First Trust Announces Expected Effective Date of ETF Reorganization
October 29 2020 - 4:31PM
Business Wire
First Trust Advisors L.P. (“FTA”) announced today that, subject
to the satisfaction of certain customary closing conditions, the
reorganization of First Trust Australia AlphaDEX® Fund (NYSE Arca:
FAUS), First Trust Canada AlphaDEX® Fund (Nasdaq: FCAN), First
Trust Hong Kong AlphaDEX® Fund (Nasdaq: FHK), and First Trust South
Korea AlphaDEX® Fund (Nasdaq: FKO), each an index based
exchange-traded fund (“ETF”), managed by FTA, into First Trust
Developed Markets ex-US AlphaDEX® Fund (Nasdaq: FDT), an index
based ETF managed by FTA, is expected to become effective
immediately before the opening of the Nasdaq on November 2,
2020.
As previously announced, the shareholders of FAUS, FCAN, FHK and
FKO approved the funds’ reorganization into FDT at a Joint Special
Meeting of Shareholders on September 14, 2020. The reorganization
was approved by the Board of Trustees of each of FAUS, FCAN, FHK,
FKO and FDT on January 30, 2020.
Upon the completion of the transaction, which is expected to be
tax-free, the assets of each of FAUS, FCAN, FHK and FKO will be
transferred to, and the liabilities of each of FAUS, FCAN, FHK and
FKO will be assumed by, FDT. The shareholders of FAUS, FCAN, FHK
and FKO will receive shares of FDT with a value equal to the
aggregate net asset value of the shares of FAUS, FCAN, FHK and FKO,
as applicable, held by them.
FDT is an index based ETF that seeks investment results that
correspond generally to the price and yield (before the Fund’s fees
and expenses) of an equity index called the NASDAQ AlphaDEX®
Developed Markets Ex-US Index. FDT pursues this investment
objective by investing at least 90% of its net assets in the common
stocks and depositary receipts that comprise the index. The index
is composed of securities issued by small, mid and large cap
companies operating in developed markets excluding the United
States, as classified by Nasdaq, Inc.
FTA is a federally registered investment advisor and serves as
the investment advisor of FAUS, FCAN, FHK, FKO and FDT. FTA and its
affiliate First Trust Portfolios L.P. (“FTP”), 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 $ 149 billion as of September 30,
2020 through unit investment trusts, exchange-traded funds,
closed-end funds, mutual funds and separate managed accounts. FTA
is the supervisor of the First Trust unit investment trusts, while
FTP is the sponsor. FTP is also a distributor of mutual fund shares
and exchange-traded fund creation units. FTA and FTP are based in
Wheaton, Illinois.
Additional Information / Forward-Looking Statements
This press release is not intended to, and shall not, constitute
an offer to purchase or sell shares of FAUS, FCAN, FHK, FKO or FDT.
Certain statements made in this news release that are not
historical facts are referred to as “forward-looking statements”
under the U.S. federal securities laws. Actual future results or
occurrences may differ significantly from those anticipated in any
forward- looking statements due to numerous factors. Generally, the
words “believe,” “expect,” “intend,” “estimate,” “anticipate,”
“project,” “will” and similar expressions identify forward-looking
statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ from the
historical experience of FTA and the funds managed by FTA and its
present expectations or projections. You should not place undue
reliance on forward-looking statements, which speak only as of the
date they are made. FTA, FAUS, FCAN, FHK, FKO and FDT undertake no
responsibility to update publicly or revise any forward-looking
statements.
An investor should carefully consider the investment objectives,
risks, charges and expenses of FAUS, FCAN, FHK, FKO or FDT, as
applicable, before investing. The prospectuses for FAUS, FCAN, FHK,
FKO and FDT contain this and other important information and are
available free of charge by calling toll-free at 1-800-621-1675 or
writing FAUS, FCAN, FHK, FKO or FDT at 120 East Liberty Drive,
Suite 400, Wheaton, IL 60187. The prospectus should be read
carefully before investing.
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