Canadian Imperial Bank of Commerce (CIBC) launched the SpaceX Canadian Depositary Receipt (CDR) today. The instrument trades on the Toronto Stock Exchange under the ticker SPCX.
This launch marks the first time a CDR has been offered for a newly public company. It allows investors to purchase shares in Elon Musk’s space exploration firm using Canadian dollars.
The SpaceX CDR joins CIBC’s platform of 132 existing CDR products. These instruments trade at a fraction of the underlying share price.
A built-in notional currency hedge mitigates risks from foreign exchange fluctuations. CIBC introduced the product as investor demand for SpaceX shares surged ahead of its public debut.