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BMO Investments is planning to change the strategies of both its Canadian Equity ETF and its U.S. Equity fund.

Currently, the funds invest up to 100% of their assets in securities of an underlying exchange-traded fund. Namely, the BMO Dow Jones Canada Titans 60 Index ETF and BMO U.S. Equity Hedged to CAD Index ETF.

If changes are approved, the Canadian ETF will instead follow the S&P/TSX Capped Composite Index, and the U.S. equity fund will follow the S&P 500 Hedged to Canadian Dollars Index. Their names will be altered to reflect the switch.

“The proposed change in the benchmarks of each fund will result in broader diversification, and more widely recognized market indices for investors and financial advisors looking to implement global asset allocation decisions within their mutual fund portfolios,” says Steven Shepherd, vice president of equity strategies.

A special meeting of unitholders has been called to consider and approve the changes on September 13, 2012.

Originally published on Advisor.ca