Description

The CIBC Human Capital Index seeks to combine market research, fundamental analysis and quantitative investment strategies to generate returns through statistical correlations between specific cultural characteristics and equity performance.

Human Capital factors driving growth

Dan Ariely’s research examines how a substantial portion of a typical company's value is based on intangible factors that comprise an organization's culture – those that are not captured by accounting principles or traditional investment metrics.

The CIBC Human Capital Index leverages these statistically significant links between corporate culture and stock performance in an effort to generate long-term value.

The proprietary multi-factor scoring model sorts large-cap U.S. companies into buy, sell, and neutral lists based purely on signals from an extensive database of corporate culture assessments completed by employees.

Important Notice

The CIBC Human Capital Index (the “Index”) is the exclusive property of Canadian Imperial Bank of Commerce (Canadian Imperial Bank of Commerce, together with its affiliates, “CIBC”). CIBC has engaged Solactive AG (“Solactive”) to maintain and to make certain calculations related to the Index. “Canadian Imperial Bank of Commerce”, “CIBC”, and “CIBC Human Capital Index” (collectively, the “CIBC Marks”) are trademarks or service marks of CIBC. Irrational Capital LLC and Dan Ariely contributed to the development of the Index without considering the needs of any person, purchaser or trader of any product using the Index. “Irrational Capital” is a registered trademark of Irrational Capital LLC. “Solactive” is a trademark and service mark of Solactive AG. Irrational Capital has licensed certain rights to CIBC to use its name in connection with the Index and the inclusion of such name in the Index should not be considered or relied upon as a recommendation by Irrational Capital regarding the use or suitability of the Index. None of CIBC, Solactive or Irrational Capital are affiliated with each other or control or are controlled by each other. None of CIBC, Solactive, Irrational Capital or any other third-party licensor (collectively, the “Index Parties”) to CIBC is acting, or has been authorized to act, as an agent of any issuer of any product or transaction using the Index or has in any way sponsored, promoted, solicited, negotiated, endorsed, offered, sold, issued, supported, structured or priced any products or transaction or provided investment advice or any other advice to any person, purchaser or trader of any product or transaction using the Index. The Index Parties are not the issuer of the products or transactions. Purchasers of any products neither acquire an interest in the Index nor enter into any relationship of any kind whatsoever with the Index Parties.

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REGARDING HYPOTHETICAL SIMULATIONS

The Index was launched on 2/14/2014.

Prospective investors should be aware that any hypothetical performance data presented is derived from the economic environment and the simulated historical data that prevailed in the period following the date of the relevant simulation. Accordingly, although the graphs and simulated results herein may be useful in order to gain some historical perspective, past performances of the Index and the hypothetical historical performance data presented should not be taken as indicative of future performance of the Index. It is impossible to predict whether the value of the Index will rise, fall or remain flat. The hypothetical historical performance data has not been verified by any independent third party. Hypothetical historical results have their inherent limitations. These hypothetical back-tested results are determined by means of a retroactive application of a back-testing model designed with the benefit of hindsight. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate or accurate. Hypothetical back-tested results are neither an indicator nor guarantee of future returns or future performance. Actual results will vary, perhaps materially, from the hypothetical analysis.

The hypothetical examples, scenarios or figures herein are provided for illustrative purposes. They allow an understanding of the Index’s mechanism and how the Index would have performed during different market stages over previous years, excluding taxes and expenses. They are NOT an estimate or forecast of the future performance of the Index and have no contractual value. There is no assurance that a transaction will be entered into on any indicative terms. The hypothetical simulations of the Index described in this Site take into account certain maintenance costs that are built into the Index. Actual results including maintenance fees and the precise methodologies will vary, perhaps significantly, from the hypothetical historical data set forth herein.

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