Index Definitions

Bloomberg Barclays Aggregate Bond Index

is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. The index includes US Treasury Securities (non TIPS), Government agency bonds, Mortgage backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S.

Bloomberg Barclays U.S. Intermediate Credit Index

The Index is the intermediate component of the Bloomberg Barclays U.S. Credit Index. The Bloomberg Barclays U.S. Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable, corporate and government – related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals, and local authorities.

BofA Merrill Lynch U.S. High Yield Master II Index

tracks the performance of below investment grade, but not in default, US dollar-denominated corporate bonds publicly issued in the US domestic market.

CBOE Russell 2000 PutWrite Index (PUTR)

is designed to track the performance of a hypothetical strategy that sells a monthly at-the-money (ATM) Russell 2000 Index put option.

CBOE Russell 2000 Volatility Index (RVX)

is a key measure of market expectations of near-term volatility conveyed by Russell 2000® Index (RUT) option prices. 

CDX Indexes

track North American and emerging market credit derivative indexes.

Commodity Research Bureau (CRB) Index

measures the overall direction of commodity sectors. The CRB was designed to isolate and reveal the directional movement of prices in overall commodity trades.

Dow Jones Industrial Average (DJIA)

is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the NASDAQ. The DJIA was invented by Charles Dow back in 1896.

HFRI Equity Hedge Index

Investment Managers who maintain positions both long and short in primarily equity and equity derivative securities.

HFRX Fixed Income – Credit Index

HFRX Fixed Income – Credit Index includes strategies with exposure to credit across a broad continuum of credit sub-strategies, including Corporate, Sovereign, Distressed, Convertible, Asset Backed, Capital Structure Arbitrage, Multi-Strategy and other Relative Value and Event Driven sub-strategies.

HFRX Global Hedge Fund Index

The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage.

LIBOR

stands for London Interbank Offered Rate. It’s an index that is used to set the cost of various variable-rate loans.

Markit’s North American High Yield CDX Index

is composed of one hundred (100) liquid North American entities with high yield credit ratings that trade in the CDS (credit default swap) market.

MSCI All Country World ex U.S. Growth Index

is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. It includes companies with higher price-to-book ratios and higher forecasted growth values.

MSCI All Country World ex U.S. Index

is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States.

MSCI All Country World ex U.S. Value Index

is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. It includes companies with lower price-to-book ratios and lower forecasted growth values.

MSCI EAFE Index

measures the performance of all of the publicly traded stocks in 22 developed non-U.S. markets.

MSCI EAFE Growth Index

captures large and mid-cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the US and Canada. With 545 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index.

MSCI EAFE Value Index

captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. With 482 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index.

MSCI Emerging Markets Index

measures the equity market performance of 21 emerging market countries.

MSCI Emerging Markets Growth Index

captures large and mid-cap securities exhibiting overall growth style characteristics across 23 Emerging Markets countries. With 457 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI Emerging Markets Index.

MSCI Emerging Markets Value Index

captures large and mid-cap securities exhibiting overall value style characteristics across 23 Emerging Markets countries. With 488 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI Emerging Markets Index.

MSCI World ex U.S. Index

is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States.

MSCI World Growth Index

captures large and mid-cap securities exhibiting overall growth style characteristics across 23 Developed Markets countries.

MSCI World Value Index

captures large and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets countries. With 848 constituents, the index targets 50% coverage of the free float-adjusted market capitalization of the MSCI World Index.

Morningstar Category Average

Each Morningstar Category Average is representative of funds with similar investment objectives.

Nikkei Index

is a price-weighted index comprised of Japan’s top 225 blue-chip companies on the Tokyo Stock Exchange.

Personal Consumption Expenditures (PCE)

is a measure of price changes in consumer goods and services. Personal consumption expenditures consist of the actual and imputed expenditures of households; the measure includes data pertaining to durables, non-durables and services. It is essentially a measure of goods and services targeted toward individuals and consumed by individuals.

Philadelphia Oil Service Sector Index

is a benchmark index used in the oil industry that was created by the Philadelphia Stock Exchange (PHLX), where it trades. It is composed of the common stocks of 15 companies that provide oil drilling and production services, oil field equipment, support services, and geophysical/reservoir services.

Russell 1000 Index

measures the performance of the 1,000 largest companies in Russell 3000 Index.

Russell 1000 Growth Index

measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000 Value Index

measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index measures the performance of large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000 Growth Index

measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values.

Russell 2000 Index

measures the performance of the 2,000 smallest companies in the Russell 3000 Index.

Russell 2000 Value Index

measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2500™ Index

measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.

Russell 2500 Growth Index

measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 3000 Index

measures the performance of the 3,000 largest U.S. companies as measured by total market capitalization, and represents about 98% of the U.S. stock market.

Russell 3000 Value Index

is a broad based index that measures the performance of those companies within the 3,000 largest U.S. companies, based on total market capitalization, that have lower price-to-book ratios and lower forecasted growth rates.

S&P 500 Index

consists of 500 stocks that represent a sample of the leading companies in leading industries. This index is widely regarded as the standard for measuring large-cap U.S. stock market performance.

SG CTA Index

The SG CTA Index is an index published by Société Générale that is designed to reflect the performance of a pool of Commodity Trading Advisor (CTAs) selected from larger managers that employ systematic managed futures strategies. The index is reconstituted annually.

SIG Oil Exploration & Production Index

is designed to track the performance of a set of companies that own, lease, and operate oil and natural gas facilities.

SOX Index: (Philadelphia Semiconductor Index)

is a price-weighted index composed of 18 U.S. semiconductor companies primarily involved in the design, distribution, manufacture, and sale of semiconductors.

Tracking Error

is a divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark.

VIX

is a trademarked ticker symbol for the Chicago Board Options Exchange Market Volatility Index, a popular measure of the implied volatility of S&P 500 index options. Often referred to as the fear index or the fear gauge, it represents one measure of the market’s expectation of stock market volatility over the next 30 day period.

Wisdom Tree ETF

is one of the 20 exchange traded funds introduced by WisdomTree Investments on the NYSE in 2006. All of Wisdom Tree ETF’s track dividend producing indexes and use a fundamental weighting approach as opposed to the more traditional market capitalization weighting.

Indices are unmanaged, do not incur fees, and cannot be invested in directly.