Definitions & Index Descriptions

A line on a chart that represents the average closing price of a security over the past 30-, 50-, 100-, or 200 days. It is a technical indicator that traders and market analysts use to determine the long-term trend of the security and to identify potential support or resistance levels.

The federal tax rule under IRC Section 1256 that treats 60% of gains and losses on covered contracts as long-term and 40% as short-term, regardless of the actual holding period. The treatment applies to certain regulated futures contracts and similar instruments, but not to swap-based funds.

Agflation describes the phenomenon when food prices rise more rapidly than the prices of other goods and services, due to the growing demand for crops as both food and for use in biofuels.

Alpha is a measure of an investment's performance relative to a benchmark index, representing the excess return generated beyond what would be expected given its level of risk. A positive alpha may indicate the investment outperformed its benchmark on a risk-adjusted basis, while a negative alpha may indicate underperformance.

Annual or annualized return is a measure of how much an investment has increased on average each year, during a specific time period.

Specialized computer chips designed and built for a single purpose, such as mining a specific cryptocurrency. In Bitcoin mining, ASICs have replaced general-purpose computer hardware as the dominant tool for solving the cryptographic problems required to validate transactions.

An important business barometer for the oil drilling industry. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for oil products.

One hundredth of 1 percentage point.

A measure of the volatility or systematic risk of a security or portfolio compared to the market as a whole.

The first cryptocurrency launched in 2009 and operated on a decentralized blockchain network. Bitcoin has a fixed maximum supply of 21 million coins and is widely regarded as a digital store of value.

A bundle of transactions that have been verified and added to a blockchain. Each block contains a cryptographic link to the previous block, creating the chain that gives the technology its name.

The amount of newly created cryptocurrency awarded to a miner or validator for successfully adding a block of transactions to a blockchain. In Bitcoin, the block reward is reduced by half approximately every four years through an event known as the halving.

A distributed digital ledger that records transactions across a network of computers in a way that is verifiable, permanent, and resistant to modification. Blockchains underpin cryptocurrencies like Bitcoin and Ether, as well as smart contract platforms and other decentralized applications.

Also known as goodwill value, represents the intangible assets of a business that contribute to its overall value.

A call option is a contract giving the option buyer the right, but not the obligation, to buy a specified amount of an underlying security at a predetermined price within a specified time frame. Direxion does not offer or endorse options trading.

Funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment.

The primary U.S. futures and options exchange for trading metals contracts, including gold, silver, copper, and aluminum. COMEX is a division of the CME Group.

A broad category of physical raw materials and agricultural products typically traded via futures contracts. Commodities are commonly grouped into segments such as energy (crude oil, natural gas), metals (gold, silver, copper), and agriculture, which includes grains (corn, wheat, soybeans) and softs (cotton, sugar, coffee, cocoa).

A pooled investment vehicle that invests primarily in commodity futures and similar derivatives, regulated by the Commodity Futures Trading Commission. Commodity pools typically issue Schedule K-1 tax forms to investors rather than Form 1099s.

The process by which each day's return in a leveraged or inverse ETF is calculated against the prior day's ending value, not the original investment. Returns over periods longer than one day can differ meaningfully from the benchmark's return multiplied by the fund's leverage factor.

Correlation is a statistical measure of how two assets move in relation to each other. It can be used for individual assets, like stocks, or to measure how a security moves relative to a broader market. The correlation coefficient measures the degree and direction of correlation between any two assets in a range between -1 and +1.

A digital or virtual asset that uses cryptography for security and operates on a decentralized blockchain network rather than through a central authority. Cryptocurrencies can function as a medium of exchange, a store of value, or a unit of account, depending on the asset and context.

A nine-character alphanumeric code that uniquely identifies a U.S. or Canadian security for the purposes of trading, clearing, and settlement. CUSIP stands for Committee on Uniform Securities Identification Procedures.

The safekeeping of financial assets by a third-party institution on behalf of an investor or fund.

The end-of-day reset of a leveraged or inverse ETF's exposure to maintain its stated daily objective (2x, 3x, -1x, or -2x) against the benchmark's next-day move.

The erosion of a leveraged or inverse ETF's value over time caused by daily compounding in volatile or range-bound markets.

A category of financial applications built on blockchain networks that aim to provide services such as lending, borrowing, and trading without traditional intermediaries. Most DeFi activity takes place on the Ethereum network and other smart contract platforms.

Deflation is a decline in the price level of goods and services, often caused by a contraction in the money supply or increased productivity.

Delta measures how much an option's price is expected to change for every $1 move in the underlying security. It ranges from 0 to 1 for calls and 0 to -1 for puts. Direxion does not offer or endorse options trading.

An asset that exists in digital form and has identifiable value, typically recorded on a blockchain. Cryptocurrencies, stablecoins, and NFTs are all examples of digital assets.

A software application or hardware device that stores the private and public keys used to send, receive, and manage cryptocurrency. Digital wallets do not hold the cryptocurrency itself, which lives on the blockchain, but they control access to it.

Distributions are payments an ETF makes to shareholders, typically from dividends, interest, or realized capital gains. Three dates govern each distribution:

• Ex-date — The first trading day on which new buyers are not entitled to the upcoming distribution. The fund's price typically opens lower by the distribution amount.
• Record date — The cutoff date by which an investor must be a shareholder of record to receive the distribution.
• Pay date — The date the distribution is actually paid to eligible shareholders.

An investment strategy that combines holdings with different return drivers so that no single asset, sector, or strategy dominates a portfolio's outcome. Diversification does not ensure a profit or protect against loss.

Drawdown is the peak-to-trough decline in an investment's value over a specific period, typically expressed as a percentage. It measures the largest loss an investor would have experienced from a high point to a subsequent low point before a new high is reached. Drawdown is commonly used to assess downside risk, since it captures the magnitude of actual losses rather than the statistical variability of returns. A maximum drawdown reflects the single largest peak-to-trough decline over the measurement period.

Duration measures a bond or bond fund's sensitivity to changes in interest rates, expressed in years. A duration of 5 years implies that a 1% rise in interest rates would cause the price to fall by approximately 5%, and vice versa.

EPS is a company's net profit divided by the number of common shares it has outstanding.

An Ethereum protocol upgrade implemented in August 2021 that introduced a base fee for transactions and burns a portion of that fee out of circulation. The mechanism reduces ETH supply during periods of high network activity.

Estimated earnings per share growth measures the estimated growth rate of earnings-per-share using consensus estimates of three to five-year earnings.

The native cryptocurrency of the Ethereum network, used to pay for transactions and computational services on the network. Ether also functions as a staking asset under Ethereum's proof-of-stake consensus mechanism.

A decentralized blockchain platform that supports smart contracts and a wide range of decentralized applications, including DeFi, NFTs, and Layer-2 networks. Ethereum's native cryptocurrency is Ether (ETH).

Originating outside of a system or model rather than from within it. In finance, exogenous events refer to shocks or developments that come from outside the market itself, such as geopolitical conflicts, natural disasters, or regulatory changes.

An independent agency that provides deposit insurance for accounts at member banks in the U.S.

The Fed Funds rate is the target interest rate range set by the Federal Open Market Committee (FOMC). This target range guides the rate at which commercial banks borrow and lend their excess reserves to each other overnight.

Flight to safety occurs when investors shift their asset allocation away from currently riskier investments and into historically safer ones, for instance out of stocks and into bonds, namely US Treasurys.

Float market capitalization counts only the shares available for public trading, excluding shares held by insiders, founders, governments, or other restricted holders. It's the version of market cap most index providers use, since it reflects the supply that can actually move in the market.

A standard IRS tax form issued by registered investment companies, brokerages, and other financial institutions to report dividends, interest, and capital gains distributions to investors and the IRS. ETFs structured as registered investment companies issue Form 1099s rather than Schedule K-1s.

A forward stock split increases the number of a company's outstanding shares while proportionally lowering the share price, leaving the total market value unchanged. A 2-for-1 split, for example, doubles the share count and halves the price.

A futures contract is a legal agreement to buy or sell a particular commodity asset, or security at a predetermined price at a specified time in the future.

GICS is a method for assigning companies to a specific economic sector and industry group that best defines its business operations.

A precious metal with a long history as a store of value, monetary anchor, and safe-haven asset. Gold demand is driven primarily by investment activity, central bank reserves, and jewelry, with limited industrial consumption.

The number of ounces of silver required to purchase one ounce of gold, calculated by dividing the gold spot price by the silver spot price. Traders monitor the ratio as a relative value indicator between the two metals.

GDP is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

Gross margin is the difference between revenue and cost of goods sold (COGS), divided by revenue.

A pre-programmed event in the Bitcoin protocol that reduces the block reward to miners by 50%, occurring approximately every four years. The halving slows the rate at which new Bitcoin enters circulation and is a key feature of Bitcoin's fixed-supply design.

A hedge is an investment that is made with the intention of reducing the risk of adverse price movements in an asset, usually by taking an offsetting position. Hedging may reduce upside as well as downside.

A characteristic of a security or asset class that exhibits greater price volatility than the broader market, with a beta value greater than 1. High-beta assets tend to amplify market moves in both directions.

Sales growth is the increase (or decrease) in a company's sales from one period to the next. Shown as a percentage, sales growth illustrates the increases and decreases over time identifying trends in the business.

Implied volatility is the market's expectation of how much a security's price will move over a future period, derived from option prices. Higher implied volatility means the market is pricing in larger expected moves, which raises option premiums. Direxion does not offer or endorse options trading.

A rise in prices, which can be translated as the decline of purchasing power over time.

An asset perceived to retain or increase its value during periods of rising inflation, often used to offset the erosion of purchasing power. Common examples include gold, real estate, and certain commodities.

An event that results in a significant change in the progress of a company, industry, sector, economy, or geopolitical situation and can be considered a turning point after which a dramatic change, with either positive or negative results, is expected to result.

Refers to the process of offering shares of a private corporation to the public in a new stock issuance for the first time. It allows a company to raise equity capital from public investors.

A federal law that regulates the structure and operations of investment companies, including mutual funds and ETFs. Funds registered under the Act are referred to as registered investment companies (RICs) and must follow rules covering disclosure, custody, leverage, and tax treatment.

A section of the U.S. Internal Revenue Code that governs the tax treatment of certain regulated futures contracts, foreign currency contracts, and other specified instruments. Section 1256 contracts are subject to mandatory mark-to-market treatment at year-end and a blended 60% long-term / 40% short-term capital gains rate.

A category of blockchain networks built on top of a base layer (such as Ethereum) to increase transaction throughput and reduce fees. Examples include Arbitrum, Base, and Optimism.

Leverage is an investment strategy utilizing borrowed money. Specifically, the use of various financial instruments or borrowed capital to increase the potential return or loss of an investment.

Profits from the sale of an investment held for more than one year, taxed at preferential federal rates relative to ordinary income.

The Magnificent Seven is a group of influential companies in the U.S. stock market: NVIDIA Corporation, Amazon.com, Inc., Meta Platforms, Inc., Alphabet, Inc., Microsoft Corporation, Apple Inc. and Tesla, Inc.

In finance, margin is the collateral that a holder of a financial instrument has to deposit with a counterparty to cover some or all of the credit risk the holder poses for the counterparty.

An accounting and tax method that values an asset or position at its current market price rather than its original cost. Under IRC Section 1256, mark-to-market treatment requires investors to recognize unrealized gains and losses on covered contracts at year-end.

A stock's share price multiplied by its shares outstanding. These market caps are stratified into different tiers:

• Mega-cap: Companies with a market cap exceeding $200 billion.
• Large-cap: Companies with a market cap between $10 billion and $200 billion.
• Mid-cap: Companies with a market cap between $2 billion and $10 billion.
• Small-cap: Companies with a market cap between $300 million and $2 billion.
• Micro-cap: Companies with a market cap below $300 million.

The dollar figures used are general examples, not exact figures.

Market price return measures an ETF's performance based on the price at which its shares trade on an exchange, typically using the closing price or midpoint of the bid-ask spread. It can differ from NAV return when ETF shares trade at a premium or discount to the fund's underlying value.

A financial theory suggesting that asset prices will eventually return to their historical average, guiding traders and investors in making decisions based on significant deviations from this mean.

Participants in a proof-of-work cryptocurrency network who use specialized computing power to validate transactions and add new blocks to the blockchain. Miners are rewarded with newly issued cryptocurrency for their work and play a central role in securing the network and issuing new supply.

The process by which new units of certain cryptocurrencies, including Bitcoin, are created and transactions on the network are verified. Miners use specialized computing power to solve complex mathematical problems and are rewarded with newly issued cryptocurrency for successfully adding a block of transactions to the blockchain.

NAV is the per-share value of an ETF's underlying holdings, calculated by taking the total value of the fund's assets, subtracting any liabilities, and dividing by the number of shares outstanding. It is typically calculated once per day, after the market close.

NAV return measures an ETF's performance based on changes in its net asset value over a given period. It reflects the performance of the fund's underlying holdings, distinct from the price at which fund shares trade on an exchange.

A system of interconnected computers that share information, resources, or computing power according to a defined set of rules. In finance and cryptocurrency, networks refer to the underlying infrastructure that supports trading, transactions, or the operation of a blockchain.

A unique digital asset recorded on a blockchain that represents ownership of a specific item, such as digital art, collectibles, or in-game assets. Unlike cryptocurrencies, each NFT is distinct and not interchangeable with another.

A computer that participates in a blockchain network by running the network's software, storing a copy of the blockchain, and helping to validate and relay transactions. Nodes are the backbone of a decentralized network and operate without a central coordinator.

The total underlying value of a derivative contract, such as a futures contract or swap, calculated by multiplying the contract size by the current price of the underlying asset. Notional value is typically much larger than the cash required to establish the position, which is how derivatives provide leveraged exposure.

The total number of outstanding derivative contracts, such as options or futures, that have not been settled or closed. Open interest is used as a measure of market activity and liquidity in a given contract.

The value of the next-best alternative forgone when making an investment or financial decision. For non-yielding assets like gold, the opportunity cost is often expressed in terms of the income that could have been earned holding interest-bearing assets instead.

In finance, an option is a contract which conveys to its owner, the holder, the right, but not the obligation, to buy or sell a specific quantity of an underlying asset or instrument at a specified strike price on or before a specified date, depending on the style of the option. Direxion does not offer or endorse options trading.

The effect by which a leveraged or inverse ETF's return over multiple days is shaped by the day-to-day path of the benchmark, not just its start and end levels.

An exchange-traded fund that holds the actual physical asset it is designed to track, such as gold or silver bullion stored in a vault. The fund's shares represent fractional ownership of the underlying physical holdings.

Premium or discount measures the gap between an ETF's market price and its NAV, expressed as a percentage. The fund trades at a premium when the market price is above NAV and at a discount when it is below.

The price-to-sales (P/S) ratio is a valuation ratio that compares a company's stock price to its revenues. It is an indicator of the value placed on each dollar of a company's sales or revenues.

The price to earnings ratio measures the current share price relative to earnings-per-share.

A secret cryptographic code that gives the holder control over the cryptocurrency associated with a corresponding public key. Anyone with access to the private key can move the funds, which is why secure storage is critical.

A consensus mechanism used by some blockchain networks, including Ethereum, in which validators are selected to confirm transactions based on the amount of cryptocurrency they have committed (staked) to the network. Proof-of-stake replaced proof-of-work on Ethereum in September 2022.

The set of rules that defines how a blockchain network operates, including how transactions are validated, how new units of cryptocurrency are issued, and how participants reach consensus. Bitcoin, Ethereum, and other cryptocurrencies each run on their own distinct protocols.

A cryptographic code derived from a private key that serves as the address others can use to send cryptocurrency to a holder. The public key can be shared openly without compromising the security of the associated private key.

A record of all transactions on a blockchain that is publicly viewable and simultaneously maintained across every node in the network. The shared structure is what makes blockchain transactions verifiable without the need for a central authority.

A put option is a contract giving the option buyer the right, but not the obligation, to sell a specified amount of an underlying security at a predetermined price within a specified time frame. Direxion does not offer or endorse options trading.

QT is a contractionary monetary policy tool applied by central banks to decrease the amount of liquidity or money supply in the economy.

The nominal interest rate adjusted for inflation, typically calculated as the nominal rate minus the rate of inflation or expected inflation. Real interest rates are a key driver of asset prices, particularly for non-yielding assets like gold.

Rebalancing is the process of adjusting the holdings in a portfolio or index back to a set of target weights. For an index, this typically happens on a defined schedule (quarterly, semi-annually, annually) and involves changing position sizes without necessarily changing the list of holdings.

Reconstitution is the periodic review of an index's full list of holdings, where some securities are added and others are removed based on the index's eligibility rules. It differs from rebalancing, which adjusts the weights of holdings already in the index.

The exchange-traded product (ETP) whose performance a leveraged or inverse fund is designed to track on a daily basis, typically through swap agreements. The reference ETP serves as the benchmark for the fund's daily exposure and return objective.

An investment fund registered under the Investment Company Act of 1940, including mutual funds, closed-end funds, and most ETFs. RICs are subject to specific tax rules that allow income and gains to pass through to shareholders, who receive Form 1099s for tax reporting.

Return of capital is a distribution from an investment that is treated as a return of the investor's original investment rather than as taxable income. It reduces the investor's cost basis in the holding, which can affect the tax treatment of any future sale.

Measures the profitability and value-creating potential of companies relative to the amount of capital invested by shareholders and other debtholders.

A reverse stock split decreases the number of a company's outstanding shares while proportionally raising the share price, leaving the total market value unchanged. A 1-for-10 reverse split, for example, replaces every ten shares with one share at ten times the prior price.

Market environments characterized by changing investor appetite for risk. In risk-on conditions, capital flows toward equities, high-yield bonds, and other higher-risk assets; in risk-off conditions, capital rotates toward perceived safer assets such as Treasury securities and the U.S. dollar.

A risk premium is a measure of excess return that is required by an individual to compensate being subjected to an increased level of risk. It is used widely in finance and economics, the general definition being the expected risky return less the risk-free return, as demonstrated by the formula below.

Risk Premium = Expected Return of Investment − Risk-Free Rate

An asset expected to retain or increase in value during periods of market stress, geopolitical uncertainty, or economic dislocation. Common safe-haven assets include gold, U.S. Treasury securities, and certain reserve currencies.

A federal tax form used to report a partner's share of income, losses, deductions, and credits in a partnership or other pass-through entity. Investors in commodity pools and certain other structures receive Schedule K-1s, which can be more complex to file than Form 1099s and may be issued later in the tax season.

Shares outstanding is the total number of a company's shares currently held by all shareholders, including share blocks held by institutional investors and restricted shares held by company insiders. It is used in calculating market capitalization, earnings per share, and other key metrics.

The seller's side of a futures contract. A short futures position profits if the price of the underlying asset falls and loses if the price rises. Because there is no upper limit on how high a price can go, the potential loss on a short futures position is theoretically unlimited.

A trading strategy where investors speculate on a security's decline by borrowing the security, selling it, and buying it back later. Traders can profit if the security's price drops but can have theoretically limitless loss potential if the price increases.

Profits from the sale of an investment held for one year or less, taxed at the investor's ordinary federal income tax rate.

A precious metal that serves a dual role as both an investment asset and an industrial commodity. Approximately half of global silver demand comes from industrial applications, including solar panels, electronics, and electric vehicle components.

A self-executing program stored on a blockchain that automatically carries out the terms of an agreement when predefined conditions are met. Smart contracts underpin most decentralized applications, including those built on Ethereum.

An exchange-traded fund that holds actual Bitcoin (rather than Bitcoin futures contracts) and is designed to track the spot price of Bitcoin. U.S. spot Bitcoin ETFs were approved by the SEC in January 2024.

An exchange-traded fund that holds actual Ether (rather than Ether futures contracts) and is designed to track the spot price of Ether. U.S. spot Ether ETFs were approved by the SEC in 2024.

The current market price at which a commodity, currency, or other asset can be bought or sold for immediate delivery. Spot prices are distinct from futures prices, which apply to delivery at a future date.

The difference or gap that exists between two prices, rates, or yields. The most common example is the bid-ask spread, the gap between the highest price a buyer is willing to pay (bid) and the lowest price a seller is willing to accept (ask).

The process of committing cryptocurrency to a proof-of-stake blockchain network in exchange for the opportunity to validate transactions and earn rewards. Staking yields vary by network and depend on factors such as total stake, network activity, and validator performance.

Measure of the dispersion of a set of data from its mean.

An asset, currency, or commodity that can be saved, retrieved, and exchanged at a later time without losing significant purchasing power. Common stores of value include gold, real estate, and certain reserve currencies.

An emergency supply of crude oil that can be used to offset a severe oil supply shortage. The SPR was created to provide the United States with crude oil in the event of a severe oil supply or economic disruption.

A derivative contract through which two parties agree to exchange the cash flows or returns of two different financial instruments over a set period.

A swap is a derivative contract through which two parties exchange the cash flows or liabilities from two different financial instruments. Most swaps involve cash flows based on a notional principal amount such as a loan or bond, although the instrument can be almost anything. Usually, the principal does not change hands.

The difference between an ETF's return and the return of its benchmark over a given period.

Treasury securities are fixed income securities issued by the United States.

The standard unit of measurement for precious metals, equal to approximately 31.1035 grams. One troy ounce is heavier than a standard avoirdupois ounce, which equals approximately 28.35 grams.

A participant in a proof-of-stake cryptocurrency network who confirms transactions and adds new blocks to the blockchain based on the amount of cryptocurrency they have staked. Validators are rewarded with newly issued cryptocurrency or transaction fees and play the same role in proof-of-stake networks that miners play in proof-of-work networks.

A statistical measure of the dispersion of returns for a given security or market index. Volatility is often measured as standard deviation or variance (standard deviation squared) between returns from that same security or market index.

Volume is the number of shares or contracts traded in a security or market over a given period, typically a single trading day. Higher volume often indicates greater investor interest and liquidity.

A measure of the average company size in a portfolio or index, where each company's market capitalization is weighted by how much of the portfolio it represents. Larger holdings count more toward the average than smaller ones, so the figure reflects the typical size of the companies that drive most of the portfolio's behavior.

The market capitalization of the company at the midpoint of a portfolio when its holdings are ranked by size and weighted by position size. Half of the portfolio's weight sits in companies larger than this figure and half in companies smaller, making it a useful complement to the weighted average, especially in portfolios where a few mega-caps would otherwise pull the average upward.

The rate of return on an investment.

The yield curve is a line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates. The slope of the yield curve gives an idea of future interest rate changes and economic activity.

Provided by Bloomberg and designed to be a highly liquid and diversified benchmark for commodities investments. The Index tracks futures contracts on physical commodities across energy, agriculture, industrial metals, precious metals, and livestock sectors. One cannot directly invest in an index.

Provided by Bloomberg and co-branded with Galaxy Digital Capital Management LP, the Index is designed to measure the performance of the largest cryptocurrencies traded in U.S. dollars. The Index is market capitalization-weighted, reconstituted and rebalanced monthly, and holds up to 12 constituents with individual weight caps between 1% and 35%. One cannot directly invest in an index.

Provided by Deutsche Bank and designed to track the performance of a diversified basket of 14 commodity futures contracts across the energy, precious metals, industrial metals, and agriculture sectors. The Index uses a proprietary Optimum Yield methodology that analyzes each commodity's forward curve out 13 months and selects the futures contract that maximizes positive roll yield in backwardated markets or minimizes negative roll yield in contangoed markets. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices, the Dow Jones Industrial Average is a price-weighted index of 30 large-capitalization U.S. companies representing a broad cross-section of industries. Constituents are selected by a committee based on reputation, sustained growth, and sector representation. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and designed to measure the performance of 40 of the largest and most actively traded U.S. internet companies. Constituents are drawn from two sub-sectors: internet commerce and internet services. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and designed to measure the performance of U.S. companies in the aerospace and defense sector, including manufacturers, assemblers, and distributors of aircraft and aircraft parts primarily used for defense. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and designed to measure the performance of U.S. companies in the home construction sector, including homebuilders, building products, and related home improvement retailers. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and includes domestic companies from the energy sector, which includes the following industries: oil, gas, and consumable fuels, and energy equipment and services. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and includes securities of companies from the following industries: banks; thrifts and mortgage finance; diversified financial services; consumer finance; capital markets; insurance; and mortgage real estate investment trusts (REITs). One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and includes domestic companies from the health care sector, which includes the following industries: pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology. One cannot directly invest in an index.

Provided by ICE Data Indices, LLC and designed to measure the performance of the thirty largest U.S.-listed semiconductor companies, as classified within the Semiconductors industry of the ICE Uniform Sector Classification schema. The Index is a modified float-adjusted market capitalization-weighted index, with constituent weights capped at 8% for the five largest and 4% for all others. One cannot directly invest in an index.

Provided by Indxx and designed to track the performance of seven of the leading Nasdaq-listed companies, as identified by Indxx. The Magnificent 7 is comprised of the following companies: Apple, Alphabet, Microsoft, Amazon, Nvidia, Tesla, and Meta. One cannot directly invest in an index.

Provided by Indxx, LLC and includes domestic companies that deliver cloud computing infrastructure, platforms, or services. The companies included in the Index are involved in the delivery of computing services – servers, storage, databases, networking, software, analytics, and more – over the internet, which is often referred to as the "Cloud." The Index Provider has defined cloud computing to include three themes: Infrastructure as a Service; Platform as a Service; and Software as a Service. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and includes domestic companies from the industrials sector, which includes the following industries: aerospace and defense; industrial conglomerates; marine; transportation infrastructure; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products. One cannot directly invest in an index.

Provided by MSCI, Inc. and designed to capture large-, mid-, and small-capitalization representation across 23 developed markets and 24 emerging markets. The Index covers approximately 99% of the global equity investment opportunity set. One cannot directly invest in an index.

Provided by Nasdaq, Inc. and includes common stocks, ADRs, REITs, limited partnership interests, tracking stocks, and shares of beneficial interest listed exclusively on the Nasdaq Stock Market. The Index is a market capitalization-weighted index that is widely followed as a broad measure of Nasdaq-listed equity performance. One cannot directly invest in an index.

Includes 100 of the largest non-financial securities listed on Nasdaq®. Rather than being weighted by market capitalization, each constituent is initially set at 1.00%. The index is reviewed and adjusted annually in December, but replacements may be made any time throughout the year. The index is rebalanced quarterly in March, June, September, and December. One cannot directly invest in an index.

Provided by Nasdaq, Inc. and includes 100 of the largest non-financial domestic and international securities listed on the Nasdaq Stock Market. The Index is a modified market capitalization-weighted index. One cannot directly invest in an index.

Provided by ICE Data Indices, LLC and designed to measure the performance of U.S.-listed biotechnology companies. The Index is a modified float-adjusted market capitalization-weighted index, with constituent weights capped at 8% for the five largest and 4% for all others. One cannot directly invest in an index.

Provided by ICE Data Indices, LLC and designed to track the performance of 10 highly-traded growth stocks of technology and tech-enabled companies in the technology, media and communications, and consumer sectors. The Index is equal-dollar weighted, with each constituent attributed a 10% weight at quarterly reconstitutions. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and includes securities of companies from the following industries: real estate management and development, and real estate investment trusts (REITs), excluding mortgage REITs. One cannot directly invest in an index.

Measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000® Index, based on a combination of their market capitalization and current index membership. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices, which selects 100 securities to include in the Index from the S&P 500® Index that have the highest sensitivity to market movements, or "beta," over the past 12 months. Securities with the highest beta are generally the most volatile securities of the S&P 500® Index. One cannot directly invest in an index.

Standard & Poor's® selects the stocks comprising the S&P 500® Index on the basis of market capitalization, financial viability of the company and the public float, liquidity, and price of a company's shares outstanding. The Index is a float-adjusted, market capitalization-weighted index. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices LLC and includes domestic companies from the biotechnology industry. The Index is a modified equal-weighted index designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards (GICS). One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and designed as a broad-based, production-weighted commodity index benchmark. The Index measures the performance of a basket of commodity futures across energy, metals, agriculture, and livestock sectors. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and designed to provide investors with a reliable and publicly available benchmark for investment performance in the agricultural commodities market. The Index is a production-weighted sub-index of the S&P GSCI. One cannot directly invest in an index.

Measures the performance of 400 mid-sized companies in the United States. The Index is a free-float adjusted market capitalization-weighted index composed of liquid common stocks. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and designed to measure the performance of the stocks comprising the oil and gas exploration and production sub-industry. The Index is a modified equal-weighted index. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and designed to measure the performance of the stocks comprising the regional banks sub-industry. The Index is a modified equal-weighted index. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and designed to measure the performance of the stocks comprising the retail sub-industry. The Index is a modified equal-weighted index. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and designed to measure the performance of the stocks comprising the transportation sub-industry. The Index is a modified equal-weighted index with float-adjusted market capitalization caps applied to constituent weights. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and includes domestic companies from the technology sector, which includes the following industries: computers and peripherals; software; diversified telecommunications services; communications equipment; semiconductors and semiconductor equipment; internet software and services; IT services; electronic equipment, instruments, and components; wireless telecommunication services; and office electronics. One cannot directly invest in an index.

Provided by S&P Dow Jones Indices and includes domestic companies from the utilities sector, which includes the following industries: electric utilities; multi-utilities; water utilities; independent power producers and energy traders; and gas utilities. One cannot directly invest in an index.

Produced by Citigroup Global Markets, the Index measures the extent to which U.S. economic data releases are beating or missing consensus forecasts. Positive values indicate data is surprising to the upside; negative values indicate data is surprising to the downside.

Published by the U.S. Bureau of Labor Statistics, CPI measures the average change over time in prices paid by U.S. urban consumers for a representative basket of goods and services. It is widely used as a measure of inflation.

Published monthly by the Institute for Supply Management, the Manufacturing Purchasing Managers' Index is a diffusion index based on a survey of purchasing managers at U.S. manufacturing firms. Readings above 50 indicate sector expansion; below 50 indicate contraction.

Published monthly by the Institute for Supply Management, the Services Purchasing Managers' Index is a diffusion index based on a survey of purchasing managers at U.S. non-manufacturing firms. Readings above 50 indicate sector expansion; below 50 indicate contraction.

Published by the U.S. Bureau of Economic Analysis, the PCE Price Index measures price changes for a broad basket of goods and services purchased by U.S. consumers. The Federal Reserve favors Core PCE (excluding food and energy) as its preferred inflation gauge.

Published by the U.S. Bureau of Labor Statistics, PPI measures the average change over time in selling prices received by domestic producers. It is a leading indicator of consumer inflation.