Sentences with phrase «ftse emerging markets index»

The annual expense ratio on the Vanguard FTSE Emerging Markets Index ETF (NYSEArca: VWO) and on seven other Vanguard ETFs dropped today, a function of asset growth in the past year that improved economies of scale and triggered the decline for Vanguard, a mutually owned fund company that runs all its funds at cost.

The iShares MSCI Emerging Markets IMI ETF (XEC) covers large, mid, and small company stocks, while the Vanguard FTSE Emerging Markets Index ETF (VEE) covers large and mid companies.

This ETF tracks the performance of the FTSE Emerging Markets index which is a market capitalization - weighted index, which basically means larger companies in the index (and consequently, the ETF) will carry more weight in terms of representation and returns.

In March, the Tadawul's progress received a timely boost to its preparations as the country's stock market received approval to join the benchmark FTSE Emerging Markets index.

Not exact matches

IEMG follows the same MSCI index as our benchmark and so it counts South Korea as an emerging market, in contrast to FTSE - based funds such as VWO.

The widely followed MSCI Emerging Markets Index is up 33 percent this year, and two emerging markets exchange traded funds — the iShares Core MSCI Emerging Markets ETF (NYSE: IEMG) and the Vanguard FTSE Emerging Markets ETF (NYSE:Emerging Markets Index is up 33 percent this year, and two emerging markets exchange traded funds — the iShares Core MSCI Emerging Markets ETF (NYSE: IEMG) and the Vanguard FTSE Emerging Markets ETF (NYSE: Markets Index is up 33 percent this year, and two emerging markets exchange traded funds — the iShares Core MSCI Emerging Markets ETF (NYSE: IEMG) and the Vanguard FTSE Emerging Markets ETF (NYSE:emerging markets exchange traded funds — the iShares Core MSCI Emerging Markets ETF (NYSE: IEMG) and the Vanguard FTSE Emerging Markets ETF (NYSE: markets exchange traded funds — the iShares Core MSCI Emerging Markets ETF (NYSE: IEMG) and the Vanguard FTSE Emerging Markets ETF (NYSE:Emerging Markets ETF (NYSE: IEMG) and the Vanguard FTSE Emerging Markets ETF (NYSE: Markets ETF (NYSE: IEMG) and the Vanguard FTSE Emerging Markets ETF (NYSE:Emerging Markets ETF (NYSE: Markets ETF (NYSE: VWO)...

Last month, FTSE Russell said it would include China's domestic stocks in its indexes of shares in emerging markets.

The Vanguard website says that the FTSE All - World Ex-US Index tracks the performance of approximately 2,200 stocks in developed and emerging markets excluding the U.S..

iShares MSCI Emerging Markets Index Fund EEM 3 for 1 iShares MSCI Pacific ex-Japan Index Fund EPP 3 for 1 iShares MSCI South Africa Fund EZA 2 for 1 iShares MSCI EMU Index Fund EZU 2 for 1 iShares FTSE / Xinhua China 25 Index Fund FXI 3 for 1 iShares S&P Europe 350 Index Fund IEV 2 for 1 iShares S&P North American Natural Resources IGE 3 for 1 iShares S&P SmallCap 600 Growth Index Fund IJT 2 for 1 iShares S&P Latin America 40 Index Fund ILF 5 for 1 iShares S&P 1500 Index Fund ISI 2 for 1 iShares S&P / TOPIX 150 Index Fund ITF 2 for 1 iShares Russell Midcap Growth Index Fund IWP 2 for 1 iShares Russell Midcap Value Index Fund IWS 3 for 1 iShares S&P Global Energy Sector Index Fund IXC 3 for 1 iShares Dow Jones Energy Sector Fund IYE 3 for 1 iShares Silver Trust SLV 10 for 1

The Manager will select an Emerging Markets Benchmark Index such as the MSCI Emerging Markets Index, the FTSE RAFI Emerging Index or another widely recognized emerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder aEmerging Markets Benchmark Index such as the MSCI Emerging Markets Index, the FTSE RAFI Emerging Index or another widely recognized emerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder apMarkets Benchmark Index such as the MSCI Emerging Markets Index, the FTSE RAFI Emerging Index or another widely recognized emerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder apprIndex such as the MSCI Emerging Markets Index, the FTSE RAFI Emerging Index or another widely recognized emerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder aEmerging Markets Index, the FTSE RAFI Emerging Index or another widely recognized emerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder apMarkets Index, the FTSE RAFI Emerging Index or another widely recognized emerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder apprIndex, the FTSE RAFI Emerging Index or another widely recognized emerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder aEmerging Index or another widely recognized emerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder apprIndex or another widely recognized emerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder aemerging markets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder apmarkets index in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder apprindex in order to provide such exposure and may change the Emerging Markets Benchmark Index in its discretion without unitholder aEmerging Markets Benchmark Index in its discretion without unitholder apMarkets Benchmark Index in its discretion without unitholder apprIndex in its discretion without unitholder approval.

Vanguard FTSE All - World ex-US ETF (VEU): tracks the FTSE All - World ex US Index, which includes approximately 2,200 stocks of companies in 47 countries, from both developed and emerging markets around the world.

Between January and April of this year, Vanguard Canada's emerging markets equity, Canadian equity, and international equity ETFs all got new indexes created by FTSE.

The index: The fund tracks the FTSE All - World ex Canada Index, which includes «primarily large - and mid-capitalization stocks of companies located in developed and emerging markets, excluding Canada.&rindex: The fund tracks the FTSE All - World ex Canada Index, which includes «primarily large - and mid-capitalization stocks of companies located in developed and emerging markets, excluding Canada.&rIndex, which includes «primarily large - and mid-capitalization stocks of companies located in developed and emerging markets, excluding Canada.»

The ETF tracks the FTSE All World Index, which in turn tracks the performance of about 2,700 stocks in the U.S., Europe, Pacific, Emerging Markets and Canada.

The oldest EM balanced fund, the closed - end First Trust Aberdeen Emerging Opportunities Fund (FEO), reports that from 2006 - 2014 a blended benchmark returned 6.9 % annually while the FTSE All World Emerging Market Equity Index returned 5.9 %.

Small typo in last paragraph: «Though the FTSE Developed Markets ex North America Index has outperformed the MSCI Emerging Markets Index over the past 10 years»...

Emre Akcakmak, Portfolio Adviser at emerging and frontier markets manager East Capital, comments on the implications of Saudi Arabia's inclusion in the FTSE Russell EM Index...

One of the reasons for the substantial return differential in some years could probably be attributed to the classification of South Korea, which has a 15.4 % weighting in the MSCI Emerging Markets Index as a developed country in the FTSE indexes.

Let's consider the case of VWO, which currently tracks the MSCI Emerging Markets Index and will start tracking the FTSE Emerging Index.

VANGUARD FTSE EMERGING MARKETS ETF $ 37.04 (New York symbol VWO; buy or sell through brokers) aims to track the Financial Times Stock Exchange (FTSE) Emerging MarketEMERGING MARKETS ETF $ 37.04 (New York symbol VWO; buy or sell through brokers) aims to track the Financial Times Stock Exchange (FTSE) Emerging MarketsMARKETS ETF $ 37.04 (New York symbol VWO; buy or sell through brokers) aims to track the Financial Times Stock Exchange (FTSE) Emerging MarketEmerging MarketsMarkets Index.

A blend of 50 % Vanguard Large - Cap (VV), 40 % Vanguard FTSE Developed Markets (VEA) and 10 % Vanguard FTSE Emerging Markets (VWO) would roughly match the global market capitalization outside Canada and the number of stocks in the new index.

As you might expect, our forward - looking return expectations for the FTSE RAFI Emerging Markets Index — and its derivations — remain significantly higher than our forecasts for the cap - weighted MSCI EM Index.

Some examples of indices are S&P / TSX Composite Index, S&P 500, FTSE TMX Canada Universe Bond Index, MSCI Emerging Markets Index, etc..

Today, the FTSE RAFI ™ Emerging Markets Index trades at a Shiller P / E ratio of 9.9 x, and that's after a 32 % rebound since January and over 21 % outperformance versus the MSCI EM Index!

The new ETFs will be market cap - weighted and benchmarked to country and regional indices from FTSE Russell, leveraging the global index provider's capabilities and expertise across developed and emerging markets.

Vanguard has successfully employed transition benchmarks in the past to execute benchmark changes including the 2016 transition of the Vanguard Emerging Markets Stock Index Fund to the FTSE Emerging Markets All Cap China A Inclusion Index, and Vanguard Developed Markets Index Fund's 2015 changes to the FTSE Developed All Cap ex US Index benchmark.

CONSIDER HAVING SOME EXPOSURE TO EMERGING MARKETS STOCKS Actively Managed: Rowe Price Emerging Markets Stock Fund (PRMSX) Passively managed: Vanguard Emerging Markets Stock Index Fund (VEIEX) Vanguard FTSE Emerging Markets ETF (VWO) Watch the related WEALTHTRACK EMERGING MARKETS STOCKS Actively Managed: Rowe Price Emerging Markets Stock Fund (PRMSX) Passively managed: Vanguard Emerging Markets Stock Index Fund (VEIEX) Vanguard FTSE Emerging Markets ETF (VWO) Watch the related WEALTHTRACK eMARKETS STOCKS Actively Managed: Rowe Price Emerging Markets Stock Fund (PRMSX) Passively managed: Vanguard Emerging Markets Stock Index Fund (VEIEX) Vanguard FTSE Emerging Markets ETF (VWO) Watch the related WEALTHTRACK Emerging Markets Stock Fund (PRMSX) Passively managed: Vanguard Emerging Markets Stock Index Fund (VEIEX) Vanguard FTSE Emerging Markets ETF (VWO) Watch the related WEALTHTRACK eMarkets Stock Fund (PRMSX) Passively managed: Vanguard Emerging Markets Stock Index Fund (VEIEX) Vanguard FTSE Emerging Markets ETF (VWO) Watch the related WEALTHTRACK Emerging Markets Stock Index Fund (VEIEX) Vanguard FTSE Emerging Markets ETF (VWO) Watch the related WEALTHTRACK eMarkets Stock Index Fund (VEIEX) Vanguard FTSE Emerging Markets ETF (VWO) Watch the related WEALTHTRACK Emerging Markets ETF (VWO) Watch the related WEALTHTRACK eMarkets ETF (VWO) Watch the related WEALTHTRACK episode.

Another example is a recent switch of the Vanguard Emerging Markets ETF's (VWO) underlying index from MSCI to FTSE, which caused all South Korean stocks to be removed from the fund.

The benchmark will eventually change to the FTSE Emerging Markets All Cap China A Inclusion Index by using a «transition index.&rIndex by using a «transition index.&rindex.»

As of September 30, 2015, the FTSE Emerging Markets All Cap China A Inclusion Index included 1,856 small - cap companies (11.3 % of the index) and 1,454 China A-shares (5.79 % of the inIndex included 1,856 small - cap companies (11.3 % of the index) and 1,454 China A-shares (5.79 % of the inindex) and 1,454 China A-shares (5.79 % of the indexindex).

Meitav Dash Investments Ltd Buys iShares Core S&P 500, PowerShares QQQ Trust Series 1, SPDR Select Sector Fund - Financial, Sells iShares MSCI Emerging Index Fund, Vanguard FTSE Emerging Markets, Gazit - Globe

Emerging markets delivered a (1.8) % loss in 2014, the FTSE 100 ended the year with a (2.7) % loss, while the AIM All - Share index suffered a disastrous (17.5) % loss.

The fund employs an indexing investment approach designed to track the performance of the FTSE Emerging Markets All Cap China A Inclusion Index, a market - capitalization - weighted index that is made up of approximately 4,032 common stocks of large -, mid -, and small - cap companies located in emerging markets around thEmerging Markets All Cap China A Inclusion Index, a market - capitalization - weighted index that is made up of approximately 4,032 common stocks of large -, mid -, and small - cap companies located in emerging markets around theMarkets All Cap China A Inclusion Index, a market - capitalization - weighted index that is made up of approximately 4,032 common stocks of large -, mid -, and small - cap companies located in emerging markets around the wIndex, a market - capitalization - weighted index that is made up of approximately 4,032 common stocks of large -, mid -, and small - cap companies located in emerging markets around the windex that is made up of approximately 4,032 common stocks of large -, mid -, and small - cap companies located in emerging markets around themerging markets around themarkets around the world.

This ETF tracks the FTSE RAFI Emerging Markets index.

The same holds true for commodities via the PowerShares DB Commodity Index Tracking ETF (NYSEARCA: DBC), Europe via the Vanguard FTSE Europe ETF (NYSEARCA: VGK) and emerging markets via the Vanguard FTSE Emerging Markets ETF (NYSEARCemerging markets via the Vanguard FTSE Emerging Markets ETF (NYSEARCAmarkets via the Vanguard FTSE Emerging Markets ETF (NYSEARCEmerging Markets ETF (NYSEARCAMarkets ETF (NYSEARCA: VWO).

1 Vanguard Consumer Discretionary ETF (VCR) 2 Vanguard Consumer Staples ETF (VDC) 3 Vanguard Dividend Appreciation ETF (VIG) 4 Vanguard Emerging Markets Stock ETF (VWO) 5 Vanguard Energy ETF (VDE) 6 Vanguard Europe Pacific ETF (VEA) 7 Vanguard European ETF (VGK) 8 Vanguard Extended Dur Trs Idx ETF (EDV) 9 Vanguard Extended Market Index ETF (VXF) 10 Vanguard Financials ETF (VFH) 11 Vanguard FTSE All - World ex-US ETF (VEU) 12 Vanguard FTSE All - Wld ex-US SmCp Idx ETF (VSS) 13 Vanguard Growth ETF (VUG) 14 Vanguard Health Care ETF (VHT) 15 Vanguard High Dividend Yield Indx ETF (VYM) 16 Vanguard Industrials ETF (VIS) 17 Vanguard Information Technology ETF (VGT) 18 Vanguard Intermediate - Term Bond ETF (BIV) 19 Vanguard Interm - Tm Corp Bd Idx ETF (VCIT) 20 Vanguard Interm - Tm Govt Bd Idx ETF (VGIT) 21 Vanguard Large Cap ETF (VV) 22 Vanguard Long - Term Bond Index ETF (BLV) 23 Vanguard Long - Term Corp Bond Idx ETF (VCLT) 24 Vanguard Long - Term Govt Bd Idx ETF (VGLT) 25 Vanguard Materials ETF (VAW) 26 Vanguard Mega Cap 300 Index ETF (MGC) 27 Vanguard Mega Cap 300 Gr Index ETF (MGK) 28 Vanguard Mega Cap 300 Value Index ETF (MGV) 29 Vanguard Mid Cap ETF (VO) 30 Vanguard Mid-Cap Growth ETF (VOT) 31 Vanguard Mid-Cap Value ETF (VOE) 32 Vanguard Mortgage - Backed Sec Idx ETF (VMBS) 33 Vanguard Pacific Stock ETF (VPL) 34 Vanguard REIT Index ETF (VNQ) 35 Vanguard Short - Term Bond ETF (BSV) 36 Vanguard Short - Term Corp Bd Idx ETF (VCSH) 37 Vanguard Short - Term Govt Bd Idx ETF (VGSH) 38 Vanguard Small Cap ETF (VB) 39 Vanguard Small Cap Growth ETF (VBK) 40 Vanguard Small Cap Value ETF (VBR) 41 Vanguard Telecom Services ETF (VOX) 42 Vanguard Total Bond Market ETF (BND) 43 Vanguard Total Stock Market ETF (VTI) 44 Vanguard Total World Stock Index ETF (VT).

VTIAX: ``... employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float - adjusted market - capitalization - weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United StIndex, a float - adjusted market - capitalization - weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United Stindex designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States.

What are your thoughts on the Vanguard FTSE Emerging Markets All Cap Index ETF (VEE) now holding exposure to China A-shares?

Since both requirements have been met, you could sell 5,000 shares of XEC and immediately purchase an equivalent amount of the Vanguard FTSE Emerging Index ETF (VEE) to realize the loss and maintain your exposure to emerging markets eEmerging Index ETF (VEE) to realize the loss and maintain your exposure to emerging markets eemerging markets equities.

If he'd like to make a small tweak, then maybe the next $ 5,000 to $ 7,000 he has to invest could be allocated to Emerging Markets by adding units of the Sphere FTSE Emerging Markets Sustainable Yield Index (SHZ), suggests DeGoey.

FTSE also considers Korea to be a developed country (and includes about a 4 % allocation to it), while MSCI still considers it to be an emerging market, excluding it from their index.

The FTSE Global All Cap ex US Index replaced the MSCI ACWI ex USA IMI Index (on June 3, 2013), which had replaced the MSCI EAFE + Emerging Markets Index (on December 16, 2010).

As I mentioned in the introduction, the Vanguard Emerging Markets Stock Index Fund and the Vanguard FTSE Emerging Markets ETF (NYSEMKT: VWO) track an emerging - market stocEmerging Markets Stock Index Fund and the Vanguard FTSE Emerging Markets ETF (NYSEMKT: VWO) track an emerging - market stock iIndex Fund and the Vanguard FTSE Emerging Markets ETF (NYSEMKT: VWO) track an emerging - market stocEmerging Markets ETF (NYSEMKT: VWO) track an emerging - market stocemerging - market stock indexindex.

Still, DeGoey says he'd like to see Herman add a little bit of emerging markets exposure to round out his equity positions — maybe Vanguard FTSE Emerging Markets All Cap Index ETF (TICKEemerging markets exposure to round out his equity positions — maybe Vanguard FTSE Emerging Markets All Cap Index ETF (TICKERmarkets exposure to round out his equity positions — maybe Vanguard FTSE Emerging Markets All Cap Index ETF (TICKEEmerging Markets All Cap Index ETF (TICKERMarkets All Cap Index ETF (TICKER: VEE).

Since FTSE stopped classifying South Korea as an emerging market country in 2009, the future tracking error of the indices may be expected to increase.

: 1.56 % Intermediate - / Long - Term / U.S. Bond Index (Barclays & S&P US Aggregate Bond): 7.84 % High - Yield (junk) Bond Index (Barclays High - Yield Corporate Bond): 4.98 % Int» l (not global) Bond Index (Citi WGBI Non-USD Bond): 5.17 % Emerging Markets Bond (Citi EMBI Capped Brady): -13.96 % Large - cap Value Index (Russell 1000 Value): 0.39 % Large - cap Growth Index (Russell 1000 Growth): 2.64 % Mid-cap Index (Russell Mid-cap): -1.55 % Small - cap Index (Russell 2000): -4.18 % Technology (DJ US Technology Trust USD): 0.16 % Biotech / Health Care Index (DJ Healthcare): 11.75 % Micro-cap Index (Bridgeway Ultra-Small Company Market): -7.86 % Internet Index (First Trust Dow Jones Internet Index): -5.82 % Int» l All - cap Index (MSCI EAFE USD): -12.14 % Int» l Small - cap Index (MSCI EAFE Small - cap NR USD): -15.94 % Emerging Markets Index (MSCI EM USD): -18.42 % Real Estate Index (FTSE NAREIT All REITs): 7.28 % Tangibles Index (Goldman Sachs Natural Resources): -7.35 %

The Record Currency - FTSE FRB10 Index Fund, and Emerging Market products are founded on market risk premia and as such perform more strongly in «risk on» environMarket products are founded on market risk premia and as such perform more strongly in «risk on» environmarket risk premia and as such perform more strongly in «risk on» environments.

Notes: U.S. stocks represented by Dow Jones U.S. Total Stock Market Index through April 2005, MSCI US Broad Market Index through June 2013 and CRSP US Total Market Index thereafter; emerging markets stocks are represented by MSCI Emerging Markets Index; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex through April 2005, MSCI US Broad Market Index through June 2013 and CRSP US Total Market Index thereafter; emerging markets stocks are represented by MSCI Emerging Markets Index; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex through June 2013 and CRSP US Total Market Index thereafter; emerging markets stocks are represented by MSCI Emerging Markets Index; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex thereafter; emerging markets stocks are represented by MSCI Emerging Markets Index; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bonemerging markets stocks are represented by MSCI Emerging Markets Index; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bondmarkets stocks are represented by MSCI Emerging Markets Index; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD BonEmerging Markets Index; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD BondMarkets Index; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex; REITs by FTSE NAREIT Equity REIT Index; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex; dividend stocks by Dow Jones U.S. Select Dividend Index; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex; commodities by S&P GSCI Commodity Index; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex; high yield bonds by Bloomberg Barclays U.S. Corporate High Yield Bond Index; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex; emerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bonemerging markets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bondmarkets bonds by Bloomberg Barclays EM USD Aggregate Index; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex; investment - grade corporate bonds by Bloomberg Barclays U.S. Corporate Index; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex; U.S. Treasury bonds by Bloomberg Barclays U.S. Treasury Bond Index; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex; Hedge fund index by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond Iindex by HFRI fund - weighted total return Index and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IIndex and international bonds by Bloomberg Barclays Global Aggregate ex-USD Bond IndexIndex.

60/40 benchmark is 42 % Spliced Total Stock Market Index (Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and CRSP US Total Market Index thereafter); 18 % Spliced Total International Stock Index (Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex USA IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter); 40 % Spliced Bloomberg Barclay's US Aggregate Float Adjusted Bond Index (Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter) through May, 2013; thereafter, fixed income portion is 28 % Spliced Bloomberg Barclay's U.S. Aggregate Bond Index, 12 % Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index Hedged; after December 2014 equity portion of the benchmark is 36 % Spliced Total Stock Market Index, 24 % Spliced Total International Stock Index.