How it works

An innovative approach to balanced investing

1. Construct

The Index is comprised of specific Blackrock ETFs to obtain distinct market exposure:

Blackrock iShares Core S&P 500 ETF (IVV)
Blackrock iShares 20+ Year Treasury Bond ETF (TLT)

The Index portfolio is constructed using the 60/40 allocation to IVV and TLT respectively.

2. Rebalance

Each month the Index is rebalanced back to 60/40 weights.

3. Volatility Control

Index volatility is managed at 5% using custom volatility control strategies, which shift a percentage of assets into cash as required, capping leverage at 150%.

Important Notice

The Balanced Asset 5 Index™ (the “Index”) is the exclusive property of Canadian Imperial Bank of Commerce (Canadian Imperial Bank of Commerce, together with its affiliates, “CIBC”). CIBC contracted with affiliates of Bloomberg Finance L.P. (“Bloomberg”) to maintain and to make certain calculations related to the Index. “Canadian Imperial Bank of Commerce”, “CIBC”, and “Balanced Asset 5 Index™ ” (collectively, the “CIBC Marks”) are trademarks or service marks of CIBC. None of CIBC or Bloomberg 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.

No Index Party has passed on the legality or suitability of, or the accuracy or adequacy of the descriptions and disclosures relating to, any product, including those disclosures with respect to the Index. The Index Parties make no representation whatsoever, whether express or implied, as to the advisability of purchasing, selling or holding any product linked to the Index, or the ability of the Index to meet its stated objectives, including meeting its target volatility. The Index Parties have no obligation to, and will not, take the needs of any person, purchaser or trader into consideration in determining, composing or calculating the Index. 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 Bloomberg 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 Bloomberg do not accept any liability in connection with the publication or use of the level of the Index at any given time.

CIBC may license the Index to one or more unaffiliated third party companies (each, a “Company”) for use in a product offered or issued by the Company (each, an “Index Product”). Index Products are not, in whole or in part, sponsored, promoted, solicited, negotiated, endorsed, offered, sold, issued, supported, structured or priced by any Index Party or by any third party licensor of information to CIBC. CIBC may enter into derivative transactions or issue financial instruments linked to the Index. If you are considering investing in a product whose performance is based in whole or in part on the Index, you should refer to the full offering document for important information concerning such investment, including related risk factors. Such risks include, without limitation, risk of loss of some or all of your investment, risk of adverse or unanticipated market developments, risk of counterparty or issuer default and risk of liquidity. In addition, prior to making any investment in a product having the Index as underlying, you should make your own appraisal of the risks from a legal, tax and accounting perspective, without relying exclusively on the information contained herein, by consulting, if you deem it necessary, your own advisors in these matters or any other professional advisors.

The Site describes the Index and should in no way be read as investment, financial, business, legal, regulatory, tax, accounting or other advice or a recommendation to enter into any transaction. CIBC does not, and will not, act as a fiduciary with respect to any employee benefit plan, individual retirement account or fund that holds the assets of any such plan or account (each, a “Plan”), unless it expressly agrees in writing to act in such capacity. The fiduciary of any such Plan must make an independent determination as to the advisability of entering into any transaction of the type described herein. Plans entering into any transaction with CIBC will be required to represent that the transaction is not prohibited under applicable law and/or the organizational documents and investment guidelines and/or restrictions applicable to the Plan.

CIBC makes no representation or warranty as to whether the information is current, accurate or complete. CIBC is under no obligation to update, modify or amend this Site or to otherwise notify you that any matter contained herein has changed or subsequently become inaccurate. The figures relating to past performances and simulated performances refer to past periods and are not a reliable indicator of future results. The level of the Index may fluctuate significantly due to the volatility of the market parameters and the value of the reference underlyings.

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.

No Index Party is a fiduciary or agent of any person, purchaser or trader of any product, or has made any representation or warranty, express or implied, regarding the advisability of purchasing, selling or holding any product or the ability of the Index to track corresponding or relative market performance. No Index Party shall have any liability for any loss relating to any product, whether arising directly or indirectly from the use of the Index, its methodology, or otherwise. No purchaser or trader of any product, or any other person or entity, should use or refer to any trademark or tradename of any Index Party to sponsor, endorse, market or promote any product without first contacting CIBC. Under no circumstances may any person or entity claim any affiliation with CIBC or any Index Party without the prior written permission of CIBC and such Index Party. BLOOMBERG is a trademark or service mark of Bloomberg. Bloomberg and its affiliates are not affiliated with any other Index Party. Bloomberg’s association with CIBC is to act as the administrator and calculation agent of the Index, which is the property of CIBC. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index. Bloomberg makes no warranty, express or implied, as to the Index, any data or values relating thereto or any financial product or instrument linked to, using as a component thereof or based on the Index or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers, and vendors shall have no liability or responsibility whatsoever for any injury or damages—whether direct, indirect, consequential, incidental, punitive, or otherwise—arising in connection with the Index, any data or values relating thereto or any Index Products—whether arising from their negligence or otherwise.

In calculating the level of the Index, the Index methodology deducts a maintenance fee of 0.85% p.a. calculated daily. This fee will reduce the level of the Index. Furthermore, while the volatility control applied through the Index may result in less fluctuation in rates of return as compared to indices without volatility controls, it may also reduce the overall rate of return as compared to other indices not subject to volatility controls.

Statements contained in this Site (including those relating to current and future market conditions and trends with respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of CIBC. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes "forward-looking statements," or statements of opinion or intention which can be identified by the use of terms such as "may”, “will", "should", "seek", "expect", "anticipate", "forecast", "project", "estimate", "intend", "continue," "target', "plan" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Due to changing circumstances or various risks and uncertainties, actual events or results, market conditions or actual performance of any actual investment may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements. NO INDEX PARTY NOR ANY OF THEIR AFFILIATES, OFFICERS OR EMPLOYEES MAKES ANY REPRESENTATION OR WARRANTY CONCERNING THE ACCURACY, COMPLETENESS OR FAIRNESS OF ANY STATEMENT OR INFORMATION CONTAINED HEREIN. NO INDEX PARTY NOR ANY OF THEIR AFFILIATES, OFFICERS OR EMPLOYEES ACCEPT ANY LIABILITY WHATSOEVER FOR ANY DAMAGES OR LOSSES ARISING FROM THE RECEIPT OR USE OF THIS DOCUMENT AND INFORMATION.

A product having the Index as an 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 such investor is authorized to invest in such a product. Upon issuance, our products may not have an established trading or secondary market. CIBC cannot assure investors that a trading or secondary market will develop for each of our products or, if one develops for any of our products, that it will be maintained. CIBC is under no obligation to develop or maintain any secondary or trading market for any of our products.

CIBC Capital Markets is a trademark brand name under which Canadian Imperial Bank of Commerce (“CIBC”), its subsidiaries and affiliates (including, without limitation, CIBC World Markets Inc. and CIBC World Markets Corp.) provide products and services to our customers around the world. Services offered by the Canadian Imperial Bank of Commerce include corporate lending services, foreign exchange, money market instruments, structured notes, interest rate products and OTC derivatives. Canadian Imperial Bank of Commerce is a provisionally-registered Swap Dealer with the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). CIBC’s Disclosures pursuant to the External Business Conduct rules are located at the following link: cibccm.com/doddfrank. CIBC’s Foreign Exchange Disclosure Statement relating to guidelines contained in the FX Global Code can be found at cibccm.com/fxdisclosure. Other products and services, such as exchange-traded equity and equity options, fixed income securities and futures execution of Canadian securities, are offered through directly or indirectly held subsidiaries of CIBC as indicated below. In the U.S., CIBC Capital Markets also provides investment banking services under the trademark brand name CIBC Cleary Gull.

Securities and other products offered or sold by CIBC Capital Markets are subject to investment risks, including possible loss of the principal invested. Each subsidiary or affiliate of CIBC is solely responsible for its own contractual obligations and commitments. Unless stated otherwise in writing CIBC Capital Markets products and services are not insured by the Canada Deposit Insurance Corporation, the Federal Deposit Insurance Corporation, or other similar deposit insurance and are not endorsed or guaranteed by any bank.

CIBC World Markets Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. In the United States, CIBC World Markets Corp. is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Fund. CIBC Bank USA is regulated by the Illinois Department of Financial and Professional Regulation and a member of the Federal Deposit Insurance Corporation. Canadian Imperial Bank of Commerce, London Branch, is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. CIBC Capital Markets (Europe) S.A. (RCS Luxembourg: B236326) is authorised by the European Central Bank (the “ECB”) and supervised by the Luxembourg Financial Supervisory Authority (Commission de Surveillance du Secteur Financier) under the oversight of the ECB. Canadian Imperial Bank of Commerce, Sydney Branch (ABN: 33 608 235 847), is an authorized foreign bank branch regulated by the Australian Prudential Regulation Authority (APRA). CIBC Australia Ltd (AFSL No: 240603) is regulated by the Australian Securities and Investment Commission (“ASIC”). CIBC World Markets (Japan) Inc. is a member of the Japanese Securities Dealer Association. Canadian Imperial Bank of Commerce, Hong Kong Branch, is a registered institution under the Securities and Futures Ordinance, Cap 571, and a limited liability foreign company registered with the Hong Kong Companies Registry. Canadian Imperial Bank of Commerce, Singapore Branch, is a wholesale bank licensed and regulated by the Monetary Authority of Singapore.

The CIBC logo and “CIBC Capital Markets” are trademarks of CIBC, used under license. All other applicable trademarks are owned by their respective trademark owners.

REGARDING HYPOTHETICAL SIMULATIONS

The Index was launched June 29, 2020.

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 CIBC logo and “CIBC Capital Markets” are trademarks of CIBC, used under license. All other trademarks are owned by their respective trademark owners.

This website is published by Canadian Imperial Bank of Commerce.

Contact: DLCIBCEQD@cibc.com

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The Site contains information related to the Balanced Asset 5 Index™ (the “Index”) and is not directed at any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the Site is prohibited or would subject Canadian Imperial Bank of Commerce or any of its affiliates to any registration requirement within such jurisdiction. Persons in respect of whom such prohibitions apply must not access the Site.

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The Index is the exclusive property of Canadian Imperial Bank of Commerce (“CIBC”). CIBC contracted with affiliates of Bloomberg Finance L.P. (“Bloomberg”) to maintain and calculate the Index. The Index is not sponsored, promoted, sold, or supported in any other manner by Bloomberg, nor does Bloomberg 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 “Balanced Asset 5 Index™ ” (collectively, the “CIBC Marks”) are trademarks or service marks of CIBC. . CIBC, Bloomberg 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 Bloomberg 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 Bloomberg do not accept any liability in connection with the publication or use of the level of the Index at any given time.

No Index Party guarantees the accuracy and/or the completeness of the composition, calculation, dissemination and adjustment of the Index, nor of the data included therein.

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.

No offer to contract / no possibility to invest directly in the Index: The Index cannot be invested in directly. This Site has been designed for information purposes only. This Site does not constitute an offer nor an invitation to make an offer, an advice or a recommendation from CIBC (or any of its affiliates) to purchase or sell the Index, or a product referencing the Index. The purpose of this Site is simply to describe the principles and main financial characteristics of the Index.

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.

Commercial nature of the document: this Site is of a commercial and not of a regulatory nature.

Market information: the market information displayed on this Site (if any) is based on data at a given moment and may change from time to time. Information on data and/or figures drawn from external sources: the accuracy, completeness or relevance of the information which has been drawn from external sources is not guaranteed although it is drawn from sources reasonably believed to be reliable. CIBC shall not assume any liability in this respect. Marketing of underlying forbidden: the underlying instrument(s) of the Index may not be authorized to be marketed in your country of residence. Your attention is drawn to the fact that the presentation of the Index in no way constitutes an offer or an invitation to make an offer to subscribe to, or purchase, the underlying instrument(s) of the Index in such country(ies).

Risk information: the risks associated with any product(s) having the Index as its underlying are set out in the relevant product legal and commercial documentation. You must carefully review and understand such risk factors and other information relevant to any such product prior to investing in such product.

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