Toronto-based Invesco Canada Ltd. is proposing changes to Invesco S&P International Developed Low Volatility Index ETF (ILV: TSX), the company announced Monday.
The ETF currently seeks to replicate the performance of the S&P BMI international developed low volatility index. It invests, directly or indirectly, primarily in low-volatility equity securities of companies in developed markets (excluding the United States), Invesco says in a news release.
If approved, Invesco will change the investment objective to the following:
“The ETF seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the S&P EPAC ex-Korea low volatility index … ILV invests, directly or indirectly, primarily in low volatility equity securities of companies located in developed markets within the Europe and Asia Pacific regions, excluding Korea.”
If the investment objective change is approved, Invesco Canada will also propose a change to ILV’s expenses payable to include expenses related to tax agents and tax reclaims, the company says. An independent review committee has reviewed potential conflicts of interest and advised Invesco that the proposed change achieves a fair and reasonable result for ILV.
All of the aforementioned changes are subject to unitholder approval, and the investment objective change requires acceptance by the Toronto Stock Exchange. A meeting for unitholders will be held at Invesco’s Toronto offices on or about Jan. 15.