CI Global Asset Management expands ETF Lineup with Launch of CI Gold Bullion Fund and listing of CI Munro Global Growth Equity Fund
CI Global Asset Management (CI GAM) announces the launch of CI Gold Bullion Fund, an exchange-traded fund that provides investors with a convenient and cost-effective way to invest in gold. The ETF US$ Series units and ETF C$ Hedged Series units of the ETF are trading today on the Toronto Stock Exchange (“TSX”) under the ticker symbols VALT.U and VALT, respectively.
The CI Gold Bullion Fund started trading on the TSX today, giving Canadian investors a convenient way to gain exposure to gold through an ETF.
CI GAM also announced the launch of ETF C$ Series units and ETF US$ Hedged Series units of CI Munro Global Growth Equity Fund, which also begin trading today on the TSX under the ticker symbols CMGG and CMGG.U, respectively.
"These new ETF offerings are part of CI GAM’s continuing drive to enhance its unique ETF lineup and respond to the evolving needs of Canadian investors. We are also ensuring that our investment expertise is available across investment structures,” says Roy Ratnavel, Executive Vice-President and Head of Distribution for CI GAM.
CI Gold Bullion Fund seeks to buy and hold substantially all its assets in gold bullion and to reflect the performance of the price of gold, as represented by the LBMA Gold Price PM, less the ETF’s expenses. The gold bullion is stored at the vault facilities of JPMorgan Chase Bank, NA in London.
“Many investors see exposure to gold as a strategy to diversify and hedge against market volatility, currency fluctuations and inflation. The ETF format helps them achieve that in a convenient and cost-effective way,” said Mr. Ratnavel.
CI GAM has partnered with Virtu Financial, Inc’s Canadian subsidiaries (“Virtu”) to provide liquid two-way markets and facilitate block transactions during the trading day for CI Gold Bullion Fund. CI GAM chose Virtu for its expertise in ETFs, scale, access to liquidity, and capabilities across asset classes, including physical gold.
“We’re pleased to work with CI GAM to provide Canadian investors with convenient access to physical gold,” says Matt Fasman, Global Head of ETF Trading at Virtu. “This product is a great example of how we leverage regional expertise across global markets to help clients implement their investment decisions and access liquidity across asset classes.”
CI Munro Global Growth Equity Fund is an existing mandate that is now available on CI GAM’s ETF platform. The fund has been offering Series I units since January 2019 and Series A, F and P units since August 2020.
The fund invests primarily in a portfolio of growth-oriented equities issued by companies anywhere in the world with the goal of maximising long-term capital appreciation. The portfolio manager is Munro Partners (Munro), an experienced and accomplished global investment team based in Melbourne, Australia.
Munro is also portfolio sub-advisor to CI Munro Alternative Global Growth Fund, a global growth mandate that is part of the CI Liquid Alternatives lineup of funds and is available in both ETF and mutual fund series.
CI GAM has adopted the dual-class fund structure, which includes both mutual fund series and ETF series, for certain funds as part of a continuing initiative to streamline and modernise its product lineup. Benefits of the structure include less duplication of funds, larger funds with greater economies of scale and portfolio diversification opportunities, and greater consistency of fund performance between different fund structures with the same mandates.