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CI Global Asset Management Announces ETF Mergers


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TORONTO — CI Global Asset Management (“CI GAM”) at present introduced a proposal to merge six exchange-traded funds into different ETFs as a part of its persevering with technique to modernize its product lineup.

The adjustments, together with a proposal introduced final month by CI GAM for 22 mutual fund mergers, will simplify and streamline CI GAM’s product lineup, making it simpler for advisors and buyers to do enterprise with CI GAM.

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The strikes are a part of CI GAM’s strategic precedence of modernizing its asset administration enterprise, which this 12 months has additionally included introducing a sequence of well timed new funding merchandise, the rebranding of over 150 funding funds, the mixing of CI GAM’s in-house portfolio administration boutiques into one world funding platform, and the appointment of a brand new Head of Investment Management.

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CI GAM believes the mergers, listed beneath, may even profit securityholders because the persevering with funds can have bigger asset bases, thereby reducing massive redemption threat and rising buying and selling efficiencies, as relevant. All of the ETFs concerned within the proposed mergers are listed on the Toronto Stock Exchange (“TSX”).

Terminating ETF

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Ticker

Continuing ETF

Ticker

CI Active Canadian Dividend ETF (Common Units)

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FDV

CI WisdomTree Canada Quality Dividend Growth Index ETF

(Non-Hedged Units)

DGRC

CI Core Canadian Equity Income Class ETF (ETF Shares)

CSY

CI MSCI Canada Low Risk Weighted ETF (Common Units)

RWC

CI Active Credit ETF (Common Units)

CI Active Credit ETF (US$ Common Units)

FAO

FAO.U

CI Global High Yield Credit Private Pool (ETF C$ Series)

CI Global High Yield Credit Private Pool (ETF US$ Hedged Series)

CGHY

CGHY.U

CI Active Utility & Infrastructure ETF (Common Units)

FAI

CI Global Infrastructure Private Pool (ETF C$ Series)

CINF

CI MSCI USA Low Risk Weighted ETF (Common Units)

CI MSCI USA Low Risk Weighted ETF (Unhedged Common Units)

RWU

RWU.B

CI WisdomTree U.S. Quality Dividend Growth Index ETF (Hedged Units)

CI WisdomTree U.S. Quality Dividend Growth Index ETF (Non-Hedged Units)

DGR

DGR.B

To facilitate the merger of CI Active Credit ETF into CI Global High Yield Credit Private Pool, CI GAM is launching ETF C$ Series and ETF US$ Hedged Series items of CI Global High Yield Credit Private Pool. These items can be listed on the Toronto Stock Exchange and start buying and selling beneath the ticker symbols CGHY and CGHY.U, respectively, on or about April 8, 2022.

The mergers require the approval of securityholders of the terminating ETFs, apart from CI Active Utility & Infrastructure ETF (“FAI”). Special conferences of securityholders of the terminating ETFs can be held March 15, 2022 and securityholders will obtain assembly supplies in February 2022. Securityholders of FAI can be notified of the merger in February 2022.

If accepted, the mergers will happen on or after April 8, 2022. This timeline permits for flexibility in tax planning by affected buyers and their advisors, because the mergers involving CI MSCI Canada Low Risk Weighted ETF and CI Core Canadian Equity Income Class ETF will lead to a taxable disposition if the ETFs are held in a non-registered account. The different mergers can be effected on a non-taxable foundation.

The administration and administration charges payable by buyers in respect of the persevering with ETFs are decrease than these of the corresponding terminating ETFs. The prices and bills related to the mergers are being borne by CI GAM, not the ETFs.

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The Independent Review Committee has reviewed the mergers with respect to battle of curiosity points and supplied a constructive advice (or approval in respect of FAI), having decided that the mergers would obtain a good and cheap end result for every terminating ETF.

CI GAM additionally introduced at present that it’ll not be continuing with the beforehand introduced proposal to merge CI Corporate Bond Class into CI Corporate Bond Corporate Class. As a end result, the particular assembly of securityholders of CI Corporate Bond Class scheduled for March 14, 2022 can be cancelled.

About CI Global Asset Management
CI Global Asset Management is one among Canada’s largest funding administration firms. It gives a variety of funding services and products and is on the Web at www.ci.com . CI Global Asset Management is a subsidiary of CI Financial Corp . (TSX: CIX, NYSE: CIXX), an unbiased firm providing world asset administration and wealth administration advisory providers with roughly $331.8 billion in belongings as of October 31, 2021.

Commissions, trailing commissions, administration charges and bills all could also be related to mutual fund and exchange-traded fund (ETF) investments. Please learn the prospectus earlier than investing. Mutual funds and ETFs aren’t assured, their values change steadily, and previous efficiency might not be repeated. You will often pay brokerage charges to your vendor if you buy or promote items of an ETF on acknowledged Canadian exchanges. If the items are bought or bought on these Canadian exchanges, buyers could pay greater than the present web asset worth when shopping for items of the ETF and should obtain lower than the present web asset worth when promoting them.

This communication is meant for informational functions solely and doesn’t represent a proposal to promote or the solicitation of a proposal to buy mutual funds managed by CI Global Asset Management and isn’t, and shouldn’t be construed as, funding, tax, authorized or accounting recommendation, and shouldn’t be relied upon in that regard. Every effort has been made to make sure that the fabric contained on this doc is correct on the time of publication. Individuals ought to search the recommendation of execs, as acceptable, concerning any specific funding. Investors ought to seek the advice of their skilled advisors previous to implementing any adjustments to their funding methods. These investments might not be appropriate to the circumstances of an investor.

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MSCI is a trademark of MSCI Inc. The MSCI indexes have been licensed to be used for sure functions by CI Global Asset Management (“CI GAM”) in reference to the CI ETFs (the “ETFs”). The ETF and the securities referred to herein aren’t sponsored, endorsed or promoted by MSCI Inc. or any of its associates (collectively, “MSCI”) and MSCI bears no legal responsibility with respect to any such fund or securities or any index on which such fund or securities are based mostly. The ETF’s prospectus comprises a extra detailed description of the restricted relationship MSCI has with CI GAM and any associated funds.

“WisdomTree®” and “Variably Hedged®” are registered logos of WisdomTree Investments, Inc. and WisdomTree Investments, Inc. has patent functions pending on the methodology and operation of its indexes. The ETFs referring to such indexes (the “WT Licensee Products”) aren’t sponsored, endorsed, bought, or promoted by WisdomTree Investments, Inc., or its associates (“WisdomTree”). WisdomTree makes no illustration or guarantee, categorical or implied, and shall don’t have any legal responsibility concerning the advisability, legality (together with the accuracy or adequacy of descriptions and disclosures regarding the WT Licensee Products) or suitability of investing in or buying securities or different monetary devices or merchandise usually, or of the WT Licensee Products specifically (together with, with out limitation, the failure of the WT Licensee Products to realize their funding aims) or concerning use of such indexes or any information included therein.

CI Global Asset Management is a registered enterprise identify of CI Investments Inc.

©CI Investments Inc. 2021. All rights reserved.

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Contacts

Murray Oxby
Vice-President, Corporate Communications
416-681-3254
[email protected]

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