CI Global Asset Management Completes Eight Mutual Fund and ETF Mergers
Two CI bond ETFs now have management fees of just 0.07%
Additionally, CI GAM confirmed it has implemented changes to CI Yield Enhanced Canada Aggregate Bond Index ETF and CI Yield Enhanced Canada Short-Term Aggregate Bond Index ETF, including changes to their investment objectives, names, and underlying indexes and reductions in their management fees to 0.07%.
The changes, which were implemented after the close of business on
Completed mergers
The completed mergers are listed below. CI DoubleLine Core Plus Fixed Income US$ Fund, CI DoubleLine Income US$ Fund and CI DoubleLine Total Return Bond US$ Fund (as defined below) are dual-class mandates, available in both
Mutual fund mergers
Terminating Fund |
Tickers
( |
Continuing Fund |
Tickers
( |
CI DoubleLine Core Plus Fixed Income US$ Fund |
CCOR, CCOR.B, CCOR.U |
CI DoubleLine Total Return Bond US$ Fund |
CDLB, CDLB.B, CDLB.U |
CI DoubleLine Income US$ Fund |
CINC, CINC.B, CINC.U |
CI DoubleLine Total Return Bond US$ Fund |
CDLB, CDLB.B, CDLB.U |
ETF mergers
Terminating ETF |
Tickers |
Continuing ETF |
Tickers |
CI Morningstar US Momentum Index ETF |
YXM, YXM.B |
CI |
CMOM, CMOM.B |
CI Morningstar US Value Index ETF |
XXM, XXM.B |
CI |
CVLU, CVLU.B |
CI MSCI Canada Quality Index Class ETF |
FQC |
CI WisdomTree Canada Quality Dividend Growth Index ETF |
DGRC |
CI |
SID |
CI |
CMOM |
CI WisdomTree International Quality Dividend Growth Variably Hedged Index ETF |
DQI |
CI WisdomTree International Quality Dividend Growth Index ETF |
IQD |
CI WisdomTree |
DQD |
CI WisdomTree |
DGR |
Securityholders of each
Securityholders of each Terminating ETF or
No fractional units of the Continuing ETF or
The Terminating Funds and ETFs have now been terminated and securities of the Terminating ETFs and
The mergers of CI DoubleLine Core Plus Fixed Income US$ Fund, CI DoubleLine Income US$ Fund and CI MSCI Canada Quality Index Class ETF were effected on a taxable basis, while the other mergers were effected on a tax-deferred basis. The costs and expenses associated with the mergers are being borne by CI GAM, not the Terminating Funds and ETFs.
Exchange ratios
Terminating Fund |
Continuing Fund |
Exchange Ratio |
Total Number of Continuing ETF Series Units of Continuing Fund Issued in Respect of the Merger |
CI DoubleLine Core Plus Fixed Income US$ Fund (ETF C$ Hedged Series Units) (CCOR) |
CI DoubleLine Total Return Bond US$ Fund (ETF C$ Hedged Series Units) (CDLB) |
1.026882:1 |
20,537 |
CI DoubleLine Core Plus Fixed Income US$ Fund (ETF C$ Unhedged Series Units) (CCOR.B) |
CI DoubleLine Total Return Bond US$ Fund (ETF C$ Unhedged Series Units) (CDLB.B) |
1.029445:1 |
20,588 |
CI DoubleLine Core Plus Fixed Income US$ Fund (ETF US$ Series Units) (CCOR.U) |
CI DoubleLine Total Return Bond US$ Fund (ETF US$ Series Units) (CDLB.U) |
1.029217:1 |
30,876 |
CI DoubleLine Income US$ Fund (ETF C$ Hedged Series Units) (CINC) |
CI DoubleLine Total Return Bond US$ Fund (ETF C$ Hedged Series Units) (CDLB) |
1.068882:1 |
74,821 |
CI DoubleLine Income US$ Fund (ETF C$ Unhedged Series Units) (CINC.B) |
CI DoubleLine Total Return Bond US$ Fund (ETF C$ Unhedged Series Units) (CDLB.B) |
1.066890:1 |
42,675 |
CI DoubleLine Income US$ Fund (ETF US$ Series Units) (CINC.U) |
CI DoubleLine Total Return Bond US$ Fund (ETF US$ Series Units) (CDLB.U) |
1.071674:1 |
32,150 |
ETF mergers
Terminating ETF |
Continuing ETF |
Exchange Ratio |
Total Number of Continuing ETF Units of Continuing Fund Issued in Respect of the Merger |
CI Morningstar US Momentum Index ETF (Hedged Common Units) (YXM) |
CI |
1.128165:1 |
437,520 |
CI Morningstar US Momentum Index ETF (Unhedged Common Units) (YXM.B) |
CI |
1.625118:1 |
449,998 |
CI Morningstar US Value Index ETF (Hedged Common Units) (XXM) |
CI |
0.677270:1 |
309,084 |
CI Morningstar US Value Index ETF (Unhedged Common Units) (XXM.B) |
CI |
0.987791:1 |
433,649 |
CI MSCI Canada Quality Index Class ETF (ETF Shares) (FQC) |
CI WisdomTree Canada Quality Dividend Growth Index ETF (Non-Hedged Units) (DGRC) |
0.913444:1 |
338,472 |
CI |
CI |
1.558941:1 |
623,576 |
CI WisdomTree International Quality Dividend Growth Variably Hedged Index ETF (Variably Hedged Units) (DQI) |
CI WisdomTree International Quality Dividend Growth Index ETF (Hedged Units) (IQD) |
0.911998:1 |
547,198 |
CI WisdomTree |
CI WisdomTree |
1.026609:1 |
1,231,930 |
Related distributions
The mergers resulted in the ETF series of certain mutual funds and ETFs paying distributions, as detailed below. The ETF and
|
Ticker |
Reinvested Distribution Amount (to be reinvested and consolidated) |
CI DoubleLine Core Plus Fixed Income US$ Fund |
CCOR |
0.04671 |
CCOR.B |
0.04631 |
|
CCOR.U |
0.04709 |
|
CI DoubleLine Income US$ Fund |
CINC |
0.07309 |
CINC.B |
0.07062 |
|
CINC.U |
0.07323 |
|
CI Morningstar US Momentum Index ETF |
YXM |
5.68990 |
YXM.B |
8.17188 |
|
CI Morningstar US Value Index ETF |
XXM |
0.07690 |
XXM.B |
0.07794 |
|
CI |
CMOM |
0.08476 |
CMOM.B |
0.19302 |
|
CI |
SID |
0.07352 |
CI WisdomTree International Quality Dividend Growth Index ETF |
IQD |
0.06738 |
IQD.B |
0.02567 |
|
CI WisdomTree International Quality Dividend Growth Variably Hedged Index ETF |
DQI |
0.20439 |
CI WisdomTree |
DGR |
0.06683 |
DGR.B |
0.06844 |
|
CI WisdomTree |
DQD |
0.09859 |
Other ETF changes
CI GAM has revised the investment objectives of CI Yield Enhanced Canada Aggregate Bond Index ETF and CI Yield Enhanced Canada Short-Term Aggregate Bond Index ETF, resulting in changes to the ETFs’ underlying indexes and names, as described below. Their tickers have not changed. CI GAM has also reduced the management fees of the two ETFs by more than half, to 0.07% from 0.18%. The new management fee is among the lowest in the Canadian market for Canadian bond ETFs.
-
CI Yield Enhanced Canada Aggregate Bond Index ETF (TSX: CAGG) has been renamed
CI Canadian Aggregate Bond Index ETF and the new underlying index is the FTSE Canada Universe Bond Index™.
The new investment objective seeks to track, to the extent reasonably possible, the price and yield performance of a Canadian investment grade bond index, before fees and expenses. Currently, the ETF seeks to track the FTSE Canada Universe Bond Index™ or any successor thereto. -
CI Yield Enhanced Canada Short-Term Aggregate Bond Index ETF (TSX: CAGS) has been renamed
CI Canadian Short-Term Aggregate Bond Index ETF and the new underlying index is the FTSE Canada Short Term Overall Bond Index™.
The new investment objective seeks to track, to the extent reasonably possible, the price and yield performance of a Canadian short-term investment grade bond index, before fees and expenses. Currently, the ETF seeks to track the FTSE Canada Short Term Overall Bond Index™ or any successor thereto.
About CI Global Asset Management
CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI Global Asset Management is a subsidiary of
Commissions, trailing commissions, management fees and expenses all may be associated with an investment in mutual funds and exchange-traded funds (ETFs). Please read the prospectus before investing. Important information about mutual funds and ETFs is contained in their respective prospectus. Mutual funds and ETFs are not guaranteed; their values change frequently, and past performance may not be repeated. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.
This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase mutual funds managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor.
Certain statements in this document are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what CI Global Asset Management believes to be reasonable assumptions, CI Global Asset Management cannot assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.
The CI Exchange-Traded Funds are managed by CI Global Asset Management, a wholly owned subsidiary of
Morningstar® is a registered trademark of Morningstar, Inc. (“Morningstar”). Morningstar® US Target Momentum Index™ and Morningstar® US Target Value Index™ (the “Indexes”) are service marks of Morningstar and have been licensed for use for certain purposes by CI Global Asset Management (“CI GAM”). The securities of CI Morningstar US Momentum Index ETF and CI Morningstar US Value Index ETF (the “ETFs”) are not in any way sponsored, endorsed, sold or promoted by Morningstar or any of its affiliates (collectively, ‘‘Morningstar’’), and Morningstar makes no representation or warranty, express or implied regarding the advisability of investing in securities generally or in the ETFs particularly or the ability of the Indexes to track general market performance.
Alerian, VettaFi, and VettaFi US Enhanced Momentum Index, VettaFi US Enhanced Momentum Index (CAD Hedged), VettaFi US Enhanced Value Index and VettaFi US Enhanced Value Index (CAD Hedged) (the “Indexes”) are service marks of
MSCI is a trademark of MSCI Inc. The MSCI Canada Quality Index has been licensed for use for certain purposes by CI Global Asset Management (“CI GAM”) in connection with the CI MSCI Canada Quality Index Class ETF (the “ETF”). The ETF and the securities referred to herein are not sponsored, endorsed or promoted by MSCI Inc. or any of its affiliates (collectively, “MSCI”) and MSCI bears no liability with respect to any such fund or securities or any index on which such fund or securities are based. The ETF’s prospectus contains a more detailed description of the limited relationship MSCI has with CI GAM and any related funds.
Certain trademarks of Canadian Imperial Bank of Commerce and/or certain of its affiliates (collectively "CIBC") have been licensed by CI Global Asset Management for use in connection with
CI
The CI Yield Enhanced Canada Aggregate Bond Index ETF and CI Yield Enhanced Canada Short-Term Aggregate Bond Index ETF (the “Funds”) have been developed solely by CI Global Asset Management (“CI GAM”). The Funds are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the
All rights in the FTSE Canada Universe Bond Index and FTSE Canada Short Term Overall Bond Index (the “Indexes”) vest in the relevant
The Indexes are calculated by or on behalf of
“BLOOMBERG®” and the Bloomberg Canadian Aggregate Enhanced Yield Index and the Bloomberg Canadian Short Aggregate Enhanced Yield Index (the “Indexes”) are trademarks and service marks of
CI Global Asset Management is licensed by
©CI Investments Inc. 2024. All rights reserved.
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Vice-President, Corporate Communications
416-681-3254
moxby@ci.com
Source: CI Global Asset Management