S&P Dow Jones Indices Announces Consultation on Equity Indices
|
|
- Agatha Bryan
- 8 years ago
- Views:
Transcription
1 S&P Dow Jones Indices Announces Consultation on Equity Indices CONSULTATION S&P Dow Jones Indices (S&P DJI) is conducting a consultation with members of the investment community on the following potential methodology changes to several S&P DJI equity Index families: For U.S. Indices: 1. Multiple Share Class Lines: S&P Dow Jones Indices is allowing certain multiple share class lines to be included in its indices effective with the September, 2015 rebalance. Multiple share classes are becoming more common among U.S. corporations, particularly in the technology sector. Ignoring the trend would cause some indices to have difficulty properly representing major market segments while also providing sufficient liquidity to accommodate trading and necessary index adjustments. The use of multiple share class lines is expected to enhance liquidity and reduce turnover over time. S&P DJI would like your feedback on how to implement this important change in our indices. Option #1: Amend the index methodology to include multiple share class lines in the index on a going forward basis only. All existing publicly traded multiple share class companies in the index currently represented by a single consolidated line are grandfathered in and continue to be represented by a single consolidated line. This approach reduces turnover in the indices. Multiple share class lines of a single company are only included in the index if a current constituent has a significant mandatory issuance of an existing or new share class line or issues a significant amount of a non- index share class line. Any newly listed multiple share class company added to an index after the September, 2015 rebalance will include all eligible share class lines. S&P DJI is seeking your feedback on what constitutes a significant issuance. Should this issuance be measured by percent of total company market cap? Should this second share line be subject to minimum float, market cap and/or liquidity thresholds? And if so, where should S&P DJI set the minimum thresholds? Option #2: Include all multiple share class lines separately only if they are large and liquid, but keep a consolidated line for companies where the second line doesn t meet certain market cap, float and liquidity requirements. There is no grandfathering in of current constituents and will have a one-time increase in turnover. Depending upon the minimum liquidity and market cap thresholds used, this potentially creates turnover for up to 20 or so companies in the S&P Composite There are over 40 companies in the S&P TMI with publicly traded multi class share lines. Is this one time discretionary turnover an acceptable cost to promote consistency in the indices?
2 2. Public Secondary Offerings: S&P Dow Jones Indices has received inquiries asking for clarification of the rules regarding the implementation of public secondary offerings. According to current U.S. Indices methodology for S&P 1500 Composite constituents, a 5 % or greater public secondary offering by existing shareholders that is announced publicly in a timely fashion results in an immediate IWF review for that security using the latest available ownership data. Any five percentage point or greater change in the IWF resulting from the review is implemented as soon as reasonably possible. If all information is not made available in a timely fashion, any resulting IWF change is made in a future weekly share change announcement. S&P DJI is considering adding language to the methodology explicitly requiring that public secondaries eligible for next day share implementation must be underwritten, must have a publicly available prospectus or prospectus summary filed with the SEC, and must include a public confirmation that the offering has been completed. Adding these requirements gives clients a better indication of when S&P DJI implements a next day share change in the S&P Composite Do the criteria for determining when S&P DJI implements a next day share change in the S&P Composite 1500 due to public secondary offerings need more clarification so that institutional clients can feel more confident about participating in these offerings? Are there other criteria that S&P DJI should consider in addition to or instead of the proposed criteria? For example, should at-the-market offerings and bought deals be eligible for next day share implementation? Should Block Trades or Spot Secondaries (usually large, privately placed transactions not requiring SEC registration) be considered for next day implementation on a best efforts basis? 3. Securities eligible for inclusion in U.S. Indices: Currently, eligible securities include all U.S. common equities listed on the NYSE (including NYSE Arca and NYSE MKT), the NASDAQ Global Select Market, the NASDAQ Select Market, and the NASDAQ Capital Market. Ineligible securities include limited partnerships, master limited partnerships, OTC bulletin board issues, closed-end funds, ETFs, ETNs, royalty trusts, tracking stocks, preferred shares, unit trusts, equity warrants, convertible bonds, investment trusts, ADRs, ADSs and MLP IT units. Real estate investment trusts (REITs) are eligible for inclusion. Should S&P DJI consider adding Limited Partnerships (LP s), Limited Liability Corporations (LLCs), tracking stocks, MLPs and/or other issue types to its list of eligible securities? What are the tax and investability implications for institutional investors? Are the limited voting rights and typically less investor friendly governance structures associated with these issue types considered to be a problem for investors? Is unrelated business taxable income generally reported by certain LPs a concern for investors? Are these issues different than similar issues found with REIT investments?
3 Additional Comments: For Global Indices: 4. Multiple Share Class Lines in the S&P Europe 350 and S&P Global 1200: Similar to what was previously announced for the S&P 500, S&P DJI Indices is seeking feedback on amending the index methodology for the S&P Global 1200 and the S&P Europe 350 to apply a consistent set of rules for companies with multiple share class trading lines. This change, if implemented, will be effective with the September 2015 rebalance and results in the S&P Global 1200 and the S&P Europe 350 having more than 1200 and 350 share lines in the index, but with 1200 and 350 companies in the respective indices. Please note the U.S. portion of the S&P Global 1200 already includes multiple share class trading lines for certain companies in the index. Should the S&P Europe 350 and S&P Global 1200 follow a consistent practice globally for companies with multiple share class trading lines? And if so, should the secondary share lines be subject to minimum float and liquidity thresholds to prevent smaller, less liquid share lines from entering the index? For Alternatively Weighted Indices: 5. Multiple Share Class Lines in Alternatively Weighted and Modified Market Cap Indices: For alternatively weighted or modified market cap weighted indices that are not weighted on float-adjusted market cap (e.g. Quality Rankings, Volatility, Beta, DividendYield, Thematics, Equal Weighted), should S&P DJI elect to include only one primary trading class line in the index as opposed to including multiple trading class lines? If so, what rules should S&P DJI consider to determine which trading class line is included? Is the inclusion of both class lines important for liquidity/turnover? If S&P DJI elects to include only one trading class line, at what frequency should S&P DJI review the eligible class line (at each index rebalance or once annually to avoid turnover from switching share classes during rebalancing)?
4 Another option for alternatively weighted or modified market cap weighted indices is to include both share class lines in the index and weight each share class proportionate to its own float-adjusted market capitalization allowing the total weight of each class line to represent the targeted weight for that company. Your participation in this consultation is important as we gather information on your views and preferences. Your responses will be kept confidential. Please respond to this survey by December 1, To participate in this consultation, please respond to S&P Dow Jones Indices at Please be advised that all comments will be reviewed and considered before a final decision is made; however S&P Dow Jones Indices makes no guarantees or is under any obligation to comply with any of the responses. The survey may result in no changes or outcome of any kind. If S&P Dow Jones Indices decides to change the index methodology, an announcement will be posted on our Web site. Thank you for taking the time to complete this survey. Kind regards, S&P Dow Jones Indices Beijing: Dubai: 971 (0) Hong Kong: London: New York: or Sydney: Tokyo: About S&P Dow Jones Indices S&P Dow Jones Indices LLC, a part of McGraw Hill Financial, is the world s largest, global resource for index-based concepts, data and research. Home to iconic financial market indicators, such as the S&P 500 and the Dow Jones Industrial Average, S&P Dow Jones Indices LLC has over 115 years of experience constructing innovative and transparent solutions that fulfill the needs of investors. More assets are invested in products based upon our indices than any other provider in the world. With over 830,000 indices covering a wide range of asset classes across the globe, S&P Dow Jones Indices LLC defines the way investors measure and trade the markets. To learn more about our company, please visit Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a registered trademark of Dow Jones
5 Trademark Holdings LLC ( Dow Jones ). These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively S&P Dow Jones Indices ) do not sponsor, endorse, sell, or promote 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. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.
INDEX RULE BOOK NYSE Diversified High Income Index
INDEX RULE BOOK NYSE Diversified High Income Index Version 1-1 Effective from 31 July 2013 www.nyx.com/indices Index 1. INDEX SUMMARY... 1 2. GOVERNANCE AND DISCLAIMER... 3 2.1 INDICES... 3 2.2 INDEX GOVERNANCE...
More informationDow Jones Composite All REIT Indices Methodology
Dow Jones Composite All REIT Indices Methodology August 2013 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 3 Highlights and Index Family 3 Eligibility Criteria 4 Index Eligibility
More informationS&P DOW JONES INDICES AND MSCI ANNOUNCE FURTHER REVISIONS TO THE GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS ) STRUCTURE IN 2016
S&P DOW JONES INDICES AND MSCI ANNOUNCE FURTHER REVISIONS TO THE GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS ) STRUCTURE IN 2016 New York, November 2, 2015 - S&P Dow Jones Indices, a leading provider
More informationS&P DOW JONES INDICES AND MSCI ANNOUNCE REVISIONS TO THE GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS ) STRUCTURE IN 2016
S&P DOW JONES INDICES AND MSCI ANNOUNCE REVISIONS TO THE GLOBAL INDUSTRY CLASSIFICATION STANDARD (GICS ) STRUCTURE IN 2016 New York, November 10, 2014 - S&P Dow Jones Indices, a leading provider of financial
More informationS&P/TSX Composite Low Volatility Index Methodology
S&P/TSX Composite Low Volatility Index Methodology July 2014 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 3 Partnership 3 Highlights 3 Eligibility Criteria 4 Index Eligibility
More informationSPDR S&P Software & Services ETF
SPDR S&P Software & Services ETF Summary Prospectus-October 31, 2015 XSW (NYSE Ticker) Before you invest in the SPDR S&P Software & Services ETF (the Fund ), you may want to review the Fund's prospectus
More informationQuarterly in March, June, September and December CALCULATION CURRENCIES
Description The S&P/TSX Composite Low Volatility Index is designed to measure the performance of the 50 least- volatile stocks within the S&P/TSX Composite index. Volatility is defined as the standard
More informationATMs and Equity Lines: Overview
Anthony J. Marsico, Greenberg Traurig, LLP, with PLC Corporate & Securities This Article provides an overview of at-the-market equity distribution programs (ATMs) and equity line facilities. It discusses
More informationCalculation Guideline. Solactive US High Dividend Low Volatility Index TR
Calculation Guideline Solactive US High Dividend Low Volatility Index TR Version 1.0 dated September 18 th, 2014 1 Contents Introduction 1 Index specifications 1.1 Index codes and tickers 1.2 Initial value
More informationINDEX METHODOLOGY MSCI REIT PREFERRED. Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index.
INDEX METHODOLOGY MSCI REIT PREFERRED INDEX METHODOLOGY Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index December 2014 DECEMBER 2014 CONTENTS 1 Introduction... 3 2 Defining
More informationQuarterly in March, June, September and December CALCULATION CURRENCIES ANNUALIZED RETURNS 2.43% 4.50% 5.07% 6.93% 10.68% 7.57%
Description The S&P/TSX Composite is the headline index for the Canadian equity market. It is the broadest in the S&P/TSX family and is the basis for multiple sub-indices including but not limited to equity
More informationMSCI Global Investable Market Indices Methodology
MSCI Global Investable Market Indices Methodology Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indices Contents Outline of the Methodology Book...
More informationIndxx SuperDividend U.S. Low Volatility Index
www.indxx.com Indxx SuperDividend U.S. Low Volatility Index Methodology May 2015 INDXX, LLC has been granted a license by Global X Management Company LLC to use SuperDividend. SuperDividend is a trademark
More informationMSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX
INDEX METHODOLOGY MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX September 2014 SEPTEMBER 2014 CONTENTS 1 Introduction... 3 2 Constructing the MSCI China and USA Internet Top 50 Equal Weighted
More informationUniverse Index Transition for Dow Jones Titans Indices
Universe Transition for Dow Jones Titans Indices S&P Dow Jones Indices (S&P DJI) is conducting a consultation with members of the investment community. S&P DJI is currently reviewing the universe indices
More informationS&P U.S. Preferred Stock Index Methodology
S&P U.S. Preferred Stock Index Methodology S&P Dow Jones Indices: Index Methodology May 2015 Table of Contents Introduction 3 Highlights 3 Eligibility Criteria 4 Index Eligibility 4 Eligibility Factors
More informationRoD Canada 50 Tracking Index Methodology July 2014
RoD Canada 50 Tracking Index Methodology July 2014 Table of contents Introduction Introduction 3 Eligibility Criteria Additions RoD Canada 50 4 Deletions RoD Canada 50 5 Timing of Changes 6 Index Construction
More informationExchange Traded Funds. An Introductory Guide. For professional clients only
Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their
More informationAN INSIDE LOOK AT S&P MILA 40
DID YOU KNOW? This article originally appeared in the Summer 2013 edition of INSIGHTS, a quarterly publication from S&P DJI, and summarizes key aspects of the S&P MILA 40 Index originally featured in Benchmarking
More informationFREQUENTLY ASKED QUESTIONS ABOUT RIGHTS OFFERINGS
FREQUENTLY ASKED QUESTIONS ABOUT RIGHTS OFFERINGS Background What is a rights offering? A rights offering typically provides an issuer s existing shareholders the opportunity to purchase a pro rata portion
More informationThe NYSE Arca Gold BUGS Index (HUI)
The NYSE Arca Gold BUGS Index (HUI) - 1 - Version 2.0 Valid from February 17.2014 Table of contents 1. Index summary...1 2. Governance and disclaimer...2 3. Publication...3 3.1 The opening, intraday and
More informationMSCI Global Investable Market Indices Methodology
MSCI Global Investable Market Indices Methodology Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indices Contents Outline of the Methodology Book...
More informationSPDR S&P 500 Low Volatility UCITS ETF
SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR S&P 500 Low Volatility UCITS ETF Supplement No. 32 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ) an open-ended investment company constituted
More informationGuide to the Dow Jones China Offshore 50 Index SM
Guide to the Dow Jones China Offshore 50 Index SM Contents 01. Introduction...3 02. Key Features...3 2.1 Base Date and Base Value...3 2.2 Index Formula...3 2.3 Dividend Treatment...3 2.4 Weighting...3
More informationWhich market? An overview of London, New York, Hong Kong and Singapore stock exchanges
www.pwc.com Which market? An overview of London, New York, Hong Kong and Singapore stock exchanges September 2013 A PwC IPO Centre publication, assessing the listing choices for global companies. 2 Which
More informationNational Credit Default Rates Continued Their Upward Trend in December 2014 According to the S&P/Experian Consumer Credit Default Indices
National Credit Default Rates Continued Their Upward Trend in December 2014 According to the S&P/Experian Consumer Credit Default Indices Four of the Five Cities Saw Default Rates Increase in December
More informationLooking Down Under: An Approach to Global Equity Indexing in Australia
January 2015 CONTRIBUTOR Michael Orzano, CFA Director, Global Equity Indices michael.orzano@spdji.com Looking Down Under: An Approach to Global Equity Indexing in Australia The benefits of incorporating
More informationCONSUMER CREDIT DEFAULT RATES DECREASE IN SEPTEMBER 2015 ACCORDING TO THE S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES
CONSUMER CREDIT DEFAULT RATES DECREASE IN SEPTEMBER 2015 ACCORDING TO THE S&P/EXPERIAN CONSUMER CREDIT DEFAULT INDICES Four of the Five Cities Report Default Rate Decreases in September 2015 New York,
More informationHead Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders. Exchange-Traded Fund Symbol CUSIP #
Information Circular: FactorShares Trust To: From: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications Department
More informationTHE U.S. INFRASTRUCTURE EFFECT INTERVIEW BY CAROL CAMERON
This interview originally appeared in the Summer 24 edition of InSIGHTS, a quarterly publication from S&P Dow Jones Indices. THE U.S. INFRASTRUCTURE EFFECT INTERVIEW BY CAROL CAMERON Every four years,
More informationExchange Traded Funds A Brief Introduction
Exchange Traded Funds A Brief Introduction 1 What You Need to Know about ETFs 2 ETF Basics Benefits of ETFs ETFs vs. Mutual Funds The Role of ETFs in Your Portfolio Our Next Steps Appendix: FAQs 3 ETF
More informationA Closer Look at Interest Rate Floors
A Closer Look at Interest Rate Floors CONTRIBUTOR Vishal Arora Director Global Index Research & Design vishal.arora@spdji.com Currently, there is much debate in the market surrounding if and when interest
More informationS&P/NZX New Zealand Indices Methodology
S&P/NZX New Zealand Indices Methodology S&P Dow Jones Indices: Index Methodology October 2015 Table of Contents Introduction 3 Collaboration 3 Index Family 3 Eligibility Criteria 6 Index Eligibility 6
More informationSukuk Liquidity Trends
PRACTICE ESSENTIALS SUKUK 21 GLOBAL Liquidity Trends CONTRIBUTOR Michele Leung Associate Director, Fixed Income Indices michele.leung@spdji.com While global sukuk issuance declined by 13% in 213, the liquidity
More informationDJSI Ethical Europe Low Volatility Index Methodology
DJSI Ethical Europe Low Volatility Index Methodology S&P Dow Jones Indices: Index Methodology October 2015 Table of Contents Introduction 3 Highlights 3 Eligibility Criteria 4 Index Eligibility 4 Timing
More informationExamining Yield Strategies Through S&P Municipal Bond Indices
Examining Yield Strategies Through S&P Municipal Bond Indices CONTRIBUTORS James J.R. Rieger Global Head Fixed Income Indices james.rieger@spdji.com Tyler Cling Senior Manager Fixed Income Indices tyler.cling@spdji.com
More informationInternational Equity Markets. Dora Chen, Zhen Zhang, Daisy Guo, Spencer Hu,
International Equity Markets Dora Chen, Zhen Zhang, Daisy Guo, Spencer Hu, International Equity Markets Chapter Objective: This chapter continues discussion of international capital markets with a discussion
More informationResults of MSCI 2015 Market Classification Review
Results of MSCI 2015 Market Classification Review China A Shares on Track for Inclusion MSCI and CSRC Will Form Working Group to Address Remaining Issues Geneva June 9, 2015 MSCI Inc. (NYSE: MSCI), the
More informationDow Jones U.S. Select Sector Specialty Indices Methodology
Dow Jones U.S. Select Sector Specialty Indices Methodology S&P Dow Jones Indices: Methodology November 2015 Table of Contents Introduction 3 Highlights and Family 3 Eligibility Criteria 5 Eligibility 5
More informationS&P 500 Low Volatility Index
S&P 500 Low Volatility Index Craig J. Lazzara, CFA S&P Indices December 2011 For Financial Professional/Not for Public Distribution There s nothing passive about how you invest. PROPRIETARY. Permission
More informationSPDR S&P 400 Mid Cap Value ETF
SPDR S&P 400 Mid Cap Value ETF Summary Prospectus-October 31, 2015 Before you invest in the SPDR S&P 400 Mid Cap Value ETF (the Fund ), you may want to review the Fund's prospectus and statement of additional
More informationVersion 1.5 February 2011 GROUND RULES FOR THE MANAGEMENT OF THE. FTSE Renaissance IPO Index Series
GROUND RULES FOR THE MANAGEMENT OF THE FTSE Renaissance IPO Index Series TABLE OF CONTENTS FTSE Renaissance IPO Index Series 1 Introduction 2 Status of Indices 3 Index Management 4 Eligible Companies 5
More informationPureFunds ISE Cyber Security ETF (the Fund ) June 18, 2015. Supplement to the Summary Prospectus dated November 7, 2014
PureFunds ISE Cyber Security ETF (the Fund ) June 18, 2015 Supplement to the Summary Prospectus dated November 7, 2014 Effective immediately, Ernesto Tong, CFA, Managing Director of Penserra Capital Management,
More informationThe Return on Disability Company
The Return on Disability Company RoD Canada Index Methodology July 2012 Table of contents Introduction Introduction 3 Eligibility Criteria Additions RoD Canada 50 4 Deletions RoD Canada 50 5 Timing of
More informationDow Jones Titans Indices Methodology
Dow Jones Titans Indices Methodology S&P Dow Jones Indices: Index Methodology May 2016 Table of Contents Introduction 3 Highlights and Index Family 3 Eligibility Criteria and Index Construction 5 Dow Jones
More informationYou should read the offering documents before making a decision to invest in a particular MLI.
Dear Client: Thank you for your interest in a Market Linked Investment (MLI) offered by Merrill Lynch. A copy of the preliminary prospectus for the MLI is attached. You should read the offering documents
More informationSHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE. BKLN PowerShares Senior Loan Portfolio
SHARES NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE PowerShares Senior Loan Portfolio PowerShares Senior Loan Portfolio is the first senior loan exchange-traded fund (ETF) and seeks investment results
More informationPRESS RELEASE. S&P 500 Stock Buybacks Up 19% in 2013. Fourth quarter up 1% over the third quarter
S&P 500 Stock Buybacks Up 19% in 2013 Fourth quarter up 1% over the third quarter New York, March 26, 2014 announced today that preliminary results show that S&P 500 stock buybacks, or share repurchases,
More informationF R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T P I P E S
F R E Q U E N T L Y A S K E D Q U E S T I O N S A B O U T P I P E S Understanding PIPEs What are PIPEs? A PIPE (Private Investment in Public Equity) refers to any private placement of securities of an
More informationS&P/TSX Canadian Indices Methodology
S&P/TSX Canadian Indices Methodology September 2015 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 4 Partnership 4 Highlights 4 Eligibility Criteria 7 Additions to the S&P/TSX
More informationMSCI Dividend Masters Indexes Methodology
Index Methodology MSCI es Methodology July 2014 msci.com Contents 1 Introduction... 3 2 Index Construction Methodology... 3 Section 2.1: Applicable Universe... 3 Section 2.2: Security Selection... 3 Section
More informationMSCI Quality Indices Methodology
Methodology Contents Contents... 2 Section 1: Introduction... 3 Section 2: Index Construction Methodology... 4 Section 2.1: Applicable Universe... 4 Section 2.2: Determination of Quality Score... 4 Section
More informationwww.pwc.com/ua/capital-markets
www.pwc.com/ua/capital-markets Which market? An overview of London, New York and Hong Kong stock exchanges Capital Markets The process of selecting the most appropriate exchange for your business to list
More informationDow Jones Asia/Pacific Total Stock Market Indices
Dow Jones Asia/Pacific Total Stock Market Indices Dow Jones Asia/Pacific Total Stock Market Index Stated Objective To provide a comprehensive measure of equity securities traded in the Asia/Pacific region.
More informationSLVO Silver Shares Covered Call ETN
Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 April 15, 2014 SLVO Silver Shares Covered Call ETN Credit Suisse AG, Investor Solutions April 2014 Executive Summary Credit Suisse Silver
More informationNYSE Enhanced Buy-Write Index (NYBW)
NYSE Enhanced Buy-Write Index (NYBW) Version 1.0 Valid from October 15, 2015 Table of contents Version History:... 1 1. Index summary... 2 2. Governance and disclaimer... 3 3. Publication... 4 3.1 The
More informationLaddering a Portfolio of Municipal Bonds
CONTRIBUTORS J.R. Rieger Global Head Fixed Income Indices james.rieger@spdji.com Tyler Cling Senior Manager Fixed Income Indices tyler.cling@spdji.com Bond laddering is a strategy that calls for maturity
More informationBalanced fund: A mutual fund with a mix of stocks and bonds. It offers safety of principal, regular income and modest growth.
Wealth for Life Glossary Aggressive growth fund: A mutual fund that aims for the highest capital gains. They often invest in smaller emerging companies that offer maximum growth potential. Adjustable Rate
More informationMaster Limited Partnerships (MLPs)
1Q 2016 Master Limited Partnerships (MLPs) Distinct Focus on Yield VanEck Vectors TM High Income Infrastructure MLP ETF (YMLI) VanEck Vectors TM High Income MLP ETF (YMLP) ETF disclosure This material
More informationNASDAQ-100 INDEX METHODOLOGY. December 2015
NASDAQ-100 INDEX METHODOLOGY December 2015 TABLE OF CONTENTS 1. INTRODUCTION The NASDAQ-100 Index includes 100 of the largest non-financial companies listed on The Nasdaq Stock Market, based on market
More informationMSCI Global Minimum Volatility Indices Methodology
MSCI Global Minimum Volatility Indices Methodology Table of Contents Section 1: Introduction... 3 Section 2: Characteristics of MSCI Minimum Volatility Indices... 3 Section 3: Constructing the MSCI Minimum
More informationPreferred Shares 1: INTRODUCTION TO PREFERRED STOCKS. 1.1 What Are Preferred Stocks?
October 2015 CONTRIBUTORS Phillip Brzenk, CFA Associate Director Global Research and Design phillip.brzenk@spdji.com Aye Soe, CFA Senior Director Global Research and Design aye.soe@spdji.com Digging Deeper
More information9 Questions Every ETF Investor Should Ask Before Investing
9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,
More information2:4 Letter to client regarding choice between LLC and S corporation
2:4 Letter to client regarding choice between LLC and S corporation Dear [Client]: I understand that you are interested in creating a new business entity for a [type of business] business. This letter
More informationMSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY
INDEX METHODOLOGY MSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY Index Construction Objectives, Guiding Principles and Methodology for the MSCI Global Investable Market Indexes June 2016 JUNE 2016 CONTENTS
More informationHead Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders. Exchange-Traded Fund Symbol CUSIP #
Information Circular: Russell ETFs To: From: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications Department
More informationExchange Listed Funds Trust. Prospectus. August 28, 2015
Exchange Listed Funds Trust Prospectus August 28, 2015 Horizons S&P 500 Covered Call ETF Ticker Symbol: HSPX Horizons S&P Energy Select Sector Covered Call ETF Ticker Symbol: HENG Principal Listing Exchange
More informationMarket Reclassification Implementation Q&A
Market Reclassification Implementation Q&A On June 11, 2013 MSCI announced the results of the 2013 Annual Market Classification Review. The purpose of this document is to address commonly asked questions
More informationAccelerated Return Notes Linked to the S&P 500 Index
Preliminary Term Sheet ARN-22 (To the Prospectus dated March 23, 2012, the Prospectus Supplement dated March 23, 2012, and the Product Supplement EQUITY INDICES ARN-2 dated February 27, 2014) Subject to
More informationS&P LTVC Global Index Methodology
S&P LTVC Global Index Methodology S&P Dow Jones Indices: Index Methodology January 2016 Table of Contents Introduction 3 Index Construction 4 Index Universe 4 Constituent Selection 5 Index Maintenance
More informationINFORMATION CIRCULAR: DIREXION SHARES ETF TRUST
INFORMATION CIRCULAR: DIREXION SHARES ETF TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications
More informationFor Managing the. Hang Seng Index. Jun 2016 Version 1.4
For Managing the Hang Seng Index Jun 2016 Version 1.4 Amendment History Date Description 1.0 September 2011 First Issue 1.1 November 2013 Updated description of index universe in Section 3 - Constituent
More informationA smoother path to US equity income?
A smoother path to US equity income? Introducing the benefits of low volatility dividend strategies and the new PowerShares S&P 500 High Dividend Low Volatility UCITS ETF June 2015 This document is directed
More informationAdvisorShares-Madrona Forward Domestic; Madrona Forward International; and Madrona Forward Global Bond ETF s
Date: June 22, 2011 BZX Information Circular 11-078 BYX Information Circular 11-078 Re: AdvisorShares-Madrona Forward Domestic; Madrona Forward International; and Madrona Forward Global Bond ETF s Pursuant
More informationdb x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus
db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers S&P 500 UCITS ETF (DR) (the Fund ), a sub-fund of Concept Fund Solutions
More informationPractice Essentials. Index-Linked Insurance Products 201 THE S&P MIDCAP 400 AND ITS ROLE IN INDEXED INSURANCE PRODUCTS
Index-Linked Insurance Products 201 Practice Essentials THE S&P MIDCAP 400 AND ITS ROLE IN INDEXED INSURANCE PRODUCTS S&P Indices licenses insurance carriers to use the S&P 500 and the S&P MidCap 400 within
More informationDJSI Diversified Family
DJSI Diversified Family RobecoSAM DJSI Diversified Family 06/2015 RobecoSAM AG www.sustainability-indices.com www.robecosam.com Investment Rationale The Dow Jones Sustainability Diversified Indices (DJSI
More information2016 Summary Prospectus
March 1, 2016 Global X Permanent ETF NYSE Arca, Inc: PERM 2016 Summary Prospectus Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its
More informationPureFunds TM ISE Big Data ETF Trading Symbol: BDAT Listed on NYSE Arca. Summary Prospectus January 31, 2016. www.pureetfs.com
PureFunds TM ISE Big Data ETF Trading Symbol: BDAT Listed on NYSE Arca Summary Prospectus January 31, 2016 www.pureetfs.com Before you invest, you may want to review the PureFunds TM ISE Big Data ETF s
More informationClient Education. Learn About Exchange-Traded Funds
Client Education Learn About Exchange-Traded Funds 2 What is an ETF? 6 How do ETFs work? 12 How do ETFs compare with other investments? 2 Exchange-traded funds, or ETFs, are attracting more and more attention
More informationConsiderations for a Global Approach to Property Investing
CONTRIBUTORS Emily Ulrich Analyst emily.ulrich@spdji.com Michael Orzano, CFA Director Global Equity Indices michael.orzano@spdji.com Philip Murphy, CFA Vice President North American Equities philip.murphy@spdji.com
More informationPROSHARES S&P 500 EX-FINANCIALS ETF
SUMMARY PROSPECTUS SEPTEMBER 17, 2015 SPXN PROSHARES S&P 500 EX-FINANCIALS ETF SPXN LISTED ON NYSE ARCA This Summary Prospectus is designed to provide investors with key fund information in a clear and
More informationETF Basics: An Introduction to ishares Exchange Traded Funds
ETF Basics: An Introduction to ishares Exchange Traded Funds Agenda Growth of ETFs and Barclays Global Investors The engine of ETFs Unique benefits of ETFs and ishares Low cost Tax efficiency Transparency
More informationPRESS RELEASE. Home Prices Continue Upward Trend According to the S&P/Case-Shiller Home Price Indices
Home Prices Continue Upward Trend According to the S&P/Case-Shiller Home Price Indices New York, August 25, 2015 today released the latest results for the S&P/Case-Shiller Home Price Indices, the leading
More informationDow Jones Titans Indices Methodology
Dow Jones Titans Indices Methodology March 2014 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 4 Highlights and Index Family 4 Eligibility Criteria and Index Construction 7 Dow
More information877 314 2255 usaa.com. April 1, 2015
USAA Investment Management Company USAA Managed Portfolios UMP program (Appendix 1) 9800 Fredericksburg Road San Antonio, TX 78288 0227 877 314 2255 usaa.com April 1, 2015 This wrap fee program brochure
More informationSPDR Wells Fargo Preferred Stock ETF
SPDR Wells Fargo Preferred Stock ETF Summary Prospectus-October 31, 2015 PSK (NYSE Ticker) Before you invest in the SPDR Wells Fargo Preferred Stock ETF (the Fund ), you may want to review the Fund's prospectus
More informationGoldman Sachs ActiveBeta Equity Indexes Methodology
GOLDMAN SACHS ASSET MANAGEMENT Goldman Sachs ActiveBeta Equity Indexes Methodology Last updated 14 August 2015 Table of Contents I. Introduction... 1 A. Index Overview... 1 B. Index Details... 1 II. Index
More information9 Questions Every ETF Investor Should Ask Before Investing
9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,
More informationTarget Date Versus Relative Risk: A Comparison of 2 Retirement Strategies
Versus Relative Risk: A Comparison of 2 Retirement Strategies MARCH 2014 CONTRIBUTOR Peter Tsui Director, Index Research & Design peter.tsui@spdji.com Target date funds have grown significantly over the
More informationS&P GSCI Crude Oil Enhanced Index Methodology Supplement
S&P GSCI Crude Oil Enhanced Index Methodology Supplement S&P Dow Jones Indices: Index Methodology August 2015 S&P GSCI Crude Oil Enhanced Index S&P GSCI Crude Oil Enhanced Index Methodology Supplement
More informationSPDR S&P North American Natural Resources ETF
SPDR S&P North American Natural Resources ETF Summary Prospectus-December 15, 2015 NANR (NYSE Ticker) Before you invest in the SPDR S&P North American Natural Resources ETF (the Fund ), you may want to
More informationThe Advisors Inner Circle Fund. Westwood LargeCap Value Fund. Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX
The Advisors Inner Circle Fund Westwood LargeCap Value Fund Summary Prospectus March 1, 2015 Ticker: Institutional Shares WHGLX Before you invest, you may want to review the Fund s complete prospectus,
More informationMSCI Core Infrastructure Indexes Methodology
Index Methodology MSCI Core Infrastructure Indexes Methodology January 2015 msci.com Contents 1 Introduction... 3 2 Constructing MSCI Core Infrastructure Indexes... 3 2.1 Country and Constituent Selection...
More informationNew UK Premium and Standard Listing Regime.
March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed
More informationNine Questions Every ETF Investor Should Ask Before Investing
Nine Questions Every ETF Investor Should Ask Before Investing UnderstandETFs.org Copyright 2012 by the Investment Company Institute. All rights reserved. ICI permits use of this publication in any way,
More informationPart 2A Appendix 1 of Form ADV Wrap Fee Program Brochure
Part 2A Appendix 1 of Form ADV Wrap Fee Program Brochure D.A. Davidson & Co. 8 Third Street North Great Falls, MT 59401 406 727 4200 www.dadavidson.com May 16, 2016 This wrap fee program brochure provides
More informationUnderstanding and Dealing with Unsponsored ADR Programs
Capital Markets November 2008 Understanding and Dealing with Unsponsored ADR Programs There have been recent changes to United States securities regulations, thereby allowing U.S. investors to trade in
More informationUNDERSTANDING CLOSED-END FUNDS
Lessons in Investing for Income UNDERSTANDING CLOSED-END FUNDS Income is one of investors most common goals but one not easily achieved, especially in today s low-yielding environment. That s why investors
More informationBZX Information Circular 15-162 EDGA Information Circular 15-162 BYX Information Circular 15-162 EDGX Information Circular 15-162
BZX Information Circular 15-162 EDGA Information Circular 15-162 BYX Information Circular 15-162 EDGX Information Circular 15-162 Date: December 7, 2015 Re: SPDR Russell 1000 Focus ETFs Pursuant to the
More information