TORONTO, March 31, 2021 /CNW/ - CIBC (TSX: CM) (NYSE: CM) — Today CIBC Asset Management Inc. (CAM) announced the launch of new index exchange-traded funds (ETFs) designed to cover the core exposures in a typical asset allocation strategy. These CIBC ETFs aim to replicate the performance of broad market equity and fixed income indices by Morningstar, an independent investment research and index provider.
"CIBC is pleased to leverage the high-calibre index construction capabilities of Morningstar to present low-cost, diversified solutions for our clients' investment needs," says David Scandiffio, President and CEO, CAM.
The following ETFs have closed their initial offerings of units and begin trading on the Toronto Stock Exchange today. More details about the new ETFs can be found here.
TSX ticker | ETF name | Index name | Annual management fee* |
CCBI
| CIBC Canadian Bond Index ETF | Morningstar® Canada Core Bond Index™ | 0.06% |
CCEI | CIBC Canadian Equity Index ETF | Morningstar® Canada Domestic Index™ | 0.04% |
CUEI
| CIBC U.S. Equity Index ETF | Morningstar® US Target Market Exposure Index™ | 0.05% |
CIEI
| CIBC International Equity Index ETF | Morningstar® Developed Markets ex- North America Target Market Exposure Index™ | 0.16% |
CAM also expects to launch two additional CIBC ETFs replicating the performance of a Morningstar index within the second quarter of 2021: the CIBC Global Bond ex-Canada Index ETF (CAD-Hedged) and CIBC Emerging Markets Equity Index ETF.
TSX ticker | ETF name | Index name | Annual management fee* |
CGBI
| CIBC Global Bond ex- Canada Index ETF (CAD- Hedged) | Morningstar® Global ex-Canada Core Bond Hedged CAD Index™ | 0.19% |
CEMI | CIBC Emerging Markets Equity Index ETF | Morningstar® Emerging Markets Target Market Exposure Index™ | 0.22% |
*The management fee is equal to the fee paid by the CIBC ETF to CAM and doesn't include applicable taxes or other fees and expenses of the CIBC ETF.
These new CIBC ETFs will be among the lowest-cost ETFs currently available in the Canadian market. These solutions draw upon the knowledge, indexing capabilities and deep experience that CAM has successfully built and demonstrated over the past three decades. With the launch of these products, CAM will offer a range of active, strategic beta and competitively priced index ETFs.
This document is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this document should consult with his or her advisor. All opinions and estimates expressed in this document are as of the date of publication unless otherwise indicated, and are subject to change.
CIBC ETFs are managed by CAM, a subsidiary of Canadian Imperial Bank of Commerce. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs). Please read the CIBC ETFs prospectus or ETF Facts document before investing. To obtain a copy, call 1-888-888-3863, ask your advisor or visit www.cibc.com/etfs. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.
Index Disclaimer
Morningstar® Canada Core Bond Index™, Morningstar® Global ex-Canada Core Bond Hedged CAD Index™, Morningstar® Canada Domestic Index™, Morningstar® US Target Market Exposure Index™, Morningstar® Developed Markets ex-North America Target Market Exposure Index™, and Morningstar® Emerging Markets Target Market Exposure Index™ are trademarks or service marks of Morningstar Inc., and have been licensed for use for certain purposes by CIBC Asset Management Inc. The CIBC ETFs are not sponsored, endorsed, sold or promoted by Morningstar, and Morningstar makes no representation regarding the advisability of investing in the CIBC ETFs.
About CIBC
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
About CIBC Asset Management (CAM)
CAM, the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM's offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada's largest asset management firms, with over $153 billion in assets under administration as of February 2021.
SOURCE CIBC
