PRESS RELEASES

National Bank Investments Announces a Fund Merger and Fee Reductions for Certain Funds

Montreal, July 31, 2025

National Bank Investments Inc. (‟NBI” or the “Manager”) announced today a fund merger and a reduction of the management and administration fees for certain funds.

 

Fund merger  

On or about October 24, 2025, the NBI Global Real Assets Income ETF (the “Terminating Fund”) managed by NBI will be merged into the NBI Global Real Assets Income Fund (the “Continuing Fund”) which has an identical mandate and is also managed by NBI. Upon completion of the merger, unitholders will hold ETF series units of the Continuing Fund instead of ETF units of the Terminating Fund.

This merger is part of the Manager’s ongoing initiative to simplify and optimize its fund lineup and will result in the Continuing Fund offering both mutual fund and ETF series units. 

The merger does not require regulatory or unitholder approval, as it meets the applicable requirements for permitted mergers under National Instrument 81-102 Investment Funds. All costs and expenses associated with the merger will be borne by the Manager.

With regard to the merger, the Terminating Fund will transfer all of its net assets to the Continuing Fund in return for ETF series units of the latter with an aggregate net asset value equal to the value of the assets transferred. Immediately thereafter, all units of the Terminating Fund will be redeemed in exchange for ETF series units of the Continuing Fund. As a result, unitholders of the Terminating Fund will receive ETF series units of the Continuing Fund equal in value to those they held prior to the merger. The Terminating Fund will then be wound up as soon as practicable following the merger.

Potential conflict of interest matters related to the merger were examined by the Terminating Fund’s Independent Review Committee, which approved the merger after determining that, if implemented, it would achieve a fair and reasonable outcome for the Terminating Fund.

After the merger, the Manager intends to list the ETF series units of the Continuing Fund on the Toronto Stock Exchange, subject to satisfying the listing requirements. The ETF series of the Continuing Fund will have the same ticker symbol as the Terminating Fund. 

Further details of the merger will be set out in the written notice sent to unitholders of the Terminating Fund.

 

Management and Administration Fee Reductions  

Effective on August 8, 2025, management and administration fees for the fund series listed in the table below will be reduced as follows:

Fund and series* Management fee Administration fee
  Current New Current New
NBI SmartData International Equity Fund - Advisor series 1.70% 1.40% 0.19% 0.10%
NBI SmartData International Equity Fund - F series 0.70% 0.40% 0.19% 0.10%
NBI SmartData International Equity Fund - F5 series 0.70% 0.40% 0.19% 0.10%
NBI SmartData International Equity Fund - FH series 0.70% 0.40% 0.19% 0.10%
NBI SmartData International Equity Fund - H series 1.70% 1.40% 0.19% 0.10%
NBI SmartData International Equity Fund - Investor series 1.70% 1.40% 0.19% 0.10%
NBI SmartData International Equity Fund - T5 series 1.70% 1.40% 0.19% 0.10%
NBI SmartData International Equity Fund - ETF series 0.70% 0.40% 0.19% 0.10%
NBI SmartData International Equity Fund - ETFH Series 0.70% 0.40% 0.19% 0.10%
NBI SmartData U.S. Equity Fund - Advisor series 1.70% 1.30% 0.19% 0.05%
NBI SmartData U.S. Equity Fund - F series 0.70% 0.30% 0.19% 0.05%
NBI SmartData U.S. Equity Fund - F5 series 0.70% 0.30% 0.19% 0.05%
NBI SmartData U.S. Equity Fund - FH series 0.70% 0.30% 0.19% 0.05%
NBI SmartData U.S. Equity Fund - H series 1.70% 1.30% 0.19% 0.05%
NBI SmartData U.S. Equity Fund - Investor series 1.70% 1.30% 0.19% 0.05%
NBI SmartData U.S. Equity Fund - T5 series 1.70% 1.30% 0.19% 0.05%
NBI SmartData U.S. Equity Fund - ETF series 0.70% 0.30% 0.19% 0.05%
NBI SmartData U.S. Equity Fund - ETFH series 0.70% 0.30% 0.19% 0.05%
NBI Global Real Assets Income Fund - Investor series  1.80% 1.70% 0.10% 0.10%
NBI Global Real Assets Income Fund - Advisor series 1.80% 1.70% 0.10% 0.10%
NBI Global Real Assets Income Fund - F Series 0.80% 0.70% 0.10% 0.10%
NBI Global Real Assets Income Fund - F5 Series 0.80% 0.70% 0.10% 0.10%
NBI Global Real Assets Income Fund - FH series 0.80% 0.70% 0.10% 0.10%
NBI Global Real Assets Income Fund - H series 1.80% 1.70% 0.10% 0.10%
NBI Global Real Assets Income Fund - T5 series 1.80% 1.70% 0.10% 0.10% 

*The reduction applies to all the purchase options of the series, including series offered in U.S. dollars, when applicable.

 

All the aforementioned changes will be included in an amendment to the simplified prospectus for the NBI Funds and ETFs which will be filed on the SEDAR+ website and on the NBI website.

About NBI ETFs 
NBI ETFs are offered by National Bank Investments Inc., an indirect wholly owned subsidiary of National Bank of Canada and sold by authorized dealers. Management fees, brokerage fees and expenses all may be associated with investments in exchange-traded funds (“ETFs”). Please read the prospectus or ETF Facts document before investing. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns.

About the NBI Funds
The NBI Funds (the “Funds”) are offered by National Bank Investments Inc., an indirect wholly owned subsidiary of National Bank of Canada and sold by authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the Funds before investing. Securities of the Funds are not insured by the Canada Deposit Insurance Corporation or any other government deposit insurer. The Funds are not guaranteed, their values change frequently, and past performance may not be repeated. ETF Series units of the Funds are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. ETF Series of the Funds do not seek to return any predetermined amount at maturity. 

About National Bank Investments Inc. 
National Bank Investments Inc. (“NBI”) is an investment funds management firm committed to manufacturing and offering mutual funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at June 30, 2025, assets under management in NBI products were valued at over $102 billion.

Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI’s role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients’ financial needs. Follow NBI’s activities at nbinvestments.ca or via social media. 

National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada’s Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.

About National Bank of Canada 
With $536 billion in assets as at April 30, 2025, National Bank of Canada is one of Canada’s six systemically important banks. The Bank has approximately 34,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media.

 

Information:

Alexandre Guay

Chief Advisor, Public Affairs
National Bank of Canada

alexandre.guay@nbc.ca
514-412-5125