First Asset Active Credit Fund Completes Merger with First Asset Active Credit ETF

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, Jan. 19, 2015 /CNW/ - Further to its press release on January 13, 2015, First Asset Investment Management Inc. (the "Manager") announces that the merger of First Active Credit Fund (formerly, First Asset Yield Opportunity Trust) (TSX: FAY.UN and FAY.U) (the "Fund") with First Asset Active Credit ETF (the "First Asset ETF") was completed and the First Asset ETF will commence trading on the Toronto Stock Exchange later today under the ticker symbols FAO and FAO.U.

In connection with the Merger:

• Each issued and outstanding Series A Unit of the Fund received 1.10586  Common Units of the ETF (TSX: FAO); and
• Each issued and outstanding Series B Unit of the Fund received 0.41337  US$ Common Units of the ETF (TSX: FAO.U).

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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 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 ETF. The ETF is managed by First Asset Investment Management Inc.

SOURCE First Asset