Toronto-based BMO Asset Management Inc. has announced it is terminating three ETFs on or about Nov. 1.
The affected funds are the BMO Global Banks Hedged to CAD Index ETF, the BMO Global Insurance Hedged to CAD Index ETF and the BMO Shiller Select US Index ETF, BMO said in a release.
Pursuant to the funds’ declaration of trust, BMO can terminate the funds after giving 60 days’ notice to unitholders.
Effectively immediately, BMO will no longer accept direct subscriptions for units of any of the funds, although unitholders will still be able to exchange or redeem units up until the termination date.
Following the termination date, remaining unitholders will receive a pro rata payout based on the net asset value per unit.
BMO will request that the Toronto Stock Exchange de-list units of the funds on or about Oct. 29.