UBS Global Asset Management (Canada) Inc., as manager of the UBS (Canada) Global Tactical Allocation ETF Fund, Wednesday announced its intention to terminate the fund on December 23.

Effective at the close of business October 23, units of the fund will no longer be available for purchase by new and existing unitholders.

The decision to terminate the fund was driven by a decline in assets, which makes it difficult to efficiently manage the fund in accordance with its intended investment objectives, UBS says.

Existing unitholders have the option to redeem their investments on or prior to the termination date. All units not redeemed prior to the fund’s closure will be automatically redeemed at that time.