Dynamic Funds (a division of 1832 Asset Management L.P) and
BlackRock Asset Management Canada Limited (“BlackRock Canada”), an
indirect, wholly owned subsidiary of BlackRock, Inc. (“BlackRock”)
(NYSE:BLK), jointly announced today Dynamic Funds’ intention to
assume management of the nine Dynamic Active exchange-traded funds
listed below (collectively, the “Dynamic Active ETFs”), pending
regulatory, stock exchange and unitholder approvals.
BlackRock Canada is currently the trustee,
manager and portfolio manager of the Dynamic Active ETFs, while
Dynamic Funds currently manages the underlying mutual funds through
which the Dynamic Active ETFs obtain their investment exposure and
provides certain other services to the Dynamic Active ETFs.
The investment objectives, strategies and
management fees of the Dynamic Active ETFs are expected to remain
the same following the proposed change. The ETFs are:
- Dynamic Active Canadian Dividend
ETF (ticker: DXC)
- Dynamic Active Crossover Bond ETF
(ticker: DXO)
- Dynamic Active Global Dividend ETF
(ticker: DXG)
- Dynamic Active Global Financial
Services ETF (ticker: DXF)
- Dynamic Active Investment Grade
Floating Rate ETF (ticker: DXV)
- Dynamic Active Preferred Shares ETF
(ticker: DXP)
- Dynamic Active Tactical Bond ETF
(ticker: DXB)
- Dynamic Active U.S. Dividend ETF
(ticker: DXU)
- Dynamic Active U.S. Mid-Cap ETF
(ticker: DXZ)
“Dynamic Funds is pleased to further strengthen
its commitment to providing innovative ETFs to our clients by
assuming all investment fund management and other responsibilities
of the entire Dynamic Active ETF suite. We thank BlackRock Canada
for being strong partners and for providing an operational
foundation for the Dynamic Active ETFs – and we are dedicated to
further growing our Dynamic Active ETF suite going forward,” says
Mark Brisley, Managing Director, Dynamic Funds.
“BlackRock Canada has valued working with
Dynamic Funds to bring active strategies through ETFs to the
Canadian market and we are committed to supporting the Dynamic
Active ETFs through this transition. We remain focused on expanding
our ETF offering in Canada to help more and more people experience
financial well-being,” says Madeleine Sinclair, Head of iShares
Canada.
In January 2017, Dynamic Funds and BlackRock
Canada announced the launch of an actively managed ETF lineup,
combining Dynamic Funds’ style of active portfolio management with
BlackRock's global ETF operating platform and expertise. Since
that time, the Dynamic Active ETF suite of funds has continued to
grow, with Dynamic Funds independently managing six additional ETFs
launched in 2020 and 2021.
BlackRock®
Canada calls Unitholder Meetings of the Dynamic Active ETFs
to Approve Proposed Change in Manager
BlackRock Canada has called special meetings of
the unitholders of the Dynamic Active ETFs (the “Meetings”), to be
held on or about November 17, 2021, to approve the proposed change
in trustee, manager and portfolio manager of the Dynamic Active
ETFs from BlackRock Canada to Dynamic Funds (the “Proposals”).
BlackRock Canada is holding the Meetings solely as virtual (online)
meetings which will be conducted by way of live audio webcast.
Unitholders of record of the Dynamic Active ETFs at the close of
business on September 29, 2021 will be entitled to receive notice
of, and vote at, the applicable Meeting.
Proposed ChangesBlackRock
Canada, as manager of the Dynamic Active ETFs, has entered into a
definitive agreement with Dynamic Funds pursuant to which it is
proposed that Dynamic Funds will become the trustee, manager and
portfolio manager of the Dynamic Active ETFs. The Proposals are
subject to the receipt of all necessary regulatory, stock exchange
and unitholder approvals.
Benefits of the Proposed
ChangesDynamic Funds currently manages the underlying
mutual funds through which the Dynamic Active ETFs obtain their
investment exposure and provides certain other services to the
Dynamic Active ETFs. Proceeding with the Proposals will streamline
the current operational structure by allowing Dynamic Funds to have
full responsibility for the Dynamic Active ETFs and their
investment performance, rather than having responsibilities and
services divided between BlackRock Canada and Dynamic Funds.
In accordance with applicable securities laws, a
management information circular relating to the Proposals (the
“Circular”) will be made available to unitholders in advance of the
Meetings. Notice of the Meetings and information outlining the
procedures for accessing the Circular online (or requesting a copy
thereof) will be mailed on or about October 15, 2021, to
unitholders of record as of September 29, 2021. Implementation of
the Proposals is also subject to applicable regulatory and other
approvals, including the approval of the Ontario Securities
Commission and the Toronto Stock Exchange, and satisfaction of the
closing conditions set out in the definitive agreement. If the
Proposals are approved, BlackRock Canada expects that the Proposals
will be implemented on or about December 1, 2021, subject to
satisfying all conditions and obtaining all required
approvals.
For more information about the Dynamic Active
ETFs, please visit www.dynamic.ca/etf or www.blackrock.com/ca.
About Dynamic Funds Dynamic
Funds is a division of 1832 Asset Management L.P., which offers a
range of wealth management solutions, including mutual funds,
actively managed ETFs, investment solutions for private clients,
institutional clients and managed asset programs. 1832 Asset
Management L.P. is a limited partnership, the general partner of
which is wholly owned by Scotiabank. ® Dynamic Funds is a
registered trademark of its owner, used under
license.Website: www.dynamic.ca
|Twitter:@DynamicFunds |
LinkedIn:
https://www.linkedin.com/company/dynamic-funds/
About BlackRock
BlackRock’s purpose is to help more and more
people experience financial well-being. As a fiduciary to
investors and a leading provider of financial technology, we help
millions of people build savings that serve them throughout their
lives by making investing easier and more affordable. For
additional information on BlackRock, please
visit www.blackrock.com/corporate
Dynamic Active ETFs are managed by BlackRock
Asset Management Canada Limited.
Commissions, trailing commissions, management
fees and expenses all may be associated with investing in Dynamic
Active ETFs. Please read the relevant prospectus before investing.
The funds are not guaranteed, their values change frequently and
past performance may not be repeated. Tax, investment and all other
decisions should be made, as appropriate, only with guidance from a
qualified professional.
©2021 BlackRock Asset Management Canada Limited.
All rights reserved. BLACKROCK is a registered
trademark of BlackRock, Inc., or its subsidiaries in the United
States and elsewhere. Used with permission.
For media enquiries only:
Alexandra MathiasGlobal Wealth Management Communications,
Scotiabank416-448-7044alexandra.mathias@scotiabank.com
Soogyung JordanBlackRock
Communications646-276-5403Soogyung.Jordan@BlackRock.com
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