An investor cannot invest directly in an index, and index performance does not reflect the deduction of any fees, expenses or taxes.
Preferred Securities Benchmark: Represented by 50% retail exchange-traded preferreds and 50% institutional OTC preferreds through January 31, 2014, and 60% institutional OTC preferreds, 25% hybrid preferreds, and 15% Bloomberg Barclays Developed Market USD Contingent Capital Index for periods thereafter.
Retail (Exchange-Traded) Preferreds/USD Preferred Securities: ICE BofAML Fixed Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market.
Institutional (OTC) Preferreds: ICE BofAML Capital Securities Index is a subset of the ICE BofAML U.S. Corporate Index including all fixed-to-ﬂoating-rate, perpetual callable and capital securities.
Hybrid Preferred Securities: ICE BofAML Hybrid Preferred Securities 8% Constrained Index contains all securities in the ICE BofAML Fixed Rate Preferred Securities Index that are hybrids, but caps issuer exposure at 8%.
Contingent Capital (CoCo) Securities: represented by ICE BofAML Contingent Capital Index through December 31, 2016 and Bloomberg Barclays Developed Market USD Contingent Capital Index for periods thereafter. The ICE BofAML Contingent Capital Index tracks the performance of U.S. dollar-denominated investment grade and below investment grade contingent capital debt publicly issued in the US domestic and eurobond markets, with a remaining term to final maturity of at least one month and at least 18 months to maturity at point of issuance. The Bloomberg Barclays Developed Market USD Contingent Capital Index includes hybrid capital securities in developed markets with explicit equity conversion or write-down loss absorption mechanisms that are based on an issuer’s regulatory capital ratio or other explicit solvency-based triggers.
U.S. Corporate Bonds: ICE BofAML Corporate Master Index tracks the performance of U.S. dollar-denominated investment-grade corporate debt publicly issued in the U.S. domestic market.
10-Year Treasury: ICE BofAML Current 10-Year U.S. Treasury Index is a one-security index composed of the most recently issued 10-year U.S. Treasury note. The index is rebalanced monthly. In order to qualify for inclusion, a 10-year note must be auctioned on or before the third business day before the last business day of the month.
U.S. High-Yield Bonds: ICE BofAML High Yield Master Index tracks the performance of U.S. dollar-denominated below-investment-grade corporate debt publicly issued in the U.S. domestic market.
Global Corporate Bonds: ICE BofAML Global Corporate Index tracks the performance of investment grade corporate debt publicly issued in the major domestic and eurobond markets.
Global Aggregate Bonds: The Barclays Capital Global Aggregate Bond Index is a broad-market measure of global investment-grade debt from many different currencies. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indexes. The index also includes investment-grade eurodollar, euro-yen, Canadian, and 144A Index-eligible securities not already in the three regional aggregate indices.
Global High-Yield Bonds: ICE BofAML Global High Yield Index tracks the performance of USD, CAD, GBP and EUR denominated below-investment-grade corporate debt publicly issued in the major domestic or eurobond markets.