TORONTO, July 16,
2024 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – To further
strengthen and build on the success of the CIBC Investment Grade
Bond Funds (2024, 2025 and 2026) mutual funds launched on
January 29, 2024 and those launched
on July 5, 2024, CIBC Asset
Management Inc. (CAM) today announced the launch of the
following ETF Series that have closed their initial offerings of
units and will begin trading on the Cboe Exchange today.
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Fund
name
|
Fund code/
ETF ticker*
|
Management
fee*
|
CIBC 2025 Investment
Grade Bond Fund ETF Series
|
CTBA
|
0.15 %
|
CIBC 2026 Investment
Grade Bond Fund ETF Series
|
CTBB
|
0.15 %
|
CIBC 2027 Investment
Grade Bond Fund ETF Series
|
CTBC
|
0.15 %
|
CIBC 2028 Investment
Grade Bond Fund ETF Series
|
CTBD
|
0.15 %
|
CIBC 2029 Investment
Grade Bond Fund ETF Series
|
CTBE
|
0.15 %
|
CIBC 2030 Investment
Grade Bond Fund ETF Series
|
CTBF
|
0.15 %
|
CIBC 2025 U.S.
Investment Grade Bond Fund ETF Series
|
CTUC.U
|
0.15 %
|
CIBC 2026 U.S.
Investment Grade Bond Fund ETF Series
|
CTUD.U
|
0.15 %
|
CIBC 2027 U.S.
Investment Grade Bond Fund ETF Series
|
CTUE.U
|
0.15 %
|
*The annual management
fee is equal to the fee paid by the CIBC ETF to CAM and does not
include applicable taxes or other fees and expenses of the CIBC
ETF
|
Each CIBC 2028 Investment Grade Bond Fund ETF Series, CIBC 2029
Investment Grade Bond Fund ETF Series and CIBC 2030 Investment
Grade Bond Fund ETF Series provides a diversified portfolio of
Canadian-dollar denominated investment grade corporate and/or
government bonds with an effective maturity in the same calendar
year.
Each CIBC 2025 U.S. Investment Grade Bond Fund ETF Series, CIBC
2026 U.S. Investment Grade Bond Fund ETF Series and CIBC 2027 U.S.
Investment Grade Bond Fund ETF Series provides investors with a
diversified portfolio of U.S. dollar denominated investment grade
corporate and/or government bonds, with an effective maturity in
the same calendar year.
Investors will benefit from:
- Defined maturity dates – Similar to individual bonds,
each CIBC Investment Grade Bond Fund has a defined maturity date at
which time the Fund will terminate and the Fund's net assets will
be distributed to investors.
- Simplicity – With the CIBC Investment Grade Bond Funds
investors can build customized portfolios tailored to specific time
frames and investment goals; similar to that of individual bonds or
GICs, while managing interest rate risk.
- Cash flow management - Income is distributed monthly
with the option of receiving a consistent cash flow or reinvesting
the proceed in additional units of the Fund, an option not
available with individual bonds.
- Scale and expertise - The CIBC Investment Grade Bond
Funds are actively managed with the deep investment and credit
expertise of CIBC Asset Management's Fixed Income team.
"Building on the success of our initial launch of the CIBC
Investment Grade Bond Funds in January
2024, which have grown to over $1.3
billion in assets under management, we are incredibly
excited to expand our lineup of target maturity funds. These
solutions are designed to help investors reach their shorter-term
savings goals with simplicity," said David
Scandiffio, President and Chief Executive Officer, CIBC
Asset Management.
A copy of the simplified prospectus of the Funds is available
at:
https://www.cibc.com/en/personal-banking/investments/etfs.html
About CIBC
CIBC is a leading North American financial institution with 14
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets and Direct Financial
Services 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 https://www.cibc.com/en/about-cibc/media-centre.html.
About CIBC Asset Management
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 $227 billion in assets under
administration as of March 2024.
SOURCE CIBC