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Monday, August 20, 2012

BMO Adjusts Its Game Plan

News summary by MFWire's editors

BMO Asset Management is taking its ETFs in a different direction. Most notably, the firm is switching two of its ETFs from Dow Jones indices to S&P benchmarks.

BMO plans to change BMO Dow Jones Canada Titans 60 Index ETF to S&P/TSX capped Composite Index ETF, and BMO U.S. Equity Hedged to CAD Index ETF to BMO S&P Hedged to CAD Index ETF, Money Management Executive reports.

VP and PM Mark Raes told MME that tracking index leaders "gives investors the most confidence in our products.

Other proposed changes include limiting the BMO Global Infrastructure Index, which is based on the Dow Jones Brookfield Global Infrastructure Index, to North American listed securities only. Theoretically, this would result in a more "replicable index" that will make it easier for market makers to hedge the ETF.

Unitholders will vote at a Sept. 13 meeting in Toronto on whether to go ahead with the proposed changes.  

Edited by: Irene Park

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