Guide to the Dow Jones Global Titans 50 Index SM

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1 Guide to the Dow Jones Global Titans 50 Index SM

2 Contents 01. Introduction Key Features Base Date and Value Index Formula Dividend Treatment Weighting Real-Time Index Series Global Closing Index Value Distribution Channels Currency Rates Computational Precision Index Construction Defining the Index Universe Initial Component Selection Periodic Review Index Composition Quarterly Update of the Weightings Monthly Selection Lists Ongoing Review Index Composition Adjustments Divisor Adjustments Changes to Weightings Data Correction Policy

3 01. Introduction The Dow Jones Global Titans 50 Index SM (DJGT) is a 50-stock index that reflects the market performance of the world s leading multinational companies. Stocks are selected from the Dow Jones Global Index SM, a broad market benchmark that covers 51 countries. Criteria for DJGT stock selection include float-adjusted market capitalization, sales/revenue and net income. The index is calculated in both U.S. dollars and Euros. 02. Key Features 2.1 Base Date and Value Calculation of the Dow Jones Global Titans 50 Index SM began on July 14, Real index history is available daily from this date forward. Back-tested historical data have been calculated daily back to December 31, 1991, the date at which the index base value is set at Index Formula The DJGT is calculated using Laspeyres s formula. A detailed explanation of the formula is provided in section 8.2 of Guide to the Dow Jones Global Indexes. 2.3 Dividend Treatment The DJGT is calculated in both price-return and total-return forms in U.S. dollars and Euros. The total-return version accounts for all dividend payments, net of withholding taxes.the current withholding tax rates used by Dow Jones Indexes are posted on our Web site at Dividend payments are not taken into account in the price-return index. Only extraordinary and special cash dividends are included in the pricereturn index. 2.4 Weighting The DJGT is weighted by float-adjusted market capitalization, rather than full market capitalization, to reflect the actual number of shares available to investors. The weighting of each component is capped at 10% of the index s total float-adjusted market capitalization. Details on how float factors are calculated are provided in section 7 of Guide to the Dow Jones Global Indexes. 2.5 Real-Time Index Series Dow Jones Indexes calculates and disseminates the DJGT over a 24-hour dissemination period. The index values are disseminated in both U.S. dollars and Euros with real-time currency conversion. During the time in which a component s primary exchange is open, the price used for intraday index calculation is the stock s latest traded price on that exchange. 2.6 Global Closing Index Value The global closing index value is calculated based on each component stock s last traded price at the close of trading on its primary market during that day s index dissemination period. The value is calculated in both U.S. dollars and Euros using the WM closing spot rates as reported by Reuters. Index Adjustments All index adjustments are based on the global closing index and use the closing price from the home market as the basis for adjustment. If a stock does not trade on a given day, then the previous day s closing price on its home market is used as the current day s closing price in calculating the global closing index value. If a corporate action becomes effective that day, then the adjusted closing price for the previous day is used to determine the effect of the corporate action on the global index. Dissemination Schedule The global closing index value (ticker symbol DJGT) is disseminated at 5:30 p.m. New York Time. 2.7 Distribution Channels Real-time and global closing index values are disseminated via major data vendors and are available at Data vendors also carry each stock s official opening price and the index intraday highs and lows. 2.8 Currency Rates Index values are calculated in U.S. dollars and Euros. During trading hours, all stock prices are converted based on the latest available currency rates quoted by Reuters. Intraday prices are calculated using the midprice between the last bid and the last ask for the appropriate currency. Global closing values are determined using the WM closing spot rates as reported by Reuters. 2.9 Computational Precision Index values are available with six decimal precision (note: index values displayed by vendors are rounded to two decimal places). Index divisors are available with up to ten decimal places. Additional precision for index levels and divisors may be maintained internally for index adjustment purposes. Any values derived by the index calculation engine from a corporate action used for the divisor adjustments and index computations are rounded to six decimal places. 3.

4 03. Index Construction 3.1 Defining the Index Universe The DJGT universe consists of all the components of the Dow Jones Global Index SM. Detail on the construction and review of the Dow Jones Global Index SM is provided in sections 4 and 5 of Guide to the Dow Jones Global Indexes. 3.2 Initial Component Selection a) If a company has more than one class of shares in the index universe, then only the most liquid class is eligible. b) If a company does not generate revenue from foreign markets, it is ineligible. c) For countries with significant barriers to direct foreign investment, Dow Jones Indexes may opt to include Depository Receipts (DRs) or other types of offshore listings in the index. d) A selection list is defined as the largest 100 companies in the index universe by float-adjusted market capitalization. e) Companies on the selection list are ranked by each of the following: Float-adjusted market capitalization Sales/revenue Net income f ) For each company, a final rank is calculated by weighting the float-adjusted market capitalization rank at 60%, the sales/ revenue rank at 20% and the net income rank at 20%. g) The top 50 stocks by final rank are selected as index components. 04. Periodic Review 4.1 Index Composition The index composition is reviewed annually, based on the free-float market capitalization of the stocks in the Dow Jones Global Index SM. Component changes resulting from the annual review are announced approximately 10 business days prior to the third Friday of September and are implemented following the close of trading on the third Friday of that same month. Final constituent changes resulting from the periodic review of shares outstanding, float factors and weighting cap factors will be announced on the second Friday of March, June, September and December. Each annual review proceeds as follows: a) Repeated are steps 3.1 and 3.2 (a-c) of the index construction process. b) A selection list is defined as the 50 current component stocks plus the 50 largest noncomponent stocks by float-adjusted market capitalization. c) Companies on the selection list are ranked by each of the following: Float-adjusted market capitalization Sales/revenue Net income d) For each company, a final rank is calculated by weighting the float-adjusted market capitalization rank at 60%, the sales/revenue rank at 20% and the net income rank at 20%. e ) The component list is finalized based on the following buffer rules: If a noncomponent is ranked among the top 30 stocks on the selection list, it replaces the lowest-ranked component in the index. If a component is not ranked among the top 70 stocks on the selection list, it is replaced by the highest ranked noncomponent on the selection list. 4.2 Quarterly Update of the Weightings Float factors and shares outstanding for the stocks in the Dow Jones Global Titans 50 Index SM are reviewed quarterly on the third Friday of March, June, September and December. At each quarterly update component weights are capped at 10% of the total float-adjusted market capitalization of the index. If the weight of a component is more than 10%, it is reduced to 10% by a weighting cap factor. 4.3 Monthly Selection Lists A selection list for the DJGT is published at the beginning of every month to indicate possible changes in the composition of the index at the next annual review. The selection list is also used to determine a replacement company in the event of a merger or if a component becomes ineligible. The list is generated by applying the procedures used in the annual index review. 4.

5 05. Ongoing Review In addition to the periodic reviews, the DJGT is continually reviewed for changes to the index composition necessitated by extraordinary corporate actions e.g. mergers, takeovers, spinoffs, delistings and bankruptcy filings involving component companies. 5.1 Index Composition Adjustments Changes Due to Initial Public Offerings An initial public offering (IPO) becomes eligible for inclusion in the DJGT at the next annual review. It will replace the smallest component in the index if it meets the following criteria: It is a component of the Dow Jones Global Index SM It qualifies for the DJGT selection list It is among the top 30 companies on the selection list An IPO company may be included on the monthly selection list and can be used as a replacement company if it meets index eligibility criteria Changes Due to Spinoffs If an index component splits or spins off a portion of its business to form one or more new companies, all of the companies involved in the spinoff will be evaluated for index eligibility. If the larger of the parent company or its spinoff would be among the top 70 companies on the Index selection list, that company takes the place of the pre-spinoff company in the index. Otherwise, the original component is replaced by the largest noncomponent on the selection list Changes Due to Mergers & Takeovers Component & Component If the surviving company meets the selection criteria for the DJGT, then it will replace one of the two components. The other original component will be replaced by the highest ranked noncomponent on the selection list. If the surviving company does not meet the selection criteria for the DJGT, then the two original components will be replaced by the two highest ranked noncomponents on the selection list. Component & Noncomponent If the surviving company meets the selection criteria for the DJGT, then it replaces the original component. If the surviving company does not meet the selection criteria for the DJGT, then the original component is replaced by the highest ranked noncomponent on the selection list. The changes to the composition of the DJGT due to a merger or takeover are effective immediately; i.e. on the same day the corporate action becomes effective (following a minimum notification period of two trading days) Extraordinary Component Removal Component stocks with a market capitalization rank greater than 200 on the monthly selection list will be removed from the DJGT. Dow Jones Indexes will announce these changes at least two business days prior to the implementation date. The company will be replaced by the highest-ranking noncomponent on the monthly selection list Early Component Exit at the Quarterly Rebalance Component stocks with a market capitalization rank greater than 120 on the monthly selection list for two consecutive months will be removed from the DJGT. These changes will be implemented at the quarterly rebalance dates in March, September and December. Dow Jones Indexes will announce these changes at least five business days prior to the implementation date. The company will be replaced by the highest-ranking noncomponent on the monthly selection list. 5.2 Divisor Adjustments The DJGT divisor is adjusted as needed to maintain the continuity of the index and to prevent distortions due to corporate actions affecting the market capitalization of index components. These corporate actions include changes in index composition due to the addition, deletion or replacement of companies, as well as changes of more than 10% in a component s number of float-adjusted shares. Other corporate actions requiring divisor adjustments include: mergers, takeovers, spinoffs, rights offerings, share repurchases, public offerings, return of capital distributions, special cash/stock distributions in another stock. The formula for divisor adjustments and detail on the impact of corporate actions are provided in section of Guide to the Dow Jones Global Indexes. 5.3 Changes to Weightings If, due to an extraordinary corporate action, the number of float adjusted shares outstanding for an index component changes by less than 10% or if the changes occur over a prolonged period, the new number of shares outstanding and float factor will become effective at the next quarterly shares outstanding update. 5.

6 06. Data Correction Policy To maintain a high standard of data integrity, a series of procedures have been implemented to ensure accuracy, timeliness and consistency. Input prices are monitored using a variety of computerized range-check warning systems for both ticker-plant and real-time index systems. Fault tolerant methods are employed in the collection of market and corporate action data. Various verification and audit tasks are performed to ensure the quality of the real-time data feeds and related market data. While significant efforts are taken to ensure the accuracy of the information used for the index calculation, an index error may occur due to incorrect or missing data, including trading prices, exchange rates, shares outstanding and corporate actions, operational errors or other reasons. 6.

7 For more information on the Dow Jones Global Titans 50 Index SM, or call Americas ; Asia ; Europe Learn more at All information as of April CME Group Index Services LLC All rights reserved. Dow Jones Indexes is a licensed trademark of CME Group Index Services LLC ( CME Indexes ). Dow Jones, Dow Jones Indexes, DJ, Dow Jones Global Titans 50 Index and all other index names listed above are service marks of Dow Jones Trademark Holdings, LLC ( Dow Jones ) and CME Group Index Holdings LLC, as the case may be, and the Dow Jones service marks have been licensed for use by CME Indexes. CME is a trademark of Chicago Mercantile Exchange Inc. All other trademarks and service marks are the property of their respective owners. Investment products based on the Dow Jones Global Titans 50 Index are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes or their respective affiliates and none of Dow Jones, CME Indexes or any of their respective affiliates make any representation regarding the advisability of investing in such products. Inclusion of a company in any of the indexes in these materials does not in any way reflect an opinion of Dow Jones, CME Indexes or any of their respective affiliates on the investment merits of such company. None of Dow Jones, CME Indexes or any of their respective affiliates is providing investment advice in connection with these indexes. All information in these materials is provided as is. CME Indexes, Dow Jones and their respective affiliates do not make any representation regarding the accuracy or completeness of these materials, the content of which may change without notice, and each of CME Indexes, Dow Jones and their respective affiliates disclaim liability related to these materials. RULE-ETF

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