First Asset Investment Management (First Asset) announced June 1 that it will be eliminating the pre-authorized contribution plan (PACC) and the systematic withdrawal plans (SWP) from its Exchange Traded Funds (ETF) family of products due to low investor demand.
Distribution reinvestment plans (DRIPS) in respect of the ETFs will not be affected. Unitholders will be able to continue to participate in DRIPs.
No action required
In addition, unitholders will not have to take any action in connection with the termination of the PACC and SWP plans, which will be effective July 1.
In April, First Asset announced the elimination of all advisor-class units of its ETFs.
