TORONTO, Dec. 18, 2020 (GLOBE NEWSWIRE) — FT Portfolios Canada Co. (the “Manager”), the manager of First Trust AlphaDEX™ U.S. Utilities Sector Index ETF, First Trust AlphaDEX™ U.S. Consumer Staples Sector Index ETF, First Trust AlphaDEX™ U.S. Consumer Discretionary Sector Index ETF, First Trust AlphaDEX™ U.S. Materials Sector Index ETF, First Trust AlphaDEX™ U.S. Energy Sector Index ETF, First Trust AlphaDEX™ U.S. Financial Sector Index ETF and First Trust Dorsey Wright U.S. Sector Rotation Index ETF (CAD-Hedged) (collectively, the “Funds”) is pleased to announce that the board of directors of the Manager has approved a proposal to change the investment objectives of each of the Funds as set out below (the “Proposals”). In addition, in connection with the change of the investment objectives, the Manager proposes to change the name of each of the Funds as follows:
Current Fund Name and Sector Exposure
New Fund Name and Sector Exposure
Proposed Investment Objective
First Trust AlphaDEX™ U.S. Utilities Sector Index ETF
Seeks to replicate the performance of the StrataQuant® Utilities Index
First Trust Cloud Computing ETF
Cloud Computing Sector
The Fund will seek to replicate, to the extent possible, the performance of an index of U.S. companies involved in the cloud computing industry, initially the ISE CTA Cloud Computing™ Index.
First Trust AlphaDEX™ U.S. Consumer Staples Sector Index ETF
Seeks to replicate the performance of the StrataQuant® Consumer Staples Index
First Trust Dow Jones Internet ETF
Internet Sector
The Fund will seek to replicate, to the extent possible, the performance of an index of U.S. companies involved in the internet industry, initially the Dow Jones Internet Composite IndexSM.
First Trust AlphaDEX™ U.S. Consumer Discretionary Sector Index ETF
Seeks to replicate the performance of StrataQuant® Consumer Discretionary Index
First Trust Nasdaq Cybersecurity ETF
Cybersecurity Sector
The Fund will seek to replicate, to the extent possible, the performance of an index of U.S. companies in the cybersecurity industry, initially the Nasdaq CTA Cybersecurity IndexSM.
First Trust AlphaDEX™ U.S. Materials Sector Index ETF
Seeks to replicate the performance of StrataQuant® Materials Index
First Trust NYSE Arca Biotechnology ETF
Biotechnology Sector
The Fund will seek to replicate, to the extent possible, the performance of U.S. companies in the biotechnology industry, initially the NYSE Arca Biotechnology IndexSM.
First Trust AlphaDEX™ U.S. Energy Sector Index ETF
Seeks to replicate the performance of StrataQuant® Energy Index
First Trust Indxx NextG ETF
Wireless Networking Sector
The Fund will seek to replicate, to the extent possible, the performance of U.S. companies that have devoted or have committed to devote, material resources to the research, development and application of fifth generation and next generation digital cellular technologies as they emerge, initially the Indxx 5G & NextG Thematic IndexSM.
First Trust AlphaDEX™ U.S. Financial Sector Index ETF
Seeks to replicate the performance of StrataQuant® Financials Index
First Trust Nasdaq Clean Edge Green Energy ETF
Clean Energy Sector
The Fund will seek to replicate, to the extent possible, the performance of an index of U.S. listed companies designed to track the performance of clean energy companies engaged in manufacturing, development, distribution and installation of emerging clean-energy technologies including, but not limited to, solar photovoltaics, biofuels and advanced batteries, initially the NASDAQ® Clean Edge® Green Energy IndexSM.
First Trust Dorsey Wright U.S. Sector Rotation Index ETF (CAD-Hedged)
Seeks to replicate the performance of Dorsey Wright® U.S. Sector Focus Five Index
First Trust Morningstar Dividend Leaders ETF (CAD-Hedged)
The Fund will seek to replicate, to the extent possible, the performance of U.S. companies that have shown dividend consistency and dividend sustainability, initially the Morningstar® Dividend Leaders IndexSM.
If approved, unitholders of the Funds will, following implementation of the Proposals, hold the following units of the renamed Funds:
Current Fund Name
Current class of units held
Current Ticker Symbol
New Fund Name
New class of units held
New Ticker Symbol
First Trust AlphaDEX™ U.S. Utilities Sector Index ETF
Units
FHU
First Trust Cloud Computing ETF
Units
SKYY
First Trust AlphaDEX™ U.S. Consumer Staples Sector Index ETF
Units
FHC
First Trust Dow Jones Internet ETF
Units
FDN
Hedged Units
FHC.F
Hedged Units
FDN.F
First Trust AlphaDEX™ U.S. Consumer Discretionary Sector Index ETF
Units
FHD
First Trust Nasdaq Cybersecurity ETF
Units
CIBR
First Trust AlphaDEX™ U.S. Materials Sector Index ETF
Units
FHM
First Trust NYSE Arca Biotechnology ETF
Units
FBT
First Trust AlphaDEX™ U.S. Energy Sector Index ETF
Units
FHE
First Trust Indxx NextG ETF
Units
NXTG
First Trust AlphaDEX™ U.S. Financial Sector Index ETF
Units
FHF
First Trust Nasdaq Clean Edge Green Energy ETF
Units
QCLN
First Trust Dorsey Wright U.S. Sector Rotation Index ETF (CAD-Hedged)
Units
FSR
First Trust Morningstar Dividend Leaders ETF (CAD-Hedged)
Units
FDL
The changes to the investment objectives should modernize the sector exposures and investment portfolios of the Funds and produce a more attractive return profile for unitholders moving forward, while maintaining concentrated equity exposure through an exchange-traded fund structure.
If the Proposals are approved, the Funds will provide exposure to the performance of the following new indices by investing all or substantially all of the Fund’s assets in the underlying U.S. funds as set forth in the following table, which are also managed by the Fund’s current portfolio advisor:
Fund
Index
Index Provider
Underlying Fund
First Trust Cloud Computing ETF
(formerly, First Trust AlphaDEX™ U.S. Utilities Sector Index ETF)
ISE CTA Cloud Computing™ Index
Nasdaq, Inc.
First Trust Cloud Computing ETF
First Trust Dow Jones Internet ETF
(formerly, First Trust AlphaDEX™ U.S. Consumer Staples Sector Index ETF)
Dow Jones Internet Composite IndexSM
S&P Dow Jones Indices LLC
First Trust Dow Jones Internet Index Fund
First Trust Nasdaq Cybersecurity ETF
(formerly, First Trust AlphaDEX™ U.S. Consumer Discretionary Sector Index ETF)
Nasdaq CTA Cybersecurity IndexSM
Nasdaq, Inc.
First Trust Nasdaq Cybersecurity ETF
First Trust NYSE Arca Biotechnology ETF
(formerly, First Trust AlphaDEX™ U.S. Materials Sector Index ETF)
NYSE Arca Biotechnology IndexSM
ICE Data Indices, LLC
First Trust NYSE Arca Index Fund
First Trust Indxx NextG ETF
(formerly, First Trust AlphaDEX™ U.S. Energy Sector Index ETF)
Indxx 5G & NextG Thematic IndexSM
Indxx, LLC
First Trust Indxx NextG ETF
First Trust Nasdaq Clean Edge Green Energy ETF
(formerly, First Trust AlphaDEX™ U.S. Financial Sector Index ETF)
NASDAQ® Clean Edge® Green Energy IndexSM
Nasdaq, Inc. and Clean Edge, Inc.
First Trust NASDAQ® Clean Edge® Green Energy Index Fund
First Trust Morningstar Dividend Leaders ETF (CAD-Hedged)
(formerly, First Trust Dorsey Wright U.S. Sector Rotation Index ETF (CAD-Hedged))
Morningstar® Dividend Leaders IndexSM
Morningstar, Inc.
First Trust Morningstar Dividend Leaders Index Fund
As a result, the Funds’ management fees will change from 0.70% per annum of net asset value to 0.15% per annum of net asset value and going forward the Funds will also bear the management fee of the underlying funds which range from 0.30% to 0.70% per annum of net asset value.
The Manager has called and will hold special meetings of unitholders of the Funds on February 3, 2021 to consider and vote upon the Proposals. A management information circular (the “Circular”) describing the Proposals is being prepared and will be mailed to the unitholders of the Funds. The Circular will also be available on SEDAR at www.sedar.com and posted on the Manager’s website at www.firsttrust.ca. Implementation of the Proposals is subject to all required regulatory approvals. If approved, the Proposals are expected to be implemented in February of 2021.
About First Trust
FT Portfolios Canada Co. (“FT Portfolios Canada”) is the trustee, manager and promoter of the Funds. FT Portfolios Canada and its affiliates First Trust Advisors L.P. (“FTA”), portfolio advisor to the Funds, an Ontario Securities Commission registered portfolio manager and U.S. Securities and Exchange Commission registered investment advisor, and First Trust Portfolios L.P., a FINRA registered broker-dealer, are privately held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately U.S. $164 billion as of November 30, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.
Further information about FT Portfolios Canada’s ETFs can be found at www.firsttrust.ca.
For further information: Media Contact: Karl Cheong, FT Portfolios Canada Co., 40 King Street West, Suite 5102, Email: karlcheong@firsttrust.ca, 1-877-622-5552.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.