CIBC rolls out low-cost core ETFs in Canada

Mar 31st, 2021 | By | Category: Alternatives / Multi-Asset

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CIBC Asset Management has launched four new ETFs on Toronto Stock Exchange providing low-cost access to core equity and fixed income exposures.

David Scandiffio, President and CEO, CIBC Asset Management

David Scandiffio, President and CEO, CIBC Asset Management.

The ETFs, which are linked to indices from Morningstar, include three equity funds targeting Canadian, US, and developed ex-North America stocks, as well as a fixed income fund delivering Canadian aggregate bond exposure.

A further two ETFs targeting emerging market equities and global ex-Canada aggregate bond exposures are expected in the second quarter of the year.

The Canadian equity ETF covers 97% of the total market capitalization in the country, while the other three equity funds target approximately 85% coverage. Each is weighted by float-adjusted market capitalization.

The fixed income ETFs, meanwhile, cover investment-grade debt from sovereign and corporate issuers. The global ex-Canada fund will hedge currency exposure relative to the Canadian dollar.

The funds are among the lowest-cost ETFs in their categories with management fees ranging from just 0.04% to 0.22%.

David Scandiffio, President and CEO, CIBC Asset Management, said: “CIBC is pleased to leverage the high-caliber index construction capabilities of Morningstar to present low-cost, diversified solutions for our clients’ investment needs.”

The ETFs build on CIBC’s existing range of actively managed and strategic beta ETFs.

The funds

The CIBC Canadian Equity Index ETF (CCEI CN) tracks the Morningstar Canada Domestic Index and comes with a management fee of 0.04%.

The CIBC US Equity Index ETF (CUEI CN) tracks the Morningstar US Target Market Exposure Index and comes with a management fee of 0.05%.

The CIBC International Equity Index ETF (CIEI CN) tracks the Morningstar Developed Markets ex-North America Target Market Exposure Index and comes with a management fee of 0.16%.

The CIBC Emerging Markets Equity Index ETF (CEMI CN) tracks the Morningstar Emerging Markets Target Market Exposure Index and comes with a management fee of 0.22%.

The CIBC Canadian Bond Index ETF (CCBI CN) tracks the Morningstar Canada Core Bond Index and comes with a management fee of 0.06%.

The CIBC Global Bond ex-Canada Index (CAD-Hedged) ETF (CGBI CN) tracks the Morningstar Global ex-Canada Core Bond Hedged CAD Index and comes with a management fee of 0.19%.

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