Descriptive Transcript

The WisdomTree Siegel Equity Value Index™ Series II Overview Video

[This video uses animation to illustrate spoken content. The CIBC logo appears with the video title, “WisdomTree Siegel Equity Value Index™ Series II]

The CIBC WisdomTree Siegel Equity Value Index™ Series II is an advanced value investing strategy

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that leverages decades of experience and insight, leading index construction, and objective asset allocation processes

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from three prominent industry leaders.

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As opposed to using traditional valuation metrics like Book Value or Price to Earnings Ratios,

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the Index bases its investment approach on the ratio of operating earnings and total enterprise value as more reliable measures of valuation.

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This approach avoids the potential for significant earnings swings due to changes in accounting principles;

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excludes one-time events that do not impact the longer-term value of firms;

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and helps to create more accurate comparisons across companies with different capital structures.

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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 P/E ratio at an aggregate level.

Here’s how it works:

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The Index evaluates 500 of the largest publicly traded U.S. companies by market cap across 10 industry sectors for fundamental factors including operating earnings and total enterprise value.

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The Index selects the four best valued U.S. market sectors and allocates quarterly.

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Each month, the selected market sectors are rebalanced to capture potential gains.

The end result?

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A fully systematic Index designed to provide total returns by identifying undervalued U.S. market sectors.

CIBC WisdomTree Siegel Equity Value Index™. Providing total returns through advanced value investing.

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