust is the enterprise name used for the various businesses conducted in Europe, Mexico, Canada and the U.S.
Further information about FT Portfolios Canada''s ETFs can be found at .
Contacts:
FT Portfolios Canada Co. - Media Contact
Fraser Howell
President
1-877-622-5552
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Datum: 25.06.2015 - 05:00 Uhr
Sprache: Deutsch
News-ID 1368388
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