CI Canadian Banks Covered Call Income Class ETF

TSX TICKER : CIC
 

Fund overview

The Fund's investment objectives are to provide Shareholders with (i) quarterly distributions; (ii) the opportunity for capital appreciation; and (iii) lower overall volatility of portfolio returns than would be experienced by owning a portfolio of common shares of the following banks directly: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, The Bank of Nova Scotia and The Toronto-Dominion Bank. As part of its investment strategy, each month, the Fund sells call options on approximately, and not more than, 25% of the common shares of each bank held in the portfolio.

Fund details

description of elementelement value
Inception date August 2010
Total net assets ($CAD)
As at 2024-07-16
 $194.7 million
NAVPS
As at 2024-07-16 		$10.8688
Market price
As at 2024-07-16 		$10.8600
MER (%)
As at 2023-12-31 		0.82
Management fee (%) 0.65
Units outstanding
As at 2024-07-16 		17,921,193
Asset class Sector Equity
Currency CAD
CUSIP 17163X401
Distribution frequency Quarterly
Last distribution $0.2095

Risk rating1

  • Low
  • Low to medium
  • Medium
  • Medium to high
  • High

Investor suitability

For those who:
  • want equity exposure to Canada's 6 largest banks
  • want the potential for high income generation
  • want to receive regular quarterly cash flows (if any)
  • can tolerate medium risk

Performance2 As at 2024-06-30

Growth of $10,000 (Since inception date)

growth of 10k graph

Calendar year performance

annual performance graph

average annual compound returns

YTD 1 Mo 3 Mo 6 Mo 1 Y 3 Y 5 Y 10 Y Inception*
0.39% -3.38% -4.58% 0.39% 5.63% 1.21% 6.14% 6.49% 7.99%
*Since inception date

Distribution history3

Payable date Total
2024-06-24 0.2095
2024-03-21 0.1989
2023-12-20 0.1939
2023-09-22 0.1696
2023-06-23 0.2270
Payable date Total
2023-03-24 0.2000
2022-12-21 0.2493
2022-09-22 0.2354
2022-06-23 0.1900
2022-03-24 0.1550

Management team

First we'll display the Team Company and then the Team members
George Lagoudakis

Note: This page is not complete without disclaimers on the next page.

CI Canadian Banks Covered Call Income Class ETF

TSX TICKER : CIC
 
Portfolio allocations4 As at 2024-06-30
Asset allocation (%)
  • Canadian Equity 99.91
  • Cash and Equivalents 0.09
Sector allocation (%)
  • Financial Services 99.91
  • Cash and Cash Equivalent 0.09
Geographic allocation(%)
  • Canada 100.00
Top holdings
Sector (%)
1. Royal Bank of Canada Banking 16.84%
2. National Bank of Canada Banking 16.70%
3. Toronto-Dominion Bank Banking 16.70%
4. Bank of Nova Scotia Banking 16.68%
5. Canadian Imperial Bank of Commerce Banking 16.51%
6. Bank of Montreal Banking 16.48%

Note: This page is not complete without disclaimers on the next page.

Over 35,000 financial advisors have chosen CI Global Asset Management as a partner. We believe that Canadians have the best opportunity for investments success by using the services of a professional financial advisor. Learn more at ci.com.

1 The risk level of a fund has been determined in accordance with a standardized risk classification methodology in National Instrument 81-102, that is based on the fund’s historical volatility as measured by the 10-year standard deviation of the fund’s returns. Where a fund has offered securities to the public for less than 10 years, the standardized methodology requires that the standard deviation of a reference mutual fund or index that reasonably approximates the fund’s standard deviation be used to determine the fund’s risk rating. Please note that historical performance may not be indicative of future returns and a fund’s historical volatility may not be indicative of future volatility.

2 Commissions, management fees and expenses all may be associated with an investment in exchange-traded funds (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. Please read the prospectus before investing. Important information about an exchange-traded fund is contained in its prospectus. The indicated rates of return are the historical annual compounded total returns net of fees and expenses payable by the fund (except for figures of one year or less, which are simple total returns) including changes in security value and reinvestment of all dividends/distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. ETFs are not guaranteed; their values change frequently, and past performance may not be repeated.

3 Please refer to the fund’s simplified prospectus for distribution information.

4 Portfolio allocations will fluctuate over the life of the ETF as the portfolio holdings and market value of each security changes. The portfolio manager(s) may change the portfolio allocations in some or all of the sectors.

The contents are not to be used or construed as investment advice or as an endorsement or recommendation of any entity of security discussed.

Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI has taken reasonable steps to ensure their accuracy.

The rates of return are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values or returns on investment in an investment fund.

The “Growth of $10,000 invested” chart shows the final value of a hypothetical $10,000 investment in securities in this class/series of the fund as at the end of the investment period indicated and is not intended to reflect future values or returns on investment in such securities.

Management Expense Ratio (“MER”) represents the trailing 12-month management expense ratio, which reflects the cost of running the fund, inclusive of applicable taxes including HST, GST and QST (excluding commissions and other portfolio transaction costs) as a percentage of daily average net asset value the period, including the fund’s proportionate share of any underlying fund(s) expenses, if applicable. The MER is reported in each fund’s Management Report of Fund Performance (“MRFP”). MRFPs can be found within the Documents tab on ci.com.

CI Canadian Banks Income Class ETF (CIC) was originally launched as a TSX-listed closed-end fund on August 18, 2010, and converted into an exchange traded fund on September 24, 2015. Performance shown is since inception of the closed-end fund. In connection with the conversion, and pursuant to unitholder approval, the annual management fee payable by the Fund to CI Investments Inc., as manager, was reduced to 0.65% (from 1.05%) of the NAV per unit. Had these changes been in effect prior to this date the performance of the Fund could have been different.

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

© CI Investments Inc. 2024.  All rights reserved.