National Bank Investments Announces the Completion of a Fund Merger and a Change to the Management Fee Reduction Plan for High Net Worth Investors

Executive Summary

• National Bank Investments completed the merger of the NBI Global Real Assets Income ETF into the NBI Global Real Assets Income Fund, exchanging all ETF units for equivalent fund series units on a one‑for‑one basis.
• The merger was tax‑deferred and resulted in the delisting of the former ETF; the continuing fund now offers both mutual‑fund and ETF series units under the same ticker (NREA).
• Effective December 24, 2025, NBI will discontinue the management fee reduction plan for high‑net‑worth investors in its SmartData U.S. Equity Fund and SmartData International Equity Fund.

Key Details

• Merger Completion: Closed on October 24, 2025; ETF units of NBI Global Real Assets Income ETF (ticker NREA) were exchanged for equivalent ETF series units of the NBI Global Real Assets Income Fund.
• Unit Exchange Ratio: One‑for‑one; unitholders received the same number of continuing‑fund units as they held in the merging ETF.
• Tax Treatment: Merger executed on a tax‑deferred basis for unitholders.
• Listing Change: Former ETF delisted from TSX; new ETF series units listed under the same ticker (NREA) as of October 27, 2025.
• Final Distribution: Each unitholder received a non‑cash distribution valued at $1.094004 per ETF unit, reinvested and consolidated so the total number of units remained unchanged; taxable for holders outside registered plans.
• Continuing Fund Structure: Now provides both mutual‑fund series units and ETF series units with unchanged investment objective.
• Management Fee Reduction Plan Change: Discontinuation effective December 24, 2025 for NBI SmartData U.S. Equity Fund and NBI SmartData International Equity Fund; prior fee reductions applied on August 8, 2025 remain in effect.
• Prospectus Amendments: Changes will be reflected in an amendment to the simplified prospectus filed on SEDAR+ and the NBI website.

Notable Quotes

(No direct quotes were provided in the release.)