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April 3, 2023

CI Global Asset Management Completes ETF Mergers and Mutual Fund ETF Series Delisting

TORONTO (April 3, 2023) – CI Global Asset Management (“CI GAM”) announced today it has completed the mergers of three exchange-traded funds into CI Global Minimum Downside Volatility Index ETF. The mergers were implemented after the close of business on March 31, 2023.

CI GAM also confirmed that the ETF C$ Series of CI Global Bond Currency Neutral Fund (TSX: CGBN) was delisted from the Toronto Stock Exchange (“TSX”) as of the close of business on March 31, 2023.

Completed ETF mergers

Securityholders of each Terminating ETF have received securities of the Continuing ETF based on the stated exchange ratio (the “Exchange Ratio”), as set out in the table below, for each security of the Terminating ETF held as at March 31, 2023. No fractional securities of the Continuing ETF, or cash in lieu thereof, were issued or paid pursuant to the mergers. The total number of securities of the Continuing ETF issued to each Terminating ETF is also provided in the table below

Terminating ETF

Ticker

Continuing ETF

Ticker

Exchange Ratio

Total Number of Continuing ETF Securities Issued in Respect of the Merger

CI MSCI World Low Risk Weighted ETF (Hedged Common Units)

RWW

CI Global Minimum Downside Volatility Index ETF (Hedged Common Units)

CGDV

1.580699:1

975,242

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

RWW.B

CI Global Minimum Downside Volatility Index ETF (Unhedged Common Units)

CGDV.B

1.723079:1

340,659

CI MSCI International Low Risk Weighted ETF (Hedged Common Units)

RWX

CI Global Minimum Downside Volatility Index ETF (Hedged Common Units)

CGDV

1.043471:1

182,607

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

RWX.B

CI Global Minimum Downside Volatility Index ETF (Unhedged Common Units)

CGDV.B

0.935831:1

219,920

CI MSCI Europe Low Risk Weighted ETF (Hedged Common Units)

RWE

CI Global Minimum Downside Volatility Index ETF (Hedged Common Units)

CGDV

1.441327:1

367,278

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

RWE.B

CI Global Minimum Downside Volatility Index ETF (Unhedged Common Units)

CGDV.B

1.341300:1

395,635

 

The costs and expenses associated with the mergers, which were announced in December 2022, are being borne by CI GAM, not the Terminating ETFs. Securities of the Terminating ETFs were delisted from the TSX at the close of business on March 31, 2023.

Related distributions

The mergers resulted in certain ETFs paying distributions, as detailed below. The ETF distributions were not paid in cash but have been reinvested and the resulting securities immediately consolidated, so that the number of securities held by each investor has not changed. The distributions were reinvested on March 31, 2023 to securityholders of record on March 30, 2023.

 

Trading Symbol

 Reinvested Distribution Amount (to be reinvested and consolidated)

CI Global Minimum Downside Volatility Index ETF

CGDV

$0.03514

CGDV.B

$0.03540

CI MSCI Europe Low Risk Weighted ETF

RWE

$0.15402

RWE.B

$0.14104

CI MSCI World Low Risk Weighted ETF

RWW

$0.16790

RWW.B

$0.19239

CI MSCI International Low Risk Weighted ETF

RWX

$0.17348

RWX.B

$0.18811

 

CGBN delisting

Units of the ETF C$ Series of CI Global Bond Currency Neutral Fund (TSX: CGBN) were delisted from the TSX on March 31, 2023, and the ETF C$ Series will be cancelled effective today, April 3, 2023.

The final net asset value per unit of CGBN was $20.44. The net proceeds from the liquidation of the series’ assets, less all liabilities and obligations attributable to such series, will be distributed to unitholders on a pro-rata basis on or about April 5, 2023. The delisting was initially announced on February 21, 2023.

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), an integrated global asset and wealth management company with approximately $389.4 billion in total assets as at February 28, 2023.

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.

MSCI is a trademark of MSCI Inc. The MSCI indexes have been licensed for use for certain purposes by CI Global Asset Management (“CI GAM”) in connection with the CI ETFs (the “ETFs”). 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 ETFs’ prospectus contains a more detailed description of the limited relationship MSCI has with CI GAM and any related funds.

The CI Exchange-Traded Funds (ETFs) are managed by CI Global Asset Management, a wholly-owned subsidiary of CI Financial Corp. (TSX: CIX). CI Global Asset Management is a registered business name of CI Investments Inc.

©CI Investments Inc. 2023. All rights reserved.

Contact:

Murray Oxby

Vice-President, Corporate Communications

CI Global Asset Management

416-681-3254

moxby@ci.com