CI Global Asset Management (“CI GAM”) today announced that it
has completed the mergers of two mutual funds and five
exchange-traded funds.
The previously announced mergers, which followed the receipt of
the required unitholder and regulatory approvals, were completed
after the close of business on April 16, 2021 and are described
below.
Mutual Fund Mergers
Terminating Mutual
Fund
Continuing Mutual Fund
First Asset Canadian Dividend Opportunity
Fund
CI North American Dividend Fund
First Asset Utility Plus Fund
Signature Global Infrastructure
Fund
Unitholders of each Terminating Mutual Fund have received the
equivalent dollar value of units in the corresponding class or
series of the corresponding Continuing Mutual Fund as at April 16,
2021. Each Terminating Mutual Fund has now been terminated.
ETF Mergers
Terminating ETF
Continuing ETF
CI First Asset Morningstar Canada
Dividend Target 30 Index ETF (TSX: DXM)
CI WisdomTree Canada Quality
Dividend Growth Index ETF (TSX: DGRC)
CI First Asset Canadian Buyback
Index ETF
(TSX: FBE)
CI WisdomTree Canada Quality
Dividend Growth Index ETF (TSX: DGRC)
CI First Asset U.S. Buyback Index
ETF
(TSX: FBU)
CI WisdomTree U.S. Quality
Dividend Growth Index ETF (TSX: DGR)
CI First Asset European Bank ETF
(TSX: FHB)
CI First Asset Global Financial
Sector ETF
(TSX: FSF)
CI First Asset Morningstar US
Dividend Target 50 Index ETF (TSX: UXM, UXM.B)
CI WisdomTree U.S. Quality
Dividend Growth Index ETF (TSX: DGR, DGR.B)
Unitholders of each Terminating ETF have received units of the
Continuing ETF based on the stated exchange ratio (the “Exchange
Ratio”), as set out in the table below, for each unit of the
Terminating ETF held as at April 16, 2021. No fractional units of
the Continuing ETF, or cash in lieu thereof, were issued or paid
pursuant to the mergers. The total number of units of the
Continuing ETF issued to each Terminating ETF is also set out in
the table below.
Terminating ETF
Continuing ETF
Exchange Ratio
Total Number of Continuing ETF
Units Issued in respect of the Merger
CI First Asset Morningstar Canada
Dividend Target 30 Index ETF (TSX: DXM)
CI WisdomTree Canada Quality
Dividend Growth Index ETF
(TSX: DGRC)
0.368473:1
361,184
CI First Asset Canadian Buyback
Index ETF (TSX: FBE)
CI WisdomTree Canada Quality
Dividend Growth Index ETF
(TSX: DGRC)
0.873024:1
218,256
CI First Asset U.S. Buyback Index
ETF (TSX: FBU)
CI WisdomTree U.S. Quality
Dividend Growth Index ETF
(TSX: DGR)
1.13478:1
453,912
CI First Asset European Bank ETF
(TSX: FHB)
CI First Asset Global Financial
Sector ETF (TSX: FSF)
0.316643:1
538,161
CI First Asset Morningstar US
Dividend Target 50 Index ETF
(TSX: UXM)
CI WisdomTree U.S. Quality
Dividend Growth Index ETF
(TSX: DGR)
0.515426:1
759,921
CI First Asset Morningstar US
Dividend Target 50 Index ETF
(TSX: UXM.B)
CI WisdomTree U.S. Quality
Dividend Growth Index ETF
(TSX: DGR.B)
0.572133:1
213,865
Units of the Terminating ETFs were delisted from the Toronto
Stock Exchange at the close of business on April 16, 2021.
Related ETF Distributions The mergers, other than the
merger of CI First Asset European Bank ETF, did not result in a
taxable disposition for unitholders; however, the mergers resulted
in certain ETFs paying distributions, as detailed below. The merger
of CI First Asset European Bank ETF took place on a taxable basis
and would be considered a disposition for tax purposes. The ETF
distributions were not paid in cash but have been reinvested and
the resulting units immediately consolidated so that the number of
units held by each investor has not changed.
ETF
TSX Ticker
Reinvested Distribution Amount
(reinvested and consolidated)
CI WisdomTree U.S. Quality
Dividend Growth Index ETF
DGR DGR.B
$2.268341 $1.259147
CI WisdomTree Canada Quality
Dividend Growth Index ETF
DGRC
$1.587223
CI First Asset Morningstar Canada
Dividend Target 30 Index ETF
DXM
$0.054140
CI First Asset Canadian Buyback
Index ETF
FBE
$0.994556
CI First Asset U.S. Buyback Index
ETF
FBU
$0.822978
CI First Asset European Bank
ETF
FHB
$0.000000
CI First Asset Global Financial
Sector ETF
FSF
$0.000000
CI First Asset Morningstar US
Dividend Target 50 Index ETF
UXM UXM.B
$0.061608 $0.053172
CI GAM undertook the mergers to reduce duplication in its fund
lineup and to create larger, more efficient funds with increased
potential for diversification opportunities. The costs and expenses
associated with the mergers were being borne by CI GAM and not the
funds.
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 GAM is a subsidiary of
CI Financial Corp. (TSX: CIX, NYSE: CIXX), an independent company
offering global asset management and wealth management advisory
services with approximately $240.6 billion in total assets as at
March 31, 2021.
Commissions, trailing commissions, management fees and expenses
all may be associated with an investment in mutual funds, including
exchange-traded funds (ETFs). Please read the prospectus before
investing. Important information about the mutual fund is contained
in its prospectus. Mutual funds 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 exchange-traded funds (ETFs) 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. 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. Some conditions apply.
CI Global Asset Management is a registered business name of CI
Investments Inc. ©CI Investments Inc. 2021. All rights
reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20210419005231/en/
Murray Oxby Vice-President, Corporate Communications CI Global
Asset Management 416-681-3254 moxby@ci.com
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