CIBC Becomes Last of Canada's Big Five Banks to Join ETF Parade
- CIBC Asset Management offering clients 4 ETFs starting today
- Firm offering equity ETF that includes currency hedged option
Canadian Imperial Bank of Commerce headquarters in Toronto.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Canadian Imperial Bank of Commerce has started offering its own exchange-traded funds, becoming the last of the country’s big five banks to enter a marketplace that’s now outselling mutual funds.
The firm’s CIBC Asset Management is offering two strategic beta equity ETFs -- one with a currency hedged option -- and two actively managed fixed income ETFs, with management fees ranging from 0.25 percent to 0.35 percent, the Toronto-based lender said Tuesday in a statement. The ETFs begin trading today on the Toronto Stock Exchange.