June 4, 2026
IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO
(the Jurisdiction)
AND
IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF CIBC ASSET MANAGEMENT INC.
(the Filer)
AND
IN THE MATTER OF
THE FUNDS LISTED IN SCHEDULE “A”
(each, a Fund, and collectively, the Funds)
DECISION
Background
The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Funds for a decision under the securities legislation of the Jurisdiction (the Legislation) that the time limits for the renewal of the May Prospectus (as defined below) be extended to those time limits that would apply if the lapse date of the May Prospectus was August 13, 2027 (the Exemption Sought).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
(a) the Ontario Securities Commission is the principal regulator for this application; and
(b) the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of the other provinces and territories of Canada (together with Ontario, the Canadian Jurisdictions).
Interpretation
Terms defined in National Instrument 14-101 Definitions, NI 81-101 Mutual Fund Prospectus Disclosure and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.
ETF Facts means an ETF facts document prepared, filed and delivered in accordance with Part 3B of NI 41-101 General Prospectus Requirements.
ETF Securities means securities of an exchange-traded series of a mutual fund that are listed or will be listed on the TSX, Cboe Canada Inc. or another Marketplace and that will be distributed pursuant to a simplified prospectus prepared in accordance with NI 81-101 and Form 81-101F1.
Form 81-101F1 means Form 81-101F1 Contents of Simplified Prospectus.
Fund Facts means a prescribed fund facts document required pursuant to NI 81-101 in respect of one or more classes or series being distributed under a prospectus.
Legislation means the securities legislation of each of the Canadian Jurisdictions, as applicable.
Marketplace means a "marketplace" as defined in National Instrument 21-101 Marketplace Operation that is located in Canada.
Mutual Fund Securities means securities of a non-exchange-traded series of a mutual fund that are or will be distributed pursuant to a simplified prospectus prepared in accordance with NI 81-101 and Form 81-101F1.
TSX means the Toronto Stock Exchange.
Representations
This decision is based on the following facts represented by the Filer:
The Filer and the Funds
The Filer is a corporation incorporated under the laws of Canada and has its head office located in Toronto, Ontario.
The Filer is registered as follows: (i) as an investment fund manager in each of the provinces of Quebec, Ontario, and Newfoundland and Labrador, (ii) as a portfolio manager and exempt market dealer in all Canadian Jurisdictions, (iii) as a commodity trading manager in Ontario and (iv) as a derivatives portfolio manager in Quebec.
The Filer is the investment fund manager, portfolio advisor and trustee of the Funds.
Each Fund is a mutual fund for the purposes of National Instrument 81-102-Investment Funds established as an open-ended mutual fund trust under the laws of the Jurisdiction and is a reporting issuer as defined in the securities legislation in each of the Canadian Jurisdictions.
The Funds currently distributes both ETF Securities and Mutual Fund Securities (as applicable) in the Canadian Jurisdictions under a simplified prospectus dated May 9, 2025, (the May Prospectus). ETF Securities of the Funds currently trade on the Cboe Canada Inc.
Under the Legislation, the lapse date of the May Prospectus is May 9, 2027 (the May Prospectus Lapse Date). Accordingly, the distribution of securities of each Fund would have to cease on the May Prospectus Lapse Date unless each Fund: (i) files a Fund Facts and ETF Facts (as applicable) for each class or series of securities of the Fund no earlier than 13 months and no later than 11 months before the May Prospectus Lapse Date; (ii) files a pro forma prospectus at least 30 days prior to the May Prospectus Lapse Date; (iii) files a final simplified prospectus no later than 10 days after the May Prospectus Lapse Date; and (iv) obtains a receipt for the final prospectus within 20 days after the May Prospectus Lapse Date.
The Filer is also the investment fund manager of 80 other mutual funds (the Other Funds), which are offered in each of the Canadian Jurisdictions under a simplified prospectus dated August 13, 2025, as amended (the August Prospectus) and so have a lapse date of August 13, 2027. The Other Funds also currently offer both ETF Securities and Mutual Fund Securities (as applicable).
Neither the Filer, the Other Funds nor any of the Funds is in default of securities legislation in any of the Canadian Jurisdictions.
Reasons for the Lapse Date Extension
Under the Legislation, the distribution of securities of the Funds may be continued under the May Prospectus until May 9, 2027 if the Funds file renewal Fund Facts and ETF Facts (as applicable) no earlier than 13 months and no later than 11 months prior to the May Prospectus Lapse Date.
The Filer wishes to consolidate the May Prospectus with the August Prospectus in order to reduce the renewal and related costs of the Funds and to move the renewal timeframe of the Funds to a more administratively efficient date.
Offering the Funds and the Other Funds under one single prospectus would facilitate the distribution of the Funds and the Other Funds in the Canadian Jurisdictions and enable the Filer to streamline disclosure across the Filer’s fund platform.
The Funds and the Other Funds share many common operational and administrative features and combining them under one single prospectus will allow investors to compare their features more easily.
To facilitate the combination of the Funds with the Other Funds into a single prospectus with the same lapse date as the August Prospectus, the Filer requests to extend the May Prospectus Lapse Date of the Funds by 96 days, until August 13, 2027 to align with the renewal filings of the Fund Facts, ETF Facts and August Prospectus of the Other Funds.
If the Exemption Sought is granted, the Filer intends to file a combined pro forma simplified prospectus, Fund Facts and ETF Facts for the Funds and Other Funds within the time limits that would apply for the August Prospectus Lapse Date.
If the Exemption Sought is not granted, the Filer would be required to file Fund Facts and ETF Facts for the Funds, as applicable, twice within a short period of time in order to consolidate the May Prospectus with the August Prospectus.
There have been no material changes in the affairs of the Funds since the date of the May Prospectus (i.e. May 9, 2025). Accordingly, the May Prospectus, current Fund Facts and current ETF Facts represent current information regarding the Funds.
Given the disclosure obligations of the Filer and the Funds, should any material change in the business, operations, or affairs of any of the Funds occur, the May Prospectus, related Fund Facts and/or ETF Facts of the impacted Fund(s) will be amended as required under the Legislation.
New investors of the Funds will receive delivery of the most recently filed Fund Facts and/or ETF Facts of the applicable Fund(s). The May Prospectus of the Funds will remain available to investors upon request.
The Exemption Sought will not affect the accuracy of the information contained in the May Prospectus, Fund Facts or ETF Facts of the Funds, and will therefore not be prejudicial to the public interest.
Decision
The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.
The decision of the principal regulator under the Legislation is that the Exemption Sought is granted.
“Neeti Varma”
---------------------------- Neeti Varma
Associate Vice President, Investment Management Division
Ontario Securities Commission
Application File #: 2026-259
SEDAR+ File #: 06446676
SCHEDULE A
CIBC INCOME ADVANTAGE FUND
CIBC Income Advantage Fund
CIBC U.S. Dollar Income Advantage Fund
CIBC EDUCATION PORTOLIOS
CIBC Target 2030 Education Portfolio
CIBC Target 2035 Education Portfolio
CIBC Target 2040 Education Portfolio
CIBC Target 2045 Education Portfolio
CIBC Graduation Portfolio