TORONTO, June 20, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC today announced a number of changes to its product line-up, including fund name changes, fee reductions and the termination of the Class D of the CIBC ETF Portfolios (formerly CIBC Passive Portfolios).

Effective on or about June 20, 2022, the following CIBC Portfolios will be renamed as described below.

CIBC also announced changes to the underlying investment fulfillment of the CIBC ETF Portfolios (formerly the CIBC Passive Portfolios) from CIBC Index mutual funds to CIBC Index ETFs, a suite of low cost ETFs.

Effective on or about June 20, 2022, the management fees and the fixed administration fees for the Class A and Class F will be reduced as follows:

"The CIBC ETF Portfolios make ETFs more accessible to a broader group of Canadian investors," said David Scandiffio, President and Chief Executive Officer, CIBC Asset Management. "They combine CIBC's low cost index ETFs across different asset classes and exposures in a well-diversified portfolio, all through the convenience of a single investment."   

CIBC also announced the termination of Class D of the CIBC ETF Portfolios (formerly CIBC Passive Portfolios). Regulatory changes that became effective June 1, 2022 prohibited the payment of trailing commissions to self-directed brokerages. As a result of these changes, we are terminating Class D that were only available to investors who have accounts through discount brokers.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

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 $160 billion in assets under administration as of April 2022.

SOURCE CIBC

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