First Asset closed-end fund is now an ETF

Toronto-based First Asset Management Inc. has completed the conversion of the closed-end First Asset Canadian REIT Income Fund into an exchange-traded fund (ETF). (The fund was originally launched as a TSX-listed, closed-end fund in November 2004.) Advisor units are available for First Asset Canadian REIT ETF, which invests primarily in Canadian real estate investment trusts (REITs), real estate operating corporations and entities involved in real estate-related services. The closed-end fund’s portfolio manager, Lee Goldman, senior vice president and portfolio manager with First Asset, will continue to manage the new ETF. Management fees are 1.5% for A-class units and 0.75 for common units. Minimum investment is $100.

fcollie@investmentexecutive.com