Toronto-based RBC Global Asset Management Inc. (RBC GAM) announced on Friday that it is making changes to a number of its ETFs.
Unitholders have approved mergers for five RBC Index ETFs, a change in management to the RBC Global Government Bond (CAD Hedged) Index ETF and changes to the investment objectives of RBC Index Funds, the firm said. They have also approved the termination of RBC Emerging Markets Equity Index ETF effective April 5.
The approved fund mergers, effective on or about April 8, are as follows:
- RBC Canadian Short Term Bond Index ETF (RCSB) will be merged into iShares Core Canadian Short Term Bond Index ETF (XSB)
- RBC Canadian Bond Index ETF (RCUB) will be merged into iShares Core Canadian Universe Bond Index ETF (XBB)
- RBC Canadian Equity Index ETF (RCAN) will be merged into iShares Core S&P/TSX Capped Composite Index ETF (XIC)
- RBC U.S. Equity Index ETF (RUSA) will be merged into iShares Core S&P 500 Index ETF (XUS)
- RBC International Equity Index ETF (RINT) will be merged into iShares Core MSCI EAFE IMI Index ETF (XEF). (This merger is effective on or about April 9.)
On or about April 8, the trustee, investment fund manager and portfolio advisor of RBC Global Government Bond (CAD Hedged) Index ETF will be changed from RBC GAM to BlackRock Canada. It will be renamed iShares Global Government Bond Index ETF (CAD-Hedged) and its ticker will change to XGGB. It will continue to be listed on the NEO Exchange.
Unitholders have also approved a change in the investment objective of RBC Index Funds that will allow them to invest in units of iShares ETFs.