Toronto-based First Asset Investment Management Inc. on Friday announced it will eliminate pre-authorized contribution plans (PACC) and systematic withdrawal plans (SWP) in respect of its entire family of exchange traded funds (ETFs) effective July 1.
The terminations are a result of low investor demand, the company says in its announcement.
For a complete list of affected ETFs, please visit www.firstasset.com/ETFs.
Unitholders do not have to take any action in connection with the termination of the PACC and SWP plans, First Asset says.
Distribution reinvestment plans (DRIPS) in respect of the ETFs are not affected by this announcement. Unitholders may continue to participate in DRIPs, the company adds.
First Asset Capital Corp. is a wholly owned subsidiary of CI Financial Corp.