CI First Asset U.S. Buyback Index ETF (CAD Hedged)

Fund Overview

The Fund has been designed to replicate the performance of the CIBC U.S. Buyback Index (the "Index"), net of expenses. FBU invests primarily in equity securities of issuers included in the Solactive US Large Cap Index. The Index is comprised of an equally weighted portfolio of equity securities of U.S. companies with active share buyback programs that have significantly and consistently reduced issued and outstanding share count. The Index was developed by CIBC World Markets based on empirical evidence that shows that highly profitable companies with excellent core business models often have cash flows that exceed the required re-investment needed to support intrinsic growth, which cash flows are frequently used to implement share buyback programs. The Index uses a proprietary rules-based methodology to select its constituent securities. To qualify for inclusion in the Index an equity security must be a constituent of the Solactive U.S. Large Cap Index. The Index is reconstituted and rebalanced quarterly to equal weight. 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
  • want to focus on companies consistently engaged in share buyback programs
  • want to receive regular quarterly cash flows (if any)
  • can tolerate medium to high risk.

Performance

 1m3m6mYTD1y2y3y4ySI
FBU -2.59%7.04%34.99%-10.27%-4.50%-0.68%7.00%9.57%9.83%
Benchmark-3.90%8.44%30.31%3.62%12.87%7.58%10.58%12.38%12.73%
As at: 30 Sep 2020 - Benchmark: S&P 500 Index (Total Return)

 

Historical NAVs

Sector Breakdown

As at September 30, 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 tracks 500 large-cap U.S. stocks representing all major industries. This 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.

Key Facts

Index Characteristics

Number of Securities40
Price/Earnings Ratio15.78
Price/Book Ratio1.83
As at 30 Sep, 2020

Index Risk Return Measures

Time period: 06/22/2000 to 09/30/2020 Index Benchmark
Return (% annualized)12.306.29
Std Dev16.6815.02
Beta0.971.00
Sharpe0.730.35
Sortino Ratio1.110.50
Up Capture111.51100.00
Down Capture83.44100.00
As at 30 Sep, 2020
Index: CIBC U.S. Buyback Index
Benchmark: S&P 500 TR Index (USD)

Number of securities: 40

Asset Allocation

Security Type%
Foreign Stock99.97%
Currency Security0.03%

Holdings

NameSecurity TypeISINTicker %
NETAPP INC Foreign StockUS64110D1046 NTAP US 2.72
BEST BUY CO INC Foreign StockUS0865161014 BBY US 2.61
LYONDELLBASELL INDUSTRIES NV Foreign StockNL0009434992 LYB US 2.59
AMERIPRISE FINANCIAL INC Foreign StockUS03076C1062 AMP US 2.58
MORGAN STANLEY Foreign StockUS6174464486 MS US 2.58
SYNCHRONY FINANCIAL Foreign StockUS87165B1035 SYF US 2.57
CORNING INC Foreign StockUS2193501051 GLW US 2.56
LOWES COS INC Foreign StockUS5486611073 LOW US 2.55
EBAY INC Foreign StockUS2786421030 EBAY US 2.55
M&T BANK CORP Foreign StockUS55261F1049 MTB US 2.54
IQVIA HOLDINGS INC Foreign StockUS46266C1053 IQV US 2.54
DISCOVER FINANCIAL SERVICES Foreign StockUS2547091080 DFS US 2.53
WW GRAINGER INC Foreign StockUS3848021040 GWW US 2.53
INTERNATIONAL BUSINESS MACHINE Foreign StockUS4592001014 IBM US 2.53
PFIZER INC Foreign StockUS7170811035 PFE US 2.52
REGIONS FINANCIAL CORP Foreign StockUS7591EP1005 RF US 2.51
TARGET CORP Foreign StockUS87612E1064 TGT US 2.50
TRAVELERS COS INC/THE Foreign StockUS89417E1091 TRV US 2.50
CISCO SYSTEMS INC Foreign StockUS17275R1023 CSCO US 2.49
APPLE INC Foreign StockUS0378331005 AAPL US 2.49
CSX CORP Foreign StockUS1264081035 CSX US 2.49
YUM! BRANDS INC Foreign StockUS9884981013 YUM US 2.48
WALMART INC Foreign StockUS9311421039 WMT US 2.47
CITIZENS FINANCIAL GROUP INC Foreign StockUS1746101054 CFG US 2.47
HP INC Foreign StockUS40434L1052 HPQ US 2.46
UNITED RENTALS INC Foreign StockUS9113631090 URI US 2.46
OREILLY AUTOMOTIVE INC Foreign StockUS67103H1077 ORLY US 2.46
AMERICAN EXPRESS CO Foreign StockUS0258161092 AXP US 2.45
AUTOZONE INC Foreign StockUS0533321024 AZO US 2.42
CHARTER COMMUNICATIONS INC Foreign StockUS16119P1084 CHTR US 2.41
HEWLETT PACKARD ENTERPRISE CO Foreign StockUS42824C1099 HPE US 2.41
LOEWS CORP Foreign StockUS5404241086 L US 2.39
ALLSTATE CORP/THE Foreign StockUS0200021014 ALL US 2.38
CITIGROUP INC Foreign StockUS1729674242 C US 2.38
BANK OF AMERICA CORP Foreign StockUS0605051046 BAC US 2.38
BOOKING HOLDINGS INC Foreign StockUS09857L1089 BKNG US 2.35
CARMAX INC Foreign StockUS1431301027 KMX US 2.34
ROSS STORES INC Foreign StockUS7782961038 ROST US 2.29
AMGEN INC Foreign StockUS0311621009 AMGN US 2.28
WELLS FARGO & CO Foreign StockUS9497461015 WFC US 2.28
Currency Security 0.03

As at: 19 October 2020
Holdings are subject to change

99.07%

Distributions

Distribution details (.csv)

Twelve month trailing distribution yield : 0.92% (as at 19 Oct 2020)

FBUTotalCashReinvestedEligible dividendsNon eligible dividendsOther incomeCapital GainsReturn of capitalForeign IncomeForeign tax paid
SI$1.17980$0.96480$0.21500----$0.09535$1.02883$0.15427
2020 +$0.20990$0.20990--------
24-Sep$0.07710$0.07710--------
24-Jun$0.07710$0.07710--------
25-Mar$0.05570$0.05570--------
2019 +$0.35390$0.21890$0.13500----$0.00154$0.41455$0.06219
30-Dec$0.13500-$0.13500----$0.00058$0.15814$0.02372
23-Dec$0.05570$0.05570-----$0.00024$0.06525$0.00979
24-Sep$0.05440$0.05440-----$0.00024$0.06372$0.00956
24-Jun$0.05440$0.05440-----$0.00024$0.06372$0.00956
25-Mar$0.05440$0.05440-----$0.00024$0.06372$0.00956
2018 +$0.21750$0.21750-----$0.04637$0.20133$0.03019
21-Dec$0.05930$0.05930-----$0.01264$0.05489$0.00823
24-Sep$0.05930$0.05930-----$0.01264$0.05489$0.00823
25-Jun$0.05650$0.05650-----$0.01205$0.05230$0.00784
23-Mar$0.04240$0.04240-----$0.00904$0.03925$0.00589
2017 +$0.34650$0.26650$0.08000----$0.00671$0.39969$0.05990
28-Dec$0.08000-$0.08000----$0.00155$0.09228$0.01383
28-Dec$0.07850$0.07850-----$0.00152$0.09055$0.01357
28-Sep$0.07850$0.07850-----$0.00152$0.09055$0.01357
29-Jun$0.04910$0.04910-----$0.00095$0.05664$0.00849
30-Mar$0.06040$0.06040-----$0.00117$0.06967$0.01044
2016 +$0.05200$0.05200-----$0.04073$0.01326$0.00199
29-Dec$0.05200$0.05200-----$0.04073$0.01326$0.00199

(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

18 Dec 2018 Stock buybacks hit a record $1.1 trillion, and the year's not over CNBC | Trader Talk with Bob Pisani
12 Feb 2018 Share buybacks could add fuel to Wall Street rebound Reuters.com | Noel Randewich
3 Jan 2018 How Much Can Buybacks Rise on Tax Cuts? This Estimate Says 70% Bloomberg News | Elena Popina
29 Aug 2017 These ETFs Might Be The Greatest Beneficiary Of Tax Reform fa-mag.com | David Sterman

Documents

5 Oct, 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, 2020 - 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 U.S. Buyback Index ETF (CAD Hedged) please click here