CI First Asset MSCI USA Low Risk Weighted ETF (CAD Hedged)

Fund Overview

The Fund has been designed to replicate, to the extent possible, the performance of the MSCI USA Risk Weighted Top 150 Index (CAD Hedged) (the "Index"), net of expenses. The Index is based on a traditional market capitalization weighted parent index, the MSCI USA Index, which includes US large and mid-capitalization stocks. Constructed using a simple, but effective and transparent process, each security of the parent index is reweighted so that stocks with lower risk are given higher index weights. The final constituents of the Index are determined by ranking these security level risk weights and taking the top 150 subset securities. The Index seeks to emphasize stocks with lower historical return variance and tends to have a bias towards lower size and lower risk stocks. Historically, the Index has exhibited lower realized volatility in comparison to its parent index, while maintaining reasonable liquidity and capacity. The Index is hedged to the Canadian dollar by notionally "selling" each foreign currency forward at the one-month forward exchange rate at the end of each month. The investment strategy of the Fund is to invest in and hold the constituent securities of the Index. It is intended that, except as described in the prospectus, at all times at least 90% of the foreign currency denominated assets held by the Fund attributable to the Units will be hedged back to the Canadian dollar.

Investor suitability
For those who:

  • want US equity exposure on a CAD hedged basis
  • are primarily focused on risk mitigation
  • want to receive regular quarterly cash flows (if any)
  • Can tolerate low to medium risk.

Performance

 1m3m6mYTD1y2y3y4y5ySI
RWU 6.21%8.89%-9.05%-6.20%-1.19%6.71%6.95%7.59%8.20%10.24%
Benchmark5.50%12.66%0.85%0.81%9.93%8.07%10.40%11.64%10.23%11.52%
As at: 31 Jul 2020 - Benchmark: S&P 500 Index (Total Return) (CAD Hedged)

 

Historical NAVs

Sector Breakdown

As at July 31, 2020

The indicated rates of return are the historical annual compounded total returns, including changes in unit value and do not take into account sales, redemption or optional charges or income taxes payable by a security holder that would have reduced returns.


The S&P 500 Index (CAD Hedged) tracks 500 large-cap U.S. stocks representing all major industries. The Index is used as a benchmark to help you understand the Fund`s performance relative to the general performance of the broader U.S. equity market on a currency hedged basis.

Key Facts

Index Characteristics

Number of Securities149
Price/Earnings Ratio26.89
Price/Book Ratio3.56
As at 31 Jul, 2020

Index Risk Return Measures

Time period: 12/31/1998 to 07/31/2020IndexBenchmark
Return (% annualized)8.045.93
Std Dev11.9215.10
Beta0.321.00
Sharpe0.460.31
Sortino Ratio0.680.43
Up Capture47.98100.00
Down Capture30.52100.00
As at 31 Jul, 2020
Index: MSCI USA Risk Weighted Top 150 Index (CAD Hedged)
Benchmark: S&P 500 TR Index (CAD Hedged)
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Distributions

Distribution details (.csv)

Twelve month trailing distribution yield : 1.54% (as at 11 Aug 2020)

RWUTotalCashReinvestedEligible dividendsNon eligible dividendsOther incomeCapital GainsReturn of capitalForeign IncomeForeign tax paid
SI$1.84860$1.38810$0.46050---$0.62487$0.09541$1.16023$0.17402
2020 +$0.14210$0.14210--------
24-Jun$0.08000$0.08000--------
25-Mar$0.06210$0.06210--------
2019 +$0.29240$0.24240$0.05000---$0.15206-$0.16511$0.02478
30-Dec$0.05000-$0.05000---$0.02600-$0.02823$0.00424
23-Dec$0.06210$0.06210----$0.03229-$0.03507$0.00526
24-Sep$0.06030$0.06030----$0.03136-$0.03405$0.00511
24-Jun$0.06030$0.06030----$0.03136-$0.03405$0.00511
25-Mar$0.05970$0.05970----$0.03105-$0.03371$0.00506
2018 +$0.26200$0.23600$0.02600----$0.00075$0.30668$0.04543
28-Dec$0.02600-$0.02600----$0.00023$0.03011$0.00434
21-Dec$0.05800$0.05800-----$0.00052$0.06716$0.00968
14-Sep$0.07600$0.07600------$0.08941$0.01341
25-Jun$0.05520$0.05520------$0.06494$0.00974
23-Mar$0.04680$0.04680------$0.05506$0.00826
2017 +$0.18580$0.18580-----$0.08921$0.11368$0.01709
28-Dec$0.04640$0.04640-----$0.02228$0.02839$0.00427
28-Sep$0.04640$0.04640-----$0.02228$0.02839$0.00427
29-Jun$0.04600$0.04600-----$0.02209$0.02814$0.00423
30-Mar$0.04700$0.04700-----$0.02256$0.02876$0.00432
2016 +$0.30600$0.17650$0.12950---$0.13070$0.00007$0.20610$0.03087
29-Dec$0.04730$0.04730----$0.02020$0.00001$0.03186$0.00477
29-Dec$0.12950-$0.12950---$0.05532$0.00003$0.08722$0.01307
29-Sep$0.04290$0.04290----$0.01832$0.00001$0.02889$0.00432
29-Jun$0.04280$0.04280----$0.01828$0.00001$0.02883$0.00432
30-Mar$0.04350$0.04350----$0.01858$0.00001$0.02930$0.00439
2015 +$0.17140$0.17140-----$0.00158$0.20043$0.03061
30-Dec$0.04340$0.04340-----$0.00040$0.05075$0.00775
29-Sep$0.04290$0.04290-----$0.00040$0.05017$0.00767
29-Jun$0.04260$0.04260-----$0.00039$0.04981$0.00760
30-Mar$0.04250$0.04250-----$0.00039$0.04970$0.00759
2014 +$0.48890$0.23390$0.25500---$0.34211$0.00380$0.16823$0.02524
30-Dec$0.12810$0.12810----$0.08964$0.00100$0.04408$0.00662
30-Dec$0.25500-$0.25500---$0.17844$0.00198$0.08774$0.01316
29-Sep$0.04310$0.04310----$0.03016$0.00033$0.01483$0.00222
27-Jun$0.06270$0.06270----$0.04387$0.00049$0.02158$0.00324

(1) Future distribution dates may be amended at any time. (2) Reinvested distributions are not paid in cash but instead remain invested in the Fund. To recognize that these distributions have been allocated to investors for tax purposes the amounts of these distributions should be added to the adjusted cost base of the units held. (3) The characterization of distributions for tax purposes (such as dividends/other income/capital gains etc.) will not be known for certain until after the Fund's tax year end. Therefore investors will be informed of the characterization of the amounts distributed for tax purposes only for the entire year and not with each distribution. For tax purposes these amounts will be reported by brokers on official tax statements.

News

23 Oct 2015 CI Financial scoops up ETF provider First Asset Capital The Globe and Mail | Clare O'Hara
21 Jul 2015 Stripping away preconceived notions of fixed income Financial Post | John Pagliacci
30 Sep 2014 A look inside Canada's hottest ETFs Special to the Globe and Mail | Andrew Hallam
18 Jun 2014 First Asset ETFs June Distributions Marketwired
11 Feb 2014 First Asset launches "risk-weighted" equity ETFs Morningstar | Rudy Luukko

Documents

22 Apr, 2020 - ETF Facts

National Instrument 81-106 Investment Fund Continuous Disclosure requires disclosure of the proxy voting record on an annual basis for the period ending on June 30 of each year. The proxy voting record must be posted on the website no later than August 31 of each year.

Canadian securities law provides that the manager of an investment funds (in this case, CI Investments Inc. ("CI")), acting on behalf of the investment fund, has the right and obligation to vote proxies relating to the investment fund's portfolio securities. As a practical matter, CI delegates this function to the applicable portfolio manager or sub-adviser, as part of the portfolio manager's or sub-adviser's general management of the investment fund assets, subject to oversight by CI. CI generally requires that applicable portfolio managers or sub-advisers vote all proxies in the best interest of CI's funds and their securityholders, as determined solely by the portfolio manager or sub-adviser, and subject to CI's proxy voting policy, the guidelines applicable to the individual portfolio manager or sub-adviser, and applicable legislation. Portfolio managers and sub-advisers are generally expected to vote on any matter for which the investment fund receives proxy materials for a meeting of securityholders of an issuer.

Proxy voting record for the most recent year:

30 Jun, 2019 - Proxy Voting Record

30 Jun, 2018 - Proxy Voting Record

Warning: Documents posted on this website (including, without limitation, prospectuses) are current only as of the date on them

To access the SEDAR filings of CI First Asset MSCI USA Low Risk Weighted ETF (CAD Hedged) please click here