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September 25, 2020

CI Investments proposes fixed administration fees for 19 ETFs, increasing the transparency and predictability of costs for investors Risk rating changes also announced for six ETFs

TORONTO (September 25, 2020) – CI Investments Inc. (“CI”) today announced a proposal to implement fixed administration fees for each series of 19 CI exchange-traded funds (“ETFs”), replacing the current variable operating expenses being charged to the ETFs (the “Proposal”).

If approved by securityholders, CI, as manager, will be responsible for the operating expenses of each ETF, other than certain expenses (“Certain Expenses”), in exchange for the payment by the ETF of a fixed administration fee. Under the Proposal, the management expense ratio (“MER”) of each ETF series will consist of the management fee, the fixed administration fee, Certain Expenses and applicable taxes.

Fixed administration fees have become a more common investment industry practice in recent years and offer several benefits to investors, including greater predictability and transparency of the MER for each ETF, as well as protection from potential increases in future operating expenses.

The following is a list of the ETFs included in the Proposal and their ticker symbols:

Fund nameTicker(s)Fund nameTicker(s)
CI First Asset Active Canadian Dividend ETFFDVCI First Asset Global Financial Sector ETFFSF
CI First Asset Active Credit ETFFAO, FAO.UCI First Asset Investment Grade Bond ETFFIG, FIG.U
CI First Asset Active Utility & Infrastructure ETFFAICI First Asset Long Duration Fixed Income ETFFLB
CI First Asset Canadian Buyback Index ETFFBECI First Asset MSCI Canada Quality Index Class ETFFQC
CI First Asset Canadian REIT ETFRITCI First Asset Preferred Share ETFFPR
CI First Asset CanBanc Income Class ETFCICCI First Asset Short Term Government Bond Index Class ETFFGB
CI First Asset Core Canadian Equity Income Class ETFCSYCI First Asset U.S. & Canada Lifeco Income ETFFLI
CI First Asset Enhanced Government Bond ETFFGO, FGO.UCI First Asset U.S. Buyback Index ETFFBU
CI First Asset Enhanced Short Duration Bond ETFFSB, FSB.UCI First Asset U.S. TrendLeaders Index ETFSID
CI First Asset European Bank ETFFHB  

Pursuant to National Instrument 81-102 Investment Funds, the Proposal requires the approval of securityholders of the ETFs. Accordingly, meetings of securityholders will be held on Thursday, December 3, 2020, and if required, adjourned meeting(s) will be held on Thursday, December 10, 2020. Holders of record for each series of securities on October 23, 2020 will be entitled to receive notice and vote at the meetings. The Notice and Access Document which details the Proposal will be mailed to investors and the Management Information Circular will be available on and on on or about October 29, 2020. If approved, the change to fixed administration fees will take effect on or before January 1, 2021.

The Independent Review Committee of the ETFs has reviewed the Proposal with respect to potential conflict of interest matters and provided its positive recommendation, having determined that the Proposal achieves a fair and reasonable result for each of the ETFs.

Risk rating changes

CI has also reviewed the risk ratings for each ETF included in the Proposal and will be making changes to the risk rating for six ETFs, effective immediately:

Fund nameCurrent risk ratingNew risk rating
CI First Asset Active Credit ETFLowLow-to-Medium
CI First Asset Canadian Buyback Index ETFLow-to-MediumMedium
CI First Asset Canadian REIT ETFLow-to-MediumMedium
CI First Asset Core Canadian Equity Income Class ETFLow-to-MediumMedium
CI First Asset MSCI Canada Quality Index Class ETFLow-to-MediumMedium
CI First Asset U.S. Buyback Index ETFMediumMedium-to-High

The changes are based on the risk classification methodology mandated by the Canadian Securities Administrators to determine the risk level of mutual funds. CI reviews the risk rating for each of the funds it manages at least on an annual basis, as well as when a fund undergoes a material change. These changes are not the result of any changes to the investment objectives, strategies or management of the ETFs.

Information about CI’s ETFs is available at

About CI Investments


CI Investments 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 CI is a subsidiary of CI Financial Corp. (TSX: CIX), an independent company offering global asset management and wealth management advisory services with $189 billion in assets as of August 31, 2020.


For further information:

Murray Oxby
Vice-President, Communications
CI Investments


This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase CI First Asset ETFs and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Commissions, management fees and expenses all may be associated with an investment in ETFs. 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. The CI First Asset ETFs are managed by CI Investments Inc., a subsidiary of CI Financial Corp., which is listed on the Toronto Stock Exchange under the symbol "CIX”.


CI Investments and the CI Investments design are registered trademarks of CI Investments Inc.


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