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The S&P 500 FC TCA Indices (the “Licensee Indices”) are based in part on “Fast Convergence” methodology developed by and licensed from BofA. The Licensee Indices were developed in collaboration with BofA. The Fast Convergence (FC) methodology (collectively, the “FC Methodology”) and the name “BofAS” and trademarks “FC” and “Fast Convergence” (collectively, the “BofAS Trademarks”) are the intellectual property of BofA Securities Inc. and its affiliates (“BofAS”). The FC Methodology has been licensed to S&P Dow Jones Indices LLC (“Licensee”) by BofAS on an “AS IS” basis for inclusion in the Licensee Indices. BofAS is not the “administrator” of the Licensee Indices for the purposes of Regulation (EU) 2016/1011 of the European Parliament and the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds) in the European Union (the “EU Benchmarks Regulations”) or the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 which transposed the EU Benchmark Regulation into UK Law (the “UK Benchmarks Regulations”) (collectively, the “Benchmarks Regulations”). BofAS was not and is not involved in any way in the calculation, maintenance or review of the Licensee Indices. BOFAS DOES NOT MAKE, AND HEREBY SPECIFICALLY DISCLAIMS, ANY REPRESENTATIONS, ENDORSEMENTS, GUARANTEES, OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE FC METHODOLOGY, BOFAS TRADEMARKS OR THE LICENSEE INDICES (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS), AND AS TO RESULTS TO BE OBTAINED BY LICENSEE, ISSUERS OR OWNERS OF ANY FINANCIAL PRODUCT REFERENCING ANY OF THE LICENSEE INDICES, OR ANY OTHER PERSON OR ENTITY. BOFAS FURTHER DISCLAIMS ANY REPRESENTATIONS RELATING TO TITLE OR NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS WITH RESPECT TO ANY OF THE LICENSEE INDICES, ANY RELATED INFORMATION, THE BOFAS TRADEMARKS, OR ANY FINANCIAL PRODUCT REFERENCING ANY OF THE LICENSEE INDICES. PROSPECTIVE INVESTORS ACKNOWLEDGE THAT THEY ARE RESPONSIBLE FOR DETERMINING THE NATURE, POTENTIAL VALUE, AND SUITABILITY FOR ITSELF OF ANY PARTICULAR SECURITY, TRANSACTION, INVESTMENT STRATEGY OR FINANCIAL PRODUCT REFERENCING ANY OF THE LICENSEE INDICES AND THAT BOFAS DOES NOT GIVE SUCH ADVICE OR RECOMMENDATIONS. Without limiting the foregoing, in no event shall BofAS have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages in connection with the FC Methodology, the BofAS Trademarks or the Licensee Indices. BofAS (or its affiliates) may be engaging in services or transactions for its other clients or for its own proprietary accounts which could affect the value of the constituents underlying a Licensee Index and thereby the calculated values of the Licensee Indices.

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CLX, IGPA, IPSA, BOLSA DE SANTIAGO, BOLSA DE COMERCIO DE SANTIAGO, BOLSA DE COMERCIO DE SANTIAGO BOLSA ELECTR6NICA, BOLSA DE COMERCIO SANTIAGO -CHILE, BOLSA DE VALORES DE SANTIAGO, BOLSA NACIONAL DE COMERCIO, BOLSA OFF SHORE, BOLSA DE COMERCIO DE SANTIAGO, BOLSA DE VALORES, SANTIAGO STOCK EXCHANGE are trademarks of Bolsa de Comercio de Santiago and have been licensed for use by S&P Dow Jones Indices.

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S&P Global, provides the data that powers the globally recognized Dow Jones Sustainability Indices, S&P 500 ESG Index, and others in the S&P ESG Index Series. Each year, S&P Global conducts the Corporate Sustainability Assessment, an ESG analysis of over 7,300 companies. The CSA has produced one of the world’s most comprehensive databases of financially material sustainability information, and serves as the basis for the scores that govern S&P DJI ESG indices.

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Performance Disclosure

Please refer to the methodology for any particular index for more details about that index, including the manner in which it is rebalanced, the timing of such rebalancing, criteria for additions and deletions, as well as all index calculations.

S&P Dow Jones Indices defines various dates to assist our clients in providing transparency. The First Value Date is the first day for which there is a calculated value (either live or back-tested) for a given index. The Base Date is the date at which the index is set to a fixed value for calculation purposes. The Launch Date designates the date when the values of an index are first considered live: index values provided for any date or time period prior to the index’s Launch Date are considered back-tested. S&P Dow Jones Indices defines the Launch Date as the date by which the values of an index are known to have been released to the public, for example via the company’s public website or its data feed to external parties. For Dow Jones-branded indices introduced prior to May 31, 2013, the Launch Date (which prior to May 31, 2013, was termed “Date of introduction”) is set at a date upon which no further changes were permitted to be made to the index methodology, but that may have been prior to the Index’s public release date.

All information presented prior to an index’s Launch Date is hypothetical (back-tested), not actual performance. The back-test calculations are based on the same methodology that was in effect on the index Launch Date. However, when creating back-tested history for periods of market anomalies or other periods that do not reflect the general current market environment, index methodology rules may be relaxed to capture a large enough universe of securities to simulate the target market the index is designed to measure or strategy the index is designed to capture. For example, market capitalization and liquidity thresholds may be reduced. Complete index methodology details are available at www.spglobal.com/spdji/en. Past performance of the Index is not an indication of future results. Back-tested performance reflects application of an index methodology and selection of index constituents with the benefit of hindsight and knowledge of factors that may have positively affected its performance, cannot account for all financial risk that may affect results and may be considered to reflect survivor/look ahead bias. Actual returns may differ significantly from, and be lower than, back-tested returns. Past performance is not an indication or guarantee of future results. Please refer to the methodology for the Index for more details about the index, including the manner in which it is rebalanced, the timing of such rebalancing, criteria for additions and deletions, as well as all index calculations. Back-tested performance is for use with institutions only; not for use with retail investors.

Typically, when S&P DJI creates back-tested index data, S&P DJI uses actual historical constituent-level data (e.g., historical price, market capitalization, and corporate action data) in its calculations. As ESG investing is still in early stages of development, certain datapoints used to calculate S&P DJI’s ESG indices may not be available for the entire desired period of back-tested history. The same data availability issue could be true for other indices as well. In cases when actual data is not available for all relevant historical periods, S&P DJI may employ a process of using “Backward Data Assumption” (or pulling back) of ESG data for the calculation of back-tested historical performance. “Backward Data Assumption” is a process that applies the earliest actual live data point available for an index constituent company to all prior historical instances in the index performance. For example, Backward Data Assumption inherently assumes that companies currently not involved in a specific business activity (also known as “product involvement”) were never involved historically and similarly also assumes that companies currently involved in a specific business activity were involved historically too. The Backward Data Assumption allows the hypothetical back-test to be extended over more historical years than would be feasible using only actual data. For more information on “Backward Data Assumption” please refer to the FAQ. The methodology and factsheets of any index that employs backward assumption in the back-tested history will explicitly state so. The methodology will include an Appendix with a table setting forth the specific data points and relevant time period for which backward projected data was used.

Index returns shown do not represent the results of actual trading of investable assets/securities. S&P Dow Jones Indices maintains the index and calculates the index levels and performance shown or discussed but does not manage actual assets. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the Index or investment funds that are intended to track the performance of the Index. The imposition of these fees and charges would cause actual and back-tested performance of the securities/fund to be lower than the Index performance shown. As a simple example, if an index returned 10% on a US $100,000 investment for a 12-month period (or US $10,000) and an actual asset-based fee of 1.5% was imposed at the end of the period on the investment plus accrued interest (or US $1,650), the net return would be 8.35% (or US $8,350) for the year. Over a three-year period, an annual 1.5% fee taken at year end with an assumed 10% return per year would result in a cumulative gross return of 33.10%, a total fee of US $5,375, and a cumulative net return of 27.2% (or US $27,200).

Legal Disclaimers