How it works

Identify the 'Human Capital Factor' as a predictor of value by stock performance.

1. Evaluate

The Index evaluates the 500 largest publicly traded U.S. companies for their corporate cultures and human capital performance using a proprietary multi-factor scoring model.

2. Select

On an annual basis, the Index selects and invests in approximately 150 stocks.

3. Rebalance

The Index targets the same sector weights as the starting universe, and the stocks within each sector are rebalanced annually to float-adjusted market capitalization weights.

Strong Human Capital Factors

Psychologically Safe

Gender Alignment

Autonomy

Trust / Honesty

Transparency

Motivation

Purpose

Consistency

Pride

Leadership

Weak Human Capital Factors

Benefits

Compensation (over a threshold)

Training

Special Recognition

Physical Environment

Expected Tenure

Job Title

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.

THE INDEX PARTIES MAKE NO REPRESENTATION OR WARRANTY WHATSOEVER, WHETHER EXPRESS OR IMPLIED, REGARDING THE INDEX, ITS DEVELOPMENT AND HAVE NO RESPONSIBILITIES, OBLIGATIONS OR LIABILITIES WITH RESPECT TO ITS INCEPTION, ADJUSTMENT, MAINTENANCE, OPERATION OR CALCULATION. AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES (INCLUDING, WITHOUT LIMITATION, THOSE OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR THE ADVISABILITY OF ANY PERSON PURCHASING ANY PRODUCT), WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN OR RELATING THERETO, AND IN PARTICULAR DISCLAIM ANY GUARANTEE OR WARRANTY AND SHALL HAVE NO LIABILITY AS TO THE QUALITY, ACCURACY, ADEQUACY, TIMELINESS, COMPLETENESS OR AVAILABILITY OF THE INDEX OR ANY DATA INCLUDED THEREIN, THE RESULTS OBTAINED FROM THE USE OF THE INDEX AND/OR THE COMPOSITION OF THE INDEX AT ANY PARTICULAR TIME ON ANY PARTICULAR DATE OR OTHERWISE. THE INDEX PARTIES SHALL NOT BE LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR OR OMISSION IN THE INDEX OR IN THE CALCULATION OF THE INDEX, AND THE INDEX PARTIES ARE UNDER NO OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN, OR FOR ANY INTERRUPTION IN THE CALCULATION OF THE INDEX. NO INDEX PARTY SHALL HAVE ANY LIABILITY TO ANY PARTY FOR ANY ACT OR FAILURE TO ACT BY THE INDEX PARTIES IN CONNECTION WITH THE DETERMINATION, ADJUSTMENT OR MAINTENANCE OF THE INDEX. WITHOUT LIMITING THE FOREGOING, IN NO EVENT SHALL AN INDEX PARTY HAVE ANY LIABILITY FOR ANY DIRECT DAMAGES, LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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The Index is the exclusive property of Canadian Imperial Bank of Commerce (“CIBC”). CIBC has contracted with Soalctive AG (“Solactive”) to maintain and calculate the Index. The Index is not sponsored, promoted, sold, or supported in any other manner by Solactive, nor does Solactive offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or trademarks of the Index or the levels of the Index at any time or in any other respect. “Canadian Imperial Bank of Commerce”, “CIBC”, and “CIBC Human Capital Index (collectively, the “CIBC Marks”) are trademarks or service marks of CIBC. ““Irrational Capital” is a registered trademark of Irrational Capital LLC. 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. CIBC, Solactive, Irrational Capital and any other third-party licensor are collectively, the “Index Parties”. Nothing on this Site (the “Site”) constitutes an offer, a solicitation, an advice or a recommendation from any Index Party to purchase or sell the Index, which cannot be invested in directly, or any product linked to the Index. The information on this Site is provided solely for informational purposes to describe the principles and main financial characteristics of the Index. The information herein does not purport to summarize or explain the methodologies governing the Index. The Index rules define the calculation principles of the Index and the consequences of extraordinary events which may affect the Index. The Index Parties reserve the right to amend or adjust the Index methodology from time to time and accept no liability for any such amendment or adjustment. CIBC and Solactive are not under any obligation to continue the calculation, publication or dissemination of the Index and accept no liability for any suspension or interruption in the calculation thereof. CIBC and Solactive do not accept any liability in connection with the publication or use of the level of the Index at any given time.

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THE INDEX PARTIES MAKE NO REPRESENTATION OR WARRANTY WHATSOEVER, WHETHER EXPRESS OR IMPLIED, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES (INCLUDING, WITHOUT LIMITATION, THOSE OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE), WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN OR RELATING THERETO, AND IN PARTICULAR DISCLAIM ANY GUARANTEE OR WARRANTY EITHER AS TO THE QUALITY, ACCURACY, TIMELINESS AND/OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN, THE RESULTS OBTAINED FROM THE USE OF THE INDEX AND/OR THE COMPOSITION OF THE INDEX AT ANY PARTICULAR TIME ON ANY PARTICULAR DATE OR OTHERWISE. MO INDEX PARTY SHALL NOT BE LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR OR OMISSION IN THE INDEX OR IN THE CALCULATION OF THE INDEX, AND CIBC IS UNDER NO OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN, OR FOR ANY INTERRUPTION IN THE CALCULATION OF THE INDEX. CIBC SHALL HAVE NO LIABILITY TO ANY PARTY FOR ANY ACT OR FAILURE TO ACT BY CIBC IN CONNECTION WITH THE DETERMINATION, ADJUSTMENT OR MAINTENANCE OF THE INDEX. WITHOUT LIMITING THE FOREGOING, IN NO EVENT SHALL ANY INDEX PARTY HAVE ANY LIABILITY FOR ANY DIRECT DAMAGES, LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

CIBC (or any of its affiliates) is not acting as advisor or fiduciary. Neither CIBC nor any of its affiliates intend to provide investment advice through this Site and they make no representation that the Index is suitable for any investor. CIBC does not render tax, investment or legal advice, and nothing contained in this Site should be constructed as such. Accordingly you must independently determine, with your own advisors, the appropriateness for you of the Index. CIBC has no obligation to take the needs of investors into consideration in determining, composing or calculating the Index.

The information on this Site does not purport to summarize or explain the methodology governing the Index. The Index is based on complex algorithms. The investment strategy tracked by the Index is not guaranteed to be successful. The Index lacks substantial operating history and, as it is based on complex algorithms, may perform in unanticipated ways.

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A product, if any, having the Index as underlying may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to such persons or in said countries. It is the responsibility of the investor to ascertain that he is authorizes to invest in any such product.
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