The Index represents a portfolio of the S&P 500® plus a liquid bond index. These two positions are dynamically rebalanced to target a specific volatility. Volatility is calculated as a function of historical returns and is used to deleverage quickly when volatility is high, as well as to increase exposure when volatility decreases.

• S&P 500
• S&P 500 Sector Rotator Daily RC2 5% Index
• S&P 500 Factor Rotator Daily RC2 7% Index
• S&P Kensho New Economies Sector Rotator - Daily RC2 5% Index
• S&P U.S. Dividend Growers VA RC2 7.5% Index (Fed Funds)