CIBC Funds Closing
CIBC Global Asset Management to Terminate Two 2026 Investment Grade Bond Funds
CIBC Global Asset Management (CIBC GAM) has announced it will shut down two bond funds on or about November 27, 2026. The funds being terminated are the CIBC 2026 Investment Grade Bond Fund and the CIBC 2026 U.S. Investment Grade Bond Fund, which trades on Cboe Canada under the ticker CTBB, according to Montreal Gazette.
Investors have a hard deadline to act. Trading in the ETF series of both funds will stop after market close on or around November 25, 2025 — a full year before the funds officially terminate. After that date, no new purchases will be allowed, Toronto Sun reported.
Why These Funds Are Closing in November 2026
The termination is not a surprise or a financial emergency. CIBC GAM is winding the funds down in line with their original investment objectives. The funds were always designed with a set end date of 2026. This is a planned closure, sometimes called a "target maturity" fund structure, Calgary Sun reported.
Target maturity bond funds hold bonds that come due around the same time. When those bonds mature, the fund has done its job. The manager then returns cash to investors. CIBC GAM is following that exact playbook here, according to Fort McMurray Today.
Trading Window Closes in Late November 2025
The funds will be voluntarily delisted from Cboe Canada at CIBC GAM's request. Trading is expected to end after the market close on or around November 25, 2025. That gives current investors roughly one year less than the fund's official termination date to sell their units on the open market, Hanna Herald reported.
After the delisting date, redemption requests for fund units will still be accepted until close of business on that same day. Once that window shuts, no further purchases or redemptions through the ETF series will be processed, according to Daily Herald Tribune.
How CIBC Will Return Cash to Unitholders
Before the November 27, 2026 termination date, CIBC GAM will sell or convert all assets in each fund to cash. It will then distribute that cash to unitholders of record. Each investor gets a share based on the net asset value (NAV) per unit of their specific series, Mitchell Advocate reported.
NAV per unit is simply the fund's total value divided by the number of units outstanding. In plain terms, investors get back whatever their slice of the fund is worth at the time of distribution. CIBC GAM will apply this calculation separately for each fund series, according to Paris Star.
What Investors Should Do Before the Deadline
Investors who hold ETF series units of either fund face a two-stage timeline. First, they must decide whether to sell on the market before trading ends around November 25, 2025. After that, they can only submit a redemption request — and only until close of business on the delisting date, Calgary Sun reported.
Investors who take no action will still receive a cash payout when the funds terminate in November 2026. However, CIBC GAM notes that its announcement does not constitute financial, investment, tax, or legal advice. Investors with questions about their specific situation should speak to a qualified financial advisor, according to Montreal Gazette.
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