CI Investments announced Oct. 2 that it is merging three exchange-traded funds into other investment funds with identical mandates.
The company says the mergers “are part of CI's ongoing initiative to streamline and modernize its fund lineup and will result in continuing funds with a dual-class structure that offers both mutual fund and ETF series.”
The mergers will take place at the close of business on or about Jan. 15, 2021.The details are as follows:
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CI Lawrence Park Alternative Investment Grade Credit ETF (TSX: CRED, CRED.U) will be merged into CI Lawrence Park Alternative Investment Grade Credit Fund.
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CI Marret Alternative Absolute Return Bond ETF (TSX: CMAR, CMAR.U) will be merged into CI Marret Alternative Absolute Return Bond Fund.
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CI Munro Alternative Global Growth ETF (TSX: CMAG) will be merged into CI Munro Alternative Global Growth Fund.
CI says no action is required by securityholders in the merging ETFs. The ticker symbols of each merging ETF will carry over to the ETF series of the continuing funds, and the fund codes for the mutual fund series will not change. For each merger, the investment objectives and the portfolio management team for the merging ETF and continuing investment fund are identical and will not change due to the merger.
