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CIBC announced the launch of five new Canadian depositary receipts (CDRs), as well as plans to list 14 additional CDRs in the near future. 

Inspired by the trillion-dollar American depositary receipts (ADR) market, CDRs allow investors to buy a fraction of a share in large companies such as Microsoft, whose share price might otherwise be prohibitive for retail investors, CIBC said in a release.

The five new CDRs — Microsoft, Walt Disney, Visa, Facebook and PayPal —  began trading on the NEO Exchange on Tuesday. The products come with a built-in notional currency hedge.

CIBC launched the first depositary receipts in Canada in July. 

“We’re thrilled with the strong response from investors to our new CDRs, which give them an opportunity to extend their portfolios beyond our borders without being exposed to currency risk,” said Christian Exshaw, managing director and head, CIBC Global Markets and Direct Financial Services.    

CIBC Mellon will be the fund custodian for the new products.