Unitholders of Horizons Robotics and Automation Index ETF overwhelmingly approved a proposed change to the ETF’s investment objective at a special meeting on June 8, Toronto based Horizons ETFs Management (Canada) Inc. announced on Friday.
The ETF trades on the Toronto Stock Exchange in both Canadian and U.S. dollars under the ticker symbols ROBO and ROBO.U, respectively.
The proposal put forward to unitholders was to approve a change in the investment objective to replace the underlying index whose performance the ETF seeks to replicate, net of expenses.
At the meeting, unitholders approved a change to the underlying index of the ETF to the Indxx global robotics and artificial intelligence thematic index, which is designed to provide exposure to the performance of equity securities of companies that are involved in the development of robotics and/or artificial intelligence.
Horizons expects that the change to the new index will take place on or about June 29. At that time, the ETF’s ticker symbol will change from ROBO to RBOT and its management fee will be reduced from 0.75% to 0.68% (plus applicable taxes).