Legal Disclaimers


Past performance is no guarantee of future results. All performance presented prior to the index inception date is back-tested performance, based on the methodology in effect on the launch date. Back-tested performance is not actual performance, but is hypothetical.The inception date of the Syntax Stratified LargeCap, MidCap, and Core Indices™ is December 27, 2016. The back-test calculations are based on the same methodology that was in effect when the index was officially launched. However, back-tested data may reflect the application of the index methodology with the benefit of hindsight. No theoretical or back-tested approach can account for all market factors and the impact of decisions that might have been made during the actual operation of an index. Actual returns may differ from, and be lower than, back-tested returns, which are not necessarily predictive of future returns. The base index value is set as of 100 as of the initial back-test date of December 20th, 1991. Charts and graphs are provided for illustrative purposes only. The Syntax Stratified LargeCap, MidCap, and Core Indices are the property of Locus Analytics, LLC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Index. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Locus Analytics, LLC. S&P® is a registered trademark of Standard & Poor's Financial Services LLC (“SPFS"), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Syntax®, Stratified®, Stratified Indices®, Stratified-WeightTM, and Locus® are trademarks or registered trademarks of Locus Analytics, LLC. FactSet® is a registered trademark of FactSet Research Systems, Inc. This site links to other sites that contain additional data regarding the Syntax Indices referenced herein as well as other Syntax Indices which are the property of Locus Analytics, LLC; please refer to those sites for the relevant legal disclaimers. Index performance does not represent actual fund or portfolio performance and such performance does not reflect the actual investment experience of any investor. An investor cannot invest directly in an index. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in a portfolio invested in accordance with an index. None of the Syntax Indices or the benchmark indices portrayed herein charge management fees or incur brokerage expenses, and no such fees or expenses were deducted from the performance shown; provided, however, that the returns of any investment portfolio invested in accordance with such indices would be net of such fees and expenses. Additionally, none of these indices lend securities, and no revenues from securities lending were added to the performance shown. Performance shown is unaudited and subject to revision. This site may include materials and documents containing forward-looking statements which are based on our expectations and projections as of the date made. Past returns are not necessarily predictive of future returns. The S&P 500® Index is an unmanaged index considered representative of the US large-cap stock market. The S&P 500® Equal Weight Index is an equal-weighted version of the S&P 500® Index. The S&P 400® is an unmanaged index considered representative of the US mid-cap stock market. The S&P 400® Equal Weight Index is an equal-weighted version of the S&P 400® Index. The S&P 900® Index is an unmanaged composite of the S&P 500® and S&P 400® Indices. Benchmark data for the S&P 500, 400, 500 Equal Weight, and 400 Equal Weight are provided by FactSet® SPAR. Benchmark data for the S&P 900, a composite of the S&P is provided by a FactSet PA model from 12/20/1991 - 3/31/2005 and from FactSet SPAR from 4/1/2005 onward. Benchmark data for the S&P 900 Equal Weight as well as its capitalization and equal-weight sector constituents provided by a FactSet PA model. The S&P 900 Equal Weight as well as its capitalization and equal-weight sector constituents are modeled composites and are not officially calculated indices. Alpha is a measure of performance on a risk-adjusted basis. Beta is a measure of relative risk, calculated as the covariance of the Index with a benchmark divided by the variance of the benchmark. Volatility is the annualized standard deviation of index returns. Sharpe ratio is a risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. A higher Sharpe ratio indicates better risk-adjusted performance. Alpha, beta, volatility, and Sharpe ratio are calculated using monthly returns from 1/1/2012 to 12/31/2016. Weighted Average Stock Price-to-Earnings Ratio (P/E Ratio) is the harmonic weighted average of share price divided by earnings per share. Weighted Average Stock Price-to-Book-Value Ratio (P/B Ratio) is the harmonic weighted average of the ratio of a stock’s market price to a company’s net asset value. Weighted Average Return on Equity is net income divided by net worth. Price-to-Earnings, Price-to-Book and Return on Equity are calculated from 1/1/2016 to 12/31/2016. Turnover shows the average buying and selling activity in a hypothetical portfolio associated with the index in terms of how much of the index's value changed from 1/1/2016 to 12/31/2016. It is calculated by taking the sum of the daily purchases and sales and dividing the lesser of the absolute value of both by the average assets during the entire period, expressed as an annualized percentage. Top holdings and security classifications used in calculating allocation tables are based on average weight between 10/1/2016 and 12/31/2016. Market-cap allocations are based on the S&P/Citibank Style classification. This website is for informational purposes only and is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, any security. Additionally, the information herein is not intended to provide, and should not be relied upon for, tax advice, legal advice or investment recommendations. Nothing on this website should be construed as constituting advice or recommendations as to the suitability of any particular investments, securities, or other products or services. You should make an independent investigation of the matters described herein, including consulting your own advisors on the matters discussed herein. In addition, certain information contained on this website has been obtained from published and non-published sources prepared by other parties, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for the purpose used on this website , such information has not been independently verified by Syntax and Syntax does not assume any responsibility for the accuracy or completeness of such information. Syntax LLC, its affiliates, and staff may own or have positions in investments that derive from or track any indices mentioned herein. Syntax LLC, its affiliates and their independent providers are not liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. Syntax LLC and its affiliates will not be liable for any consequential, incidental, special, or indirect damages that result from use or loss of use of this website, inconvenience, delay, technological problems, site performance failures, or security problems. This site is made available to you “as is” and “as available”. All content on the site is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. Syntax, its affiliates, and its staff shall not be held liable for damages related to any information on this site, including, but not limited to, outdated content. This website and the information herein may not be reproduced (in whole or in part), distributed or transmitted to any other person without the prior written consent of Syntax. Distribution of Syntax data and the use of Syntax indices to create financial products require a license with Syntax and/or its licensors. Investments are not FDIC insured, may lose value and have no bank guarantee.