Criterion Investments Ltd.’s Criterion Dow Jones – AIG Commodity Index Fund completed its transition from a closed-end fund to an open end mutual fund on Monday and filed a prospectus in connection with the continuous offering of five classes of redeemable units of the trust: Class A units, Class B units, Class C units, Class D units and Class F units.

In connection with the mutualization, the outstanding units of the trust were re-designated as Class E units. In addition, the forward agreement between the trust and AIG Financial Products was terminated in accordance with its terms.

In connection with the mutualization, the name of the trust was changed to Criterion Diversified Commodities Currency Hedged Fund.

The trust intends to acquire a series of notes in the near future with a term of not more than three months providing substantially the same exposure to the Dow Jones – AIG Commodity Index Total Return as was previously provided by the forward agreement.

The trust announced on May 12 that unitholders had approved a special resolution to mutualize the trust. The units of the trust were delisted from the Toronto Stock Exchange at the close of business on May 30.

“The mutualization provides unitholders with a number of significant benefits, including improved liquidity, enhanced pricing, risk mitigation through currency protection and potential economies of scale,” says Ian McPherson, president of Criterion Investments.