Indices & Glossary

30 Day Bid/Ask - The median bid-ask spread (expressed as a percentage rounded to the nearest hundredth) is calculated by identifying the national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified.

S&P 500 Index (SPX) – The S&P 500 is a market-capitalization-weighted stock market index that tracks the stock performance of about 500 of some of the largest U.S. public companies. Investors and economists use the S&P 500 as a benchmark for the overall U.S. stock market and the U.S. economy as a whole. The S&P 500 largely reflects investors' collective expectations for the future, unlike other economic data that reflect economic conditions in the present or recent past.

Nasdaq 100 Index (NDX) – The Nasdaq-100 Index is a stock market index that holds 102 stocks representing 101 non-financial sector companies listed on the Nasdaq exchange. The index debuted on January 31, 1985 and has evolved to become a barometer for both U.S. mega-cap stock and technology sector performance.

Dow Jones Industrial Average Index (DJIA) - The Dow Jones Industrial Average (DJIA), also commonly referred to as “the Dow Jones” or simply “the Dow,” measures the daily stock market movements of 30 U.S. publicly-traded companies listed on the NASDAQ or the New York Stock Exchange (NYSE). The 30 publicly-owned companies are considered leaders in the United States economy.