First Asset Investment Management Inc. announced July 17 that it has completed the conversion of its advisor class units to the corresponding common class units of the same ETF across its exchange traded fund product line.

The conversion, which was first announced earlier this spring, was completed on July 14.

The annual management fee on the advisor class units was reduced by the amount of the service fee payable to that class of units. The advisor units were then converted to the corresponding common class units of the same ETF.

Dispositions for tax purposes

The conversion does not allow for a disposition by unitholders to convert advisor class units for tax purposes or any other whole units that were converted. Remaining fractional advisor class units will be redeemed for cash, which will be considered a disposition for tax purposes.

First Asset says no action is required by unitholders on any of these changes.