CIBC has launched new premium and institutional classes of all the CIBC Index Funds, the bank said Monday.
The new classes offer investors lower management fees.
“We are pleased to provide investors with extremely competitive pricing options and access to quality investment solutions. As an extension of one of Canada’s largest families of index funds, the new classes offer additional choices for investors who wish to utilize a passive investment strategy to complement their overall portfolio,” says Steve Geist, president of CIBC Asset Management.
“This new offer positions CIBC index funds as a competitive alternative to Exchange Traded Funds, especially for advisors who focus on mutual funds.”
The target management expense ratios for the new classes are as follows:
|
Target MER % |
||
|
Fund Name |
Premium |
Institutional |
|
CIBC Canadian Short-Term Bond Index Fund |
0.40 |
0.25 |
|
CIBC Canadian Bond Index Fund |
0.40 |
0.25 |
|
CIBC Balanced Index Fund |
0.40 |
0.25 |
|
CIBC Canadian Index Fund |
0.40 |
0.25 |
|
CIBC U.S. Broad Market Index Fund |
0.40 |
0.25 |
|
CIBC U.S. Index Fund |
0.40 |
0.25 |
|
CIBC Nasdaq Index Fund |
0.40 |
0.25 |
|
CIBC Global Bond Index Fund |
0.50 |
0.35 |
|
CIBC European Index Fund |
0.50 |
0.35 |
|
CIBC International Index Fund |
0.65 |
0.50 |
|
CIBC Emerging Markets Index Fund |
0.65 |
0.50 |
|
CIBC Asia Pacific Index Fund |
0.65 |
0.50 |
Both new classes are subject to an initial minimum investment of $50,000. Institutional class units will only be available to clients participating in fee-based programs, while premium class units will be open to all investors meeting the minimum investment criteria.
In addition, CIBC has introduced premium class units on CIBC Short-term Income Fund.