Investing.com - Canadian Imperial Bank of Commerce will launch a SpaceX Canadian depositary receipt on the Toronto Stock Exchange, with trading expected to begin on Friday. The move will give Canadian investors access to SpaceX shares through a vehicle that trades in Canadian dollars.
SpaceX’s initial public offering is set to price Thursday and trade the following day. The Canadian depositary receipt will trade under the ticker SPCX and will be hedged to shield investors from foreign exchange volatility.
CIBC introduced Canadian depositary receipts in 2021 and now offers 132 representing stocks from six countries. The products include depositary receipts for Alphabet Inc., Blackstone Inc. and Novo Nordisk A/S.
The depositary receipts are offered at a fraction of the price per share of the underlying reference share. The products include a built-in notional currency hedge to help mitigate currency risk.
CIBC announced the listing today. The SpaceX depositary receipt marks the first Canadian depositary receipt tied to a newly public company on the platform.
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