TORONTO, Sept. 29,
2023 /CNW/ - BMO Asset Management Inc. (the
"Manager"), the manager of the following BMO ETFs (collectively,
the "Terminating ETFs"), has announced that it will terminate the
Terminating ETFs on or about December 15,
2023 (the "Termination Date"):
BMO MSCI Fintech Innovation Index ETF (TSX:
ZFIN)
BMO MSCI Genomic Innovation Index ETF (TSX: ZGEN)
BMO MSCI Innovation Index ETF (TSX: ZINN)
BMO MSCI Next Gen Internet Innovation Index ETF (TSX: ZINT)
BMO MSCI Tech & Industrial Innovation Index ETF (TSX: ZAUT)
Pursuant to the declaration of trust governing the
Terminating ETFs, the Manager may terminate the Terminating
ETFs 60 days after notice to unitholders.
Effective today, no further direct subscriptions for units of
the Terminating ETFs will be accepted by the Manager. The rights of
unitholders of the Terminating ETFs to exchange or redeem units of
the Terminating ETFs will cease as of the Termination Date. All
units of the Terminating ETFs held by investors after such date
will be subject to a mandatory redemption as of the Termination
Date.
On or about the Termination Date, the Manager will convert each
Terminating ETF's portfolio to cash, to the extent practicable.
Upon the Termination Date, the Terminating ETF's property remaining
after paying or providing for the relevant Terminating ETF's
liabilities and obligations will be distributed pro rata
among the Terminating ETF's respective unitholders based on the net
asset value per unit of the applicable Terminating ETF.
The Manager will request that the TSX de-list units of the
Terminating ETFs from the Toronto Stock Exchange (the "TSX") on or
about December 11, 2023. Until such
date, units of the Terminating ETFs will continue to be listed and
traded on the TSX until the Termination Date.
The BMO ETFs or securities referred to herein are not sponsored,
endorsed or promoted by MSCI Inc. ("MSCI"), and MSCI bears no
liability with respect to any such BMO ETFs or securities or any
index on which such BMO ETFs or securities are based. The
prospectus of the BMO ETFs contains a more detailed description of
the limited relationship MSCI has with the Manager and any related
BMO ETFs.
Commissions, management fees and expenses all may be associated
with investments in exchange traded funds. Please read the ETF
Facts or prospectus of the BMO ETFs before investing. Exchange
traded funds are not guaranteed, their values change frequently and
past performance may not be repeated.
For a summary of the risks of an investment in the BMO ETFs,
please see the specific risks set out in the BMO ETF's
prospectus. BMO ETFs trade like stocks, fluctuate in market
value and may trade at a discount to their net asset value, which
may increase the risk of loss. Distributions are not guaranteed and
are subject to change and/or elimination.
BMO ETFs are managed by BMO Asset Management Inc., which is an
investment fund manager and a portfolio manager, and a separate
legal entity from Bank of Montreal.
®/™Registered trademarks/trademark of Bank of Montreal, used under licence.
Further information can be found at BMO ETF Centre.
About BMO Exchange Traded Funds (ETFs)
BMO Exchange Traded Funds has been an ETF provider in Canada for more than 12 years, with over 100
strategies, over 25 per cent market share in Canada1, and $87.7 billion in assets under management. BMO
ETFs are designed to stay ahead of market trends and provide
compelling solutions to help advisors and investors. This includes
a comprehensive suite of ETFs developed in Canada for Canadians, such as cost effective
core equity ETFs following market leading indexes, and a broad
range of fixed income ETFs; solution-based ETFs responding to
client demand; and innovation with smart beta ETFs, as well as
combining active and passive investing with ETF series of active
mutual funds.
1 Morningstar, December
2022
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North
America by assets, with total assets of $1.25
trillion as of July 31, 2023. Serving customers for 200
years and counting, BMO is a diverse team of highly engaged
employees providing a broad range of personal and commercial
banking, wealth management, global markets and investment banking
products and services to over 13 million customers
across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life,
BMO is committed to driving positive change in the world, and
making progress for a thriving economy, sustainable future, and
inclusive society.
SOURCE BMO Financial Group