BNP MAD5 Index

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

Additional important disclaimers and limitations on liability are set forth in our full Service Content statement. All applicable definitions can be found in the full Service Content statement.

The Index Standard Inc., doing business as The Index Standard^®, is not, and does not act as, a registered investment advisor or fiduciary. Nothing in the Service Content (including any reports, forecasts, ratings, or other service content) is intended, and it should not be construed, to be investment advice. All information is provided solely for informational purposes. A reference to a particular index or security, an index rating or any observation concerning an index or investment that is provided on the Services is not a recommendation to buy, sell or hold such index or investment or make any other investment decisions and does not address the suitability of any index or investment.

The Index Standard^® does not own, sponsor or administer any index, nor act as calculation agent, consultant, advisor or licensor in respect of any index. The Index Standard^® makes no representation or warranty, express or implied, regarding any index or its development and has no responsibilities, obligations or liabilities with respect to the inception, calculation, operation, maintenance or adjustment of any index. The Index Standard^® has not been authorized to act as agent for any index and in no way promotes, solicits, negotiates, endorses, offers, sells, issues, supports, structures or prices any security or investment relating to any index.

Past performance is not indicative of future performance. All opinions, reports, ratings, and scenarios of The Index Standard^® are subject to change. This material has been prepared by The Index Standard^® on the basis of publicly available information internally developed and other third-party resources believed to be reliable. The Index Standard^® did not attempt to verify the information independently. No representation is made as to the accuracy of the assumptions made within, or completeness of any opinion, report, rating, or scenarios. In the case of an index, the information pertains exclusively to the index described; it does not address the historical performance or forecast of a product or products that use the index and it does not consider any floors, caps, participation rates or fees that may be included in such a product.

Service Content should not be relied on and is not a substitute for your skill, judgment and experience or the experience of professional advisors and/or your clients in making investment and other business decisions. Although opinions, reports, forecasts, ratings, and scenarios presented in the Service Content may include our quantitative estimates of index worthiness and related opinions or commentary, you expressly agree that you are solely responsible to act with due care to make your own independent studies and evaluations of applicable financial indices and any other applicable investments or products referenced in the services or related to such indices. No representations or warranties are made by us as to the accuracy, completeness or usefulness of any of our Service Content including with respect to assumptions made in such content, or with respect to the accuracy, completeness or usefulness of any opinions, reports, forecasts, ratings, or scenarios made available by us. No representation is made that any omissions or errors in our Service Content, including in our opinions, reports, forecasts, ratings, or scenarios, will be corrected. We have no obligation to notify any recipients of the Services, including recipients of forecasts, ratings, reports, or any other Service Content, of any changes made to any opinions, reports, forecasts, ratings, scenarios, or other Service Content. All such Service Content is subject to change at any time.

You expressly agree that neither our Service Content, nor any mention of any of our opinions, reports, forecasts, ratings, scenarios or other Service Content by any third party in any financial product wrapper, disclosure, marketing materials, or other writing is a recommendation by us to buy, sell, or hold any security, index, derivative, or other instrument, nor does it constitute an opinion of The Index Standard Inc. (or of any of its employees, suppliers, or representatives) as to the suitability of any security, index, derivative or other instrument for any particular purpose.

Unless expressly stated otherwise by the relevant entity, no owner, sponsor, administrator, calculation agent or licensor of an index (i) acts as fiduciary or agent of any purchaser, seller or holder of any security or investment relating to the index; (ii) makes any representation or warranty, express or implied, regarding (a) the advisability of purchasing, selling or holding any security or investment relating to the index or (b) the ability of the index to track corresponding or relative market performance; (iii) guarantees the timeliness, accurateness or completeness of the index or any data or information relating thereto, or shall have any liability in connection with the index or any data or information relating thereto; (iv) shall have any liability with respect to any security or investment, or any liability for any loss relating to any security or investment, whether arising directly or indirectly from the use of the index, its methodology, or otherwise.

Laurence Black, founder and a shareholder of The Index Standard^®, is also an index advisor to Robert J. Shiller via a separate entity. Strict confidentiality is maintained between relevant entities. To avoid conflicts of interest The Index Standard^® does not provide commentary or views on the Shiller Barclays indices. All ratings and forecasts provided by The Index Standard^® are systematically generated, thereby ensuring objectivity.

The ratings and forecasts are implemented for The Index Standard^® by COMPASS FINANCIAL TECHNOLOGIES SA. COMPASS FINANCIAL TECHNOLOGIES SA uses its best efforts to ensure that the ratings and forecasts are calculated correctly. The calculation of these ratings and forecasts by COMPASS FINANCIAL TECHNOLOGIES SA does not constitute a recommendation by COMPASS FINANCIAL TECHNOLOGIES SA to invest capital in financial products nor does it in any way represent an assurance or opinion of COMPASS FINANCIAL TECHNOLOGIES SA with regard to any investment therein. Readers are made aware, and accept, that calculations are based on large quantities of data provided by third parties and are thus susceptible to errors, interruptions and delays.