BMO Asset Management is changing the investment objectives of several ETFs.  The biggest change involves switching two of the ETFs to more recognized indices. In both cases, the firm is moving from Dow Jones indices to S&P benchmarks.

BMO is planning to change the BMO Dow Jones Canada Titans 60 Index EFF to the S&P/TSX Capped Composite Index ETF. The firm also plans to change the BMO U.S. Equity Hedged to CAD Index ETF, which is based on the Dow Jones U.S. Large Cap Index (CAD Hedged), to the BMO S&P 500 Hedged to CAD Index ETF.

BMO wants to provide funds that "track the index leaders and we think that gives investors the most confidence in our products," said Mark Raes, VP and portfolio manager.

Other planned 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. This restricts global securities to ADRs and will result in a more "replicable index" that will make it easier for market makers to hedge the ETF, said Raes.

Two other ETFs-the BMO China Equity Hedged to CAD Index ETF and the BMO India Equity Hedge to CAD Index ETF will no longer use the currency hedge.  "This will eliminate the cost of trading the currencies," he said.

Unitholders will meet in Toronto on Sept. 13 to vote on the proposed changes. Depending on the results of the vote, the firm is looking to implement the changes shortly thereafter, said Raes.

Mary Schroeder writes for Securities Technology Monitor.