Toronto-based Horizons ETFs Management (Canada) Inc. has scheduled a special meeting of unitholders to approve a change to the underlying index tracked by Horizons Robotics and Automation Index ETF, which currently trades on the Toronto Stock Exchange under the ticker symbol ROBO.
Under the current investment objective, the ETF seeks to replicate, to the extent possible, the performance of the ROBO global robotics and automation index, net of expenses. The index is designed to provide exposure to the performance of equity securities of robotics-related and/or automation-related companies.
Subject to the approval of unitholders at a special meeting to be held on or about June 8, the ETF would change its underlying index to the Indxx global robotics and artificial intelligence thematic index.
“The proposed index will provide investors of the ETF with similar thematic exposure to robotics, automation and artificial intelligence companies as currently provided by the current index,” Horizons says in a news release.
If the change to the underlying index is approved, the ETF’s management fee is expected to drop to 0.68% from 0.75%, and the ticker symbol is expected to change to RBOT from ROBO.
The proposed index is currently tracked by a U.S. ETF which is managed by Global X Management Company LLC. As previously announced, Global X has entered into an agreement and plan of merger that, if consummated, would result in Global X becoming an indirect wholly owned subsidiary of Mirae Asset Global Investments Co., Ltd. Horizons ETFs is a member of Mirae Asset Global Investments Group.