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CI Alternative North American Opportunities Fund (CNAO.TO) Alternatives

ETF · Currency in CAD · Last updated Jul 25, 2026

CI Alternative North American Opportunities Fund is an actively managed alternative-equity strategy seeking high long-term absolute returns with a capital-preservation mindset by investing primarily in growth-oriented North American equities and using short-selling, derivatives, and borrowing where appropriate.

CI Alternative North American Opportunities Fund (CNAO.TO) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with CNAO.TO. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to CNAO.TO

CNAO.TO charges 1.21% annually. There are 2 ETFs in the Long-Short category with lower expense ratios, going as low as 0.35%.

SymbolNameExpense RatioAUMInception
ATSX.TO
Accelerate Canadian Long Short Equity Fund0.35%4.94MMay 2019CNAO.TO vs ATSX.TO
QBTL.TO
AGF US Market Neutral Anti-Beta CAD-Hedged ETF0.55%384.90MOct 2019CNAO.TO vs QBTL.TO
FCLS.NEO
Fidelity Canadian Long/Short Alternative ETF1.27%—Feb 2024CNAO.TO vs FCLS.NEO
PFAE.TO
PICTON Long Short Equity (130/30) Alternative Fund1.45%42.84MJul 2019CNAO.TO vs PFAE.TO
ARB.TO
Accelerate Arbitrage Fund1.50%40.70MApr 2020CNAO.TO vs ARB.TO

Best Risk-Adjusted Alternatives to CNAO.TO

CNAO.TO has a PortfoliosLab risk / return rank of 26. There are 8 ETFs in the Long-Short category with higher risk-adjusted ranks, going as high as 94.

SymbolNameRisk / Return RankAUMInception
ATSX.TO
Accelerate Canadian Long Short Equity Fund
94
4.94MMay 2019CNAO.TO vs ATSX.TO
PFAE.TO
PICTON Long Short Equity (130/30) Alternative Fund
83
42.84MJul 2019CNAO.TO vs PFAE.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund
75
133.94MJul 2020CNAO.TO vs PFLS.TO
CRED.TO
CI Alternative Investment Grade Credit Fund
71
371.64MJan 2020CNAO.TO vs CRED.TO
PFIA.TO
PICTON Long Short Income Alternative Fund
61
353.70MJul 2019CNAO.TO vs PFIA.TO

Top Performing CNAO.TO Alternatives (YTD)

CNAO.TO is at 5.63% YTD. There are 6 ETFs in the Long-Short category with higher YTD returns, going as high as 18.75%.

SymbolNameYTD ReturnAUMInception
ATSX.TO
Accelerate Canadian Long Short Equity Fund
18.75%
4.94MMay 2019CNAO.TO vs ATSX.TO
PFAE.TO
PICTON Long Short Equity (130/30) Alternative Fund
12.75%
42.84MJul 2019CNAO.TO vs PFAE.TO
CMAG.TO
CI Munro Alternative Global Growth Fund
9.85%
151.53MJan 2021CNAO.TO vs CMAG.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund
8.20%
133.94MJul 2020CNAO.TO vs PFLS.TO
FCLS.NEO
Fidelity Canadian Long/Short Alternative ETF
6.45%
—Feb 2024CNAO.TO vs FCLS.NEO

Lowest Volatility Alternatives to CNAO.TO

CNAO.TO has 20.95% 1-year volatility. There are 9 ETFs in the Long-Short category with lower 1-year volatility, going as low as 1.86%.

SymbolNameVolatility 1YAUMInception
CRED.TO
CI Alternative Investment Grade Credit Fund1.86%371.64MJan 2020CNAO.TO vs CRED.TO
PFIA.TO
PICTON Long Short Income Alternative Fund2.43%353.70MJul 2019CNAO.TO vs PFIA.TO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund4.73%240.67MSep 2018CNAO.TO vs PFMN.TO
ARB.TO
Accelerate Arbitrage Fund8.32%40.70MApr 2020CNAO.TO vs ARB.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund9.20%133.94MJul 2020CNAO.TO vs PFLS.TO

Lowest Drawdown Alternatives to CNAO.TO

CNAO.TO has a 1-year max drawdown of -19.73%. There are 10 ETFs in the Long-Short category with shallower 1-year drawdowns, going as shallow as -1.36%.

SymbolNameMax Drawdown 1YAUMInception
PFIA.TO
PICTON Long Short Income Alternative Fund
-1.36%
353.70MJul 2019CNAO.TO vs PFIA.TO
CRED.TO
CI Alternative Investment Grade Credit Fund
-1.52%
371.64MJan 2020CNAO.TO vs CRED.TO
ARB.TO
Accelerate Arbitrage Fund
-2.50%
40.70MApr 2020CNAO.TO vs ARB.TO
PFMN.TO
PICTON Market Neutral Equity Alternative Fund
-3.49%
240.67MSep 2018CNAO.TO vs PFMN.TO
PFLS.TO
PICTON Long Short Equity Alternative Fund
-6.98%
133.94MJul 2020CNAO.TO vs PFLS.TO

Other ETFs from CI Global Asset Management

The 10 most viewed CI Global Asset Management ETFs shown here include BTCX-B.TO, VALT.TO, WXM.TO and span 17 categories. AUM among these funds goes as high as $2B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
BTCX-B.TO
CI Galaxy Bitcoin ETF C$ Unhedged Series UnitsCryptocurrency
2
-25.01%
709.05MMar 2021CNAO.TO vs BTCX-B.TO
VALT.TO
CI Gold Bullion ETFGold, Precious Metals
25
-6.93%
—Jan 2021CNAO.TO vs VALT.TO
WXM.TO
CI Morningstar Canada Momentum Index ETFMomentum, Canada Equities
90
14.58%
1.57BFeb 2012CNAO.TO vs WXM.TO
CLML.TO
CI Global Climate Leaders FundAlternative Energy Equities, Sustainable, Global Equities, Actively Managed, Energy Equities
68
25.72%
—Jul 2021CNAO.TO vs CLML.TO
CMGG.TO
CI Munro Global Growth Equity FundGlobal Equities
42
12.52%
—Jan 2021CNAO.TO vs CMGG.TO
ZXM.TO
CI Morningstar International Momentum Index ETF Co...Momentum, Foreign Large Cap Equities
80
13.64%
147.25MNov 2014CNAO.TO vs ZXM.TO
QQCI.TO
Invesco NASDAQ 100 Income Advantage ETFNasdaq-100, Derivative Income, Options Trading, Actively Managed
73
12.05%
63.79MAug 2024CNAO.TO vs QQCI.TO
CMDO.TO
CI Alternative Diversified Opportunities FundNontraditional Bonds, Multisector Bonds, High Yield Bonds, Actively Managed
71
1.93%
—Aug 2021CNAO.TO vs CMDO.TO
CCCX.TO
CI Galaxy Core Multi-Crypto ETFCryptocurrency—
-31.77%
—Aug 2025CNAO.TO vs CCCX.TO
ETHX.TO
CI Galaxy Ethereum ETF CAD Hedged SeriesCryptocurrency—
-38.42%
—Aug 2025CNAO.TO vs ETHX.TO

Compare CNAO.TO with Any Fund or Stock

Compare CNAO.TO with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

Pair CNAO.TO with funds that move differently

CI Alternative North American Opportunities Fund alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to CNAO.TO.

Explore CNAO.TO Diversifiers