1 BNY Mellon. The 2019 Depositary Receipt Market Review.
2 The returns in this diagram do not take into account any (i) related foreign exchange conversion costs, (ii) the hedging costs for the notional currency hedge, or (iii) any potential variances from the expected impact of the notional currency hedge. The gain in AAPL’s trading price in USD is assumed for the sake of illustration. The approximate effective return of a Canadian investor holding AAPL stock in a USD account in such scenario is shown under 2 hypothetical exchange rate scenarios. For CDRs there is no material change to the Canadian dollar value of the CDRs in such scenarios.
CIBC Capital Markets is a trademark brand name under which Canadian Imperial Bank of Commerce (“CIBC”), its subsidiaries and affiliates (including, without limitation, CIBC World Markets Inc., CIBC World Markets Corp. and CIBC World Markets Limited) provide products and services to our customers around the world. Services offered by the Canadian Imperial Bank of Commerce include corporate lending services, foreign exchange, money market instruments, structured notes, interest rate products and OTC derivatives. Canadian Imperial Bank of Commerce is a provisionally-registered Swap Dealer with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). CIBC’s Disclosures pursuant to the External Business Conduct rules are located at cibccm.com/doddfrank Opens in a new window.. CIBC’s Foreign Exchange Disclosure Statement relating to guidelines contained in the FX Global Code can be found at cibccm.com/fxdisclosure Opens in a new window.. Other products and services, such as exchange-traded equity and equity options, fixed income securities and futures execution of Canadian securities, are offered through directly or indirectly held subsidiaries of CIBC as indicated below. In the U.S., CIBC Capital Markets also provides investment banking services under the trademark brand name CIBC Cleary Gull.
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