No purchaser, seller, or holder of this instrument, or any other person or entity, should use or refer to any Morgan Stanley trade name, trademark, or service mark to sponsor, endorse, market, or promote this product without first contacting Morgan Stanley to determine whether Morgan Stanley’s permission is required. Under no circumstances may any person or entity claim any affiliation with Morgan Stanley without the prior written permission of Morgan Stanley. There are risks associated with any product linked to this Index: • Allocation to a crediting method using the Index provides the potential for interest to be credited based in part on the performance of the Index. • The Index may not increase in value due to a number of factors and as a result there may be no interest credited to the annuity contract. • Because the Index has a consistent volatility target, the Index performance will not match the performance of the underlying Index components and may dampen the performance of the Index in rising markets. • The Index has a limited performance history and past performance is no indication of future performance. • The Index may be composed of a small number of index components at any given time and the performance of the Index involves risk associated with international and U.S. equities and bonds, commodities, and precious metals, which may impact the Index value and the interest credited to the annuity contract. • Premiums allocated to a crediting method using the Index is not a direct investment in the stock markets, bond markets, commodities, precious metals, or in the index. Purchasers of products linked to the Index will have no access to the components underlying the Index. The Index is calculated on an excess return basis. CIBC The RBA Select Equity Yield CIBC 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 has engaged Solactive AG (“Solactive”) to maintain and to make certain calculations related to the Index. “Canadian Imperial Bank of Commerce”, “CIBC” and “Index” (collectively, the “CIBC Marks”) are trademarks or service marks of CIBC. CIBC has developed the index without considering the needs of any person. CIBC makes no representation or warranty, express or implied, regarding the Index or its development and has no responsibilities, obligations or liabilities with respect to the inception, adjustment, maintenance, operation or calculation. None of CIBC, Solactive, or any third-party licensor (collectively, the “Index Parties”) to CIBC is acting, or has been authorized to act, as an agent of any Index Party or has in any way sponsored, promoted, solicited, negotiated, endorsed, offered, sold, issued, supported, structured or priced any Index-linked products (a “Product”) or provided investment advice to any person. No Index Party is a fiduciary or agent of any purchaser, seller or holder 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. Purchasers of any Product neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with any of the Index Parties. No Index Party guarantees the timeliness, accurateness, or completeness of the Index or any data or information relating thereto and shall have no liability in connection with the Index or any data or information relating thereto. No Index Party shall have any liability with respect to any Product, nor any liability for any loss relating to any Product, whether arising directly or indirectly from the use of the Index, its methodology, or otherwise. SOLACTIVE is a trademark and service mark of Solactive. Solactive and its affiliates are not affiliated with CIBC. Solactive’s association with CIBC is to act as the administrator and calculation agent of the Index, which is the property of CIBC. Solactive does not guarantee the timeliness, accurateness, or completeness of the Index or any data or information relating thereto and shall have no liability in connection with the Index or any data or information relating thereto. While the volatility control applied by CIBC as part of the index methodology 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 for Products referencing the Index as compared to other indices not subject to volatility controls.
Delaware Life Target Income 10 ® Fixed Index Annuity
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