{"id":471208,"date":"2021-04-05T19:01:06","date_gmt":"2021-04-05T23:01:06","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471208"},"modified":"2021-04-05T19:01:06","modified_gmt":"2021-04-05T23:01:06","slug":"ci-global-asset-management-announces-unitholder-approval-of-etf-mergers-and-investment-objective-changes-and-related-estimated-reinvested-distributions","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-global-asset-management-announces-unitholder-approval-of-etf-mergers-and-investment-objective-changes-and-related-estimated-reinvested-distributions\/","title":{"rendered":"CI Global Asset Management Announces Unitholder Approval of ETF Mergers and Investment Objective Changes, and Related Estimated Reinvested Distributions"},"content":{"rendered":"

<\/p>\n

CI Global Asset Management Announces Unitholder Approval of ETF Mergers and Investment Objective Changes, and Related Estimated Reinvested Distributions<\/b><\/p>\n

TORONTO–(BUSINESS WIRE<\/a>)–CI Global Asset Management<\/a> (\u201cCI GAM\u201d) today announced that unitholders have approved proposals to merge five ETFs and to change the investment objectives of another four ETFs. The proposed changes were announced on February 1, 2021, approved at unitholder meetings held on April 1, 2021, and will be implemented after the close of business on or about April 16, 2021.\n<\/p>\n

\nCI GAM also announced distributions (the \u201cEstimated Reinvested Distributions\u201d) for the merging ETFs. In all cases, the Estimated Reinvested Distributions will be reinvested on or about April 16, 2021 to unitholders of record on that date.\n<\/p>\n

ETF Mergers<\/b><\/p>\n

\nUnitholders and regulators have approved the following five ETF mergers (collectively, the \u201cMergers\u201d):\n<\/p>\n\n\n\n\n\n\n\n
\n

Terminating ETF<\/b><\/p>\n<\/td>\n

\n

Continuing ETF<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nCI First Asset Morningstar Canada Dividend Target 30 Index ETF (TSX: DXM)\n<\/p>\n<\/td>\n

\n

\nCI WisdomTree Canada Quality Dividend Growth Index ETF (TSX: DGRC)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCI First Asset Canadian Buyback Index ETF (TSX: FBE)\n<\/p>\n<\/td>\n

\n

\nCI WisdomTree Canada Quality Dividend Growth Index ETF (TSX: DGRC)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCI First Asset U.S. Buyback Index ETF (TSX: FBU)\n<\/p>\n<\/td>\n

\n

\nCI WisdomTree U.S. Quality Dividend Growth Index ETF (TSX: DGR)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCI First Asset European Bank ETF (TSX: FHB)\n<\/p>\n<\/td>\n

\n

\nCI First Asset Global Financial Sector ETF (TSX: FSF)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCI First Asset Morningstar US Dividend Target 50 Index ETF (TSX: UXM, UXM.B)\n<\/p>\n<\/td>\n

\n

\nCI WisdomTree U.S. Quality Dividend Growth Index ETF (TSX: DGR, DGR.B)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nUpon completion of the Mergers, unitholders of the Terminating ETFs will receive the equivalent dollar value of units in the corresponding class or series of the applicable Continuing ETF. The Mergers, other than the proposed merger of CI First Asset European Bank ETF, will not result in a taxable disposition for unitholders, but certain ETFs are expected to pay a distribution when the Mergers take place. The merger of CI First Asset European Bank ETF is expected to take place on a taxable basis and would be considered a disposition for tax purposes.\n<\/p>\n

\nIn each case, the management and fixed administration fees or operating expenses, as applicable, of the Continuing ETF are the same as or lower than the management fees and fixed administration fees or operating expenses, as applicable, of the corresponding Terminating ETF. CI GAM is undertaking the Mergers to reduce duplication in its ETF lineup and to create larger, more efficient funds. The costs and expenses associated with the Mergers are being borne by CI GAM, not the ETFs.\n<\/p>\n

Investment objective changes<\/b><\/p>\n

\nUnitholders also approved changes to the investment objectives of the following ETFs:\n<\/p>\n