TORONTO , Sept. 30, 2020 /CNW/ - BMO Asset Management Inc. (the "Manager"), the manager of each of BMO Junior Gas Index ETF ("ZJN"), BMO Junior Oil Index ETF ("ZJO") and BMO MSCI EAFE Value Index ETF ("ZVI") (each a "Fund" and collectively, the "Funds"), has announced that it will terminate the Funds on or about December 15, 2020 (the "Termination Date").
Pursuant to the declaration of trust governing the Funds, the Manager may terminate the Funds 60 days after notice to unitholders.
Effective today, no further direct subscriptions for units of each of the Funds will be accepted by the Manager. The rights of unitholders of the Funds to exchange or redeem units of the Funds will cease as of the Termination Date. All units of the Funds 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 Fund's portfolio to cash, to the extent practicable. Upon the Termination Date, each Fund's property remaining after paying or providing for the Funds' liabilities and obligations will be distributed pro rata among each Fund's respective unitholders based on the net asset value per unit of each Fund.
The Manager will request that the TSX de-list units of the Funds from the Toronto Stock Exchange (the "TSX") on or about December 10, 2020 . Until such date, units of the Funds will continue to be listed on the TSX.
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.
BMO ETFs are managed and administered by BMO Asset Management Inc., a portfolio manager and investment fund manager and separate legal entity from Bank of Montreal .
Commissions, management fees and expenses (if any) all may be associated with investments in exchange traded funds. Please read the ETF Facts or prospectus before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
Further information about BMO ETFs can be found at http://www.bmo.com/etfs .
About BMO Exchange Traded Funds (ETFs)
Established in May 2009 , BMO Financial Group's ETF business is a leading ETF provider in Canada . BMO ETFs provide Canadian investors with broader choices and greater access to an innovative portfolio of investment products.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $974 billion as of July 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group