TORONTO, Sept.  15, 2017  (GLOBE NEWSWIRE) -- FT Portfolios Canada Co. (TSX:FUD) (TSX:FUD.A) (the “Manager”), the manager of First Trust AlphaDEX™ U.S. Dividend ETF (CAD-Hedged) (“FUD”), is pleased to announce that the board of directors of the Manager has approved a proposal to change the investment objective of FUD to seek to replicate, to the extent possible, the performance of the Value Line Dividend Index on a currency hedged basis, net of expenses and to change the management fee payable by the fund (the “Proposal”).

In connection with the Proposal, the Manager intends to change the name of FUD to “First Trust Value Line® Dividend Index (CAD-Hedged)”.

The Proposal should provide unitholders with several benefits, including the following:

Improved downside protection – the Value Line® Dividend Index should provide a better downside protection and produce a more consistent return profile for unitholders thereby reducing overall portfolio volatility moving forward. Broader investment universe – the Value Line® Dividend Index universe currently includes approximately 1,700 stocks. The Value Line® Dividend Index tracks those that are Safety™ 1 or 2 rated, have a yield higher than the indicated yield of the S&P 500 and market capitalization greater than US$1 billion as of the last rebalance. The Value Line® Dividend Index includes 201 stocks as of August 31, 2017. The change in investment objective will not result in a disposition of units of FUD to unitholders for Canadian income tax purposes.

In addition, the Manager believes that the change to the management fee payable by the fund is reasonable in that it is same as the management fee charged to First Trust Value Line Dividend Index Fund (a US ETF which tracks the same index), it reflects additional portfolio management work associated with monthly versus semi-annual rebalancing and that the Manager will pay a license fee to use the index and trademark which FUD currently does not pay.

The Manager has called and will hold a special meeting of unitholders of FUD on October 25, 2017 to consider and vote upon the Proposal. A management information circular (the “Circular”) describing the Proposal is being prepared and will be mailed to the unitholders. The Circular will also be available on SEDAR at www.sedar.com and posted on the Manager’s website at www.firsttrust.ca.  Implementation of the Proposal is subject to all required regulatory approvals.  If approved, the Proposal is expected to be implemented on or about November 22, 2017.

About First Trust

The First Trust companies are a well-respected global enterprise with a history in the U.S. market since 1991 and in Canada since 1996. As of June 30, 2017, First Trust Advisors L.P., the portfolio advisor for FUD, has approximately US$ 45.6 billion in exchange-traded fund assets under management and more than US$ 107.6 billion total assets under supervision or management. First Trust is the enterprise name used for the various businesses conducted in Europe, Mexico, Canada and the U.S.

Further information about FT Portfolios Canada’s ETFs can be found at www.firsttrust.ca.

For further information: Media Contact: Susan Johnson, FT Portfolios Canada Co., 40 King Street West, Suite 5102, Scotia Plaza, Box 312, Toronto, ON M5H 3Y2, Email: [email protected], (416) 865-8054.