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CIBC (TSX: CM; NYSE: CM) Launches Income Advantage Funds Targeting CLO Market with New ETF
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Highlights
CIBC Asset Management, a subsidiary of Canadian Imperial Bank of Commerce (TSX: CM; NYSE: CM), has launched two new mutual funds: the CIBC Income Advantage Fund and the CIBC U.S. Dollar Income Advantage Fund. These funds are designed to give individual investors exposure to Collateralized Loan Obligations (CLOs), a fixed income asset class that has traditionally been the domain of institutional portfolios.
The CIBC Income Advantage Funds will aim to provide diversified, income-generating exposure to CLOs within a mutual fund structure. According to the announcement, these funds will utilize a floating rate strategy intended to help manage interest rate fluctuations, a key concern in the current economic environment.
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