Toronto, May 16, 2022 /CNW/ – CIBC (TSX: CM) (NYSE: CM) 2 – CIBC Asset Management Inc. (CAMI), manager of the CIBC exchange-traded fund, announced today that it will discontinue the CIBC Multifactor Canadian Equity ETF (TSX: CMCE), CIBC The Multifactor US Equity ETF (TSX: CMUE) (Common Units) and (TSX: CMUE. F) (Hedging Units) (collectively, the “CIBC Strategic Beta ETFs”) on or about July 29, 2022 (the termination date).
CAMI will instruct the Toronto Stock Exchange (TSX) to delist each unit of the CIBC Strategic Beta ETF July 26, 2022 (cancellation date). All units still held by investors will be subject to mandatory redemption from the date of termination. Effective immediately, and except in limited circumstances, no further subscriptions for units of the CIBC Strategic Beta ETF will be accepted.
CAMI will, to the extent practicable, convert the assets of each CIBC Strategic Beta ETF into cash prior to the termination date. CAMI will pay or provide adequate provisions for all liabilities of the CIBC Strategic Beta ETF. To the extent practicable after the termination date, CAMI will distribute the net assets of each CIBC Strategic Beta ETF on a pro-rata basis to the registered unitholders of the applicable CIBC Strategic Beta ETF.
Further details of the termination date will be mailed to unitholders of the CIBC Strategic Beta ETF at least 60 days prior to the termination date. CAMI will also issue additional press releases on or before the termination date confirming the final details of each termination.
CAMI encourages all Unitholders to consult their advisors to discuss the financial and tax implications of termination and to determine the solution that best suits their investment needs and personal circumstances.
CIBC is North America’s leading financial institution with 11 million personal, commercial, public sector and institutional banking customers. In personal and commercial banking, commercial banking, wealth management and capital markets, CIBC provides a full range of advice, solutions and services through its leading digital banking network and its branches around the world. Canadaexist U.S. and around the world.For the latest press releases and more information from CIBC, please visit www.cibc.com/en/about-cibc/media-centre.html .
About CIBC Asset Management
CIBC Asset Management CIBC’s Asset Management Subsidiary (CAM) provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM’s products include: comprehensive mutual fund platforms, strategically managed portfolio solutions, discretionary investment management services for high net worth individuals and institutional portfolio management. GAC is one of Canada’s largest asset managers, with over $170 billion in assets under management as of March 2022.