TORONTO, May 16, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM) 2– CIBC Asset Management Inc. (CAMI), as manager of the CIBC Exchange Traded Funds, announced today that it will terminate the CIBC Multifactor Canadian Equity ETF (TSX: CMCE), the CIBC Multifactor U.S. Equity ETF (TSX: CMUE) (common units) and (TSX: CMUE.F) (hedged units) (collectively, the "CIBC Strategic Beta ETFs") on or about July 29, 2022 (the termination date).

CAMI will request the Toronto Stock Exchange (TSX) de-list units of each of the CIBC Strategic Beta ETFs on or about July 26, 2022 (the delisting date). All units still held by investors will be subject to a mandatory redemption as of the termination date. Effective immediately, except in limited circumstances, no further subscriptions for units of the CIBC Strategic Beta ETFs will be accepted.

Prior to the termination date, CAMI will, to the extent reasonably possible, convert the assets of each CIBC Strategic Beta ETFs to cash. CAMI will pay or make adequate provision for all of the CIBC Strategic Beta ETFs' liabilities. As soon as possible following the termination date,  CAMI will distribute the net assets of each CIBC Strategic Beta ETFs pro rata among unitholders of record of the applicable CIBC Strategic Beta ETFs.

Further details of the terminations will be mailed to unitholders of the CIBC Strategic Beta ETFs at least 60 days prior to the termination date. CAMI will also issue an additional press release on or about the termination date confirming the final details of each termination.

CAMI encourages all unitholders to consult with their advisors to discuss the financial and tax implications of the terminations and to determine the solution that best suits their investment needs and personal situation.

CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and 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/en/about-cibc/media-centre.html .

CIBC Asset Management Inc. (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 $170 billion in assets under administration as of March 2022.

SOURCE CIBC