WisdomTree Siegel Equity Value Index™ Series II

Description

The CIBC WisdomTree Siegel Equity Value Index™ Series II is designed to systematically leverage proven investment strategies with the aim to provide total returns through a selection of undervalued ETFs.

Value Investing

Based on the latest value investing research by Professor Jeremy Siegel, the Index seeks to systematically identify undervalued U.S. market sectors.

Company Valuation

As defined by Professor Siegel, rather than using traditional price-to-earnings ratios, the Index focuses on the use of operating earnings and total enterprise value as more reliable measures of valuation.

Professor Jeremy Siegel has received many awards and citations for his research and excellence in teaching including the Distinguished Leadership Award by the Securities Industry Association, and the prestigious Nicholas Molodovsky Award by the Chartered Financial Analysts Institute.

A new way to look at time-tested practices

As opposed to using traditional valuation metrics like book value or price-to-earnings ratios, the Index bases its investment approach on the ratio of operating earnings and total enterprise value as more reliable measures of valuation.

Valuation based on operating earnings avoids changes in generally accepted accounting principles (GAAP) and one-time events that do not impact the longer-term value of firms.

By using operating earnings and total enterprise value, rather than market capitalization on earnings (or price-to-earnings ratio), this formula creates more accurate comparisons across companies with different capital structures.

The methodology also leverages Professor Siegel’s research on aggregation bias - which addresses cases where a few companies with very large losses can result in an artificially high price-to-earnings ratio at an aggregate level.

Important Notice

The CIBC WisdomTree Siegel Equity Value Index™ Series II (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 “CIBC WisdomTree Siegel Equity Value IndexTM” Series II” (collectively, the “CIBC Marks”) are trademarks or service marks of CIBC, Jeremy Siegel (“Siegel”), senior research advisor to WisdomTree Investments, Inc. (“WisdomTree”), and WisdomTree each contributed to the development of the Index without considering the needs of any person, purchaser or trader of any product using the Index. “WisdomTree®” is a registered trademark of WisdomTree Investments, Inc. WisdomTree and Siegel have licensed certain rights to CIBC to use their names in connection with the Index and the inclusion of such names in the Index should not be considered or relied upon as a recommendation by WisdomTree or Siegel regarding the use or suitability of the Index. None of CIBC, WisdomTree, Bloomberg or Siegel are affiliated with each other or control or are controlled by each other. None of CIBC, Bloomberg, Siegel or WisdomTree 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 December, 19, 2018.

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The Index is the exclusive property of Canadian Imperial Bank of Commerce (“CIBC”). CIBC has contracted with 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 “CIBC WisdomTree Siegel Equity Value Index™ Series II” (collectively, the “CIBC Marks”) are trademarks or service marks of CIBC. “WisdomTree®” is a registered trademark of WisdomTree Investments Inc. WisdomTree and Siegel have licensed certain rights to CIBC to use their names in connection with the Index and the inclusion of such names in the Index should not be considered or relied upon as a recommendation by WisdomTree or Siegel regarding the use or suitability of the Index. CIBC, Bloomberg, Siegel, WisdomTree 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.

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