Exchange Bulletin
First Asset MSCI Canada Low Risk Weighted ETF (RWC) To Trade On Toronto Stock Exchange
First Asset MSCI Canada Low Risk Weighted ETF (the "ETF") - An application has been granted for the original listing in the Industrial category of 350,000 common units (the "Common Units") and 50,000 advisor class units (the "Advisor Class Units") of the ETF (collectively, the "Units"), all of which will be issued and outstanding, upon the completion of an initial public offering.
Listing of the Units will become effective at 5:01 p.m. on Tuesday, February 18, 2014 in anticipation of the offering closing prior to the opening of trading on Wednesday, February 19, 2014. The Units will be posted for trading at the opening on February 19, 2014.
The ETF is authorized to issue an unlimited number of redeemable, transferable Units of each of the Common Units and the Advisor Class Units, each of which represents an undivided interest in the net assets of the ETF. Units of the ETF are being offered for sale on a continuous basis and there is no maximum number of Units of the ETF that may be issued.
Registration of interests in, and transfers of, Units of the ETF will be made only through the book-entry only system of CDS Clearing and Depository Services Inc. ("CDS"). Units of the ETF must be purchased, transferred and surrendered for redemption only through a CDS Participant. Upon buying Units of the ETF, the owner will receive only the customary confirmation.
Additional information on the Units may be found in the final prospectus of the ETF dated January 27, 2014 (the "Prospectus") which is available at www.SEDAR.com. Capitalized terms not otherwise defined below are as defined in the Prospectus.
Common Units
| Stock Symbol: "RWC" | CUSIP: 31864C 10 3 | Currency CDN$ |
Advisor Class Units
| Stock Symbol: "RWC.A" | CUSIP: 31864C 20 2 | Currency CDN$ |
| Designated Market Maker: | CIBC World Markets Inc. |
| Other Markets: | None |
| Head Office Address: | 95 Wellington Street West Suite 1400 Toronto, Ontario M5J 2N7 |
| Email: | info@firstasset.com |
| Website: | www.firstasset.com |
| Head Office Telephone Number: | (416) 642-1289 |
| Fax Number: | (416) 362-2199 |
| Investor Relations: | Z. Edward Akkawi Tel: (416) 640-4938 Email: eakkawi@firstasset.com |
| Manager: | First Asset Investment Management Inc. |
| Transfer Agent & Registrar: | Computershare Trust Company of Canada at its principal office in Toronto. |
| Chief Financial Officer: | Karen Wagman |
| Corporate Secretary: | Z. Edward Akkawi |
| Fiscal Year End: | December 31 |
| Incorporation: | The ETF is an unincorporated open-ended mutual fund trust established on January 27, 2014 under the laws of the Province of Ontario by an amended and restated Declaration of Trust. |
| Nature of Business: | The ETF has been designed to replicate, to the extent possible, the performance of the MSCI Canada Risk Weighted Index, net of expenses. |
| Common and Advisor Class: | The only difference between Common Units and Advisor Class Units is the Management Fee payable by the ETF due to the service fee payable by the Manager in respect of the Advisor Class Units. Accordingly, the net asset value per Unit of each class will not be the same as a result of the different fees allocable to each class of Units. |
| Conversion of Units: | Unitholders may convert Advisor Units into whole Common Units in any month. To do so, Units must be surrendered and the Unitholder's CDS Participant must deliver to CDS (at its office in the City of Toronto) on behalf of the Unitholder a written notice of the Unitholder's intention to convert during the period from the first day of a month until 5:00 p.m. (Toronto time) on the last business day prior to the 16th day of such month. Units surrendered for conversion will be converted on the last Trading Day of that month (the "Advisor Monthly Conversion Date"). For a Unitholder's Advisor Units so converted, the Unitholder will receive a number of whole Common Units equal to the net asset value per Advisor Unit as of the Advisor Monthly Conversion Date multiplied by the number of Advisor Units so converted divided by the net asset value per Common Unit as of the Advisor Monthly Conversion Date. As no fractional Units will be issued upon conversion, any remaining fraction of an Advisor Unit will be redeemed at its net asset value. Unitholders may convert Common Units into whole Advisor Units in any month. To do so, Units must be surrendered and the Unitholder's CDS Participant must deliver to CDS (at its office in the City of Toronto) on behalf of the Unitholder a written notice of the Unitholder's intention to convert during the period from the first day of a month until 5:00 p.m. (Toronto time) on the last business day prior to the 16th day of such month. Units surrendered for conversion will be converted on the last Trading Day of that month (the "Common Monthly Conversion Date"). For a Unitholder's Common Units so converted, the Unitholder will receive a number of whole Advisor Units equal to the net asset value per Common Unit as of the Common Monthly Conversion Date multiplied by the number of Common Units so converted divided by the net asset value per Advisor Unit as of the Common Monthly Conversion Date. As no fractional Units will be issued upon conversion, any remaining fraction of a Common Unit will be redeemed at its net asset value. |
| Distributions: | Any cash distributions of income on Units of the ETF are expected to be made at least quarterly. As a result of the higher management fees on the Advisor Class Units, any such cash distributions on the Advisor Class Units are expected to be less than the distributions payable on the Common Units. |
| Initial Issuance of Units: | Pursuant to the Prospectus, 350,000 Common Units and 50,000 Advisor Class Units of the ETF will be initially issued at a subscription price of $10.00 per Unit. Units of the ETF are being issued and sold on a continuous distribution basis. |
