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.
About CIBC
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 .
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 $170 billion in assets under administration as
of March 2022.
SOURCE CIBC
