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Without limiting the foregoing, you acknowledge and agree:
(i) the Reports are provided for informational purposes only
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(ii) the Reports do not constitute a recommendation, offer
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for any purpose other than educational purposes, including,
without limitation, benchmarking fund performance and/or to
create derivative works (including, without limitation, any
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Although this material is based upon information that S&P
DJI considers reliable, S&P DJI does not assure that this
material is accurate, current or complete, and it should not
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IMPORTANT INFORMATION RE BACK-TESTED
PRE-INCEPTION INDEX
DATA THAT MAY BE INCLUDED IN THE REPORTS.
All information presented prior to an index's launch date is
pre-inception 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. Back-tested performance is based on criteria applied
retroactively with the benefit of hindsight and knowledge of
factors that may have positively affected its performance
and cannot account for all financial risk that may affect
actual performance. No hypothetical record can completely
account for the impact of financial risk in actual trading.
Back-tested index performance does not represent the results
of actual trading of investable assets/securities.
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.spdji.com. Past performance of an index is not an
indication of future results. Prospective application of the
methodology used to construct an index may not result in
performance commensurate with the back-test returns shown.
It is not possible to invest directly in an index. Exposure
to an asset class represented by an index may be available
through investable instruments based on that index. S&P DJI
calculates index levels, but does not manage actual assets.
Index returns do not reflect payment of any manager fees and
expenses, sales charges or fees an investor may pay to
purchase the securities underlying the Index or investment
funds or other products that are intended to track the
performance of the index. The imposition of these fees,
expenses and charges would cause actual and back-tested
performance of the funds/products to be lower than the index
performance shown.
S&P DJI does not sponsor, endorse, sell, promote or manage
any investment fund or other investment vehicle that is
offered by third parties and that seeks to provide an
investment return based on the performance of any index. S&P
DJI makes no assurance that investment products based on the
index will accurately track index performance or provide
positive investment returns. S&P DJI is not an investment
advisor, and S&P DJI makes no representation regarding the
advisability of investing in any such investment fund or
other investment vehicle.
