Copyright © 2019 IPOX Schuster LLC. All rights reserved. IPOX® is an international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Use of IPOX® and the IPOX® Indexes or any part thereof is subject to applicable license only. Redistribution or reproduction in whole or in part of this website is prohibited without written permission. All information provided by IPOX Schuster LLC is impersonal and not tailored to the needs of any person, entity or group of persons. IPOX Schuster LLC receives compensation in connection with licensing its indexes to third parties. Past performance of an index is not an indication or guarantee of future results. It is not possible to invest directly in an index. Exposure to an asset class represented by an IPOX index is available through investable instruments based on that index. IPOX Schuster LLC does not sponsor, endorse, sell, promote or manage any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any IPOX index. IPOX Schuster LLC makes no assurance that investment products based on the index will accurately track index performance or provide positive investment returns. IPOX Schuster LLC is not an investment advisor, and IPOX Schuster LLC makes no representation regarding the advisability of investing in any such investment fund or other investment vehicle. A decision to invest in any such investment fund or other investment vehicle should not be made in reliance on any of the statements set forth in this website. Prospective investors are advised to make an investment in any such fund or other vehicle only after carefully considering the risks associated with investing in such funds, as detailed in an offering memorandum or similar document that is prepared by or on behalf of the issuer of the investment fund or other investment product or vehicle. IPOX Schuster LLC is not a tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by IPOX Schuster LLC to buy, sell, or hold such security, nor is it considered to be investment advice.

These materials have been prepared solely for informational purposes based upon information generally available to the public and from sources believed to be reliable. No content contained in these materials (including index data, analyses and data, research, valuations, model, software or other application or output therefrom) or any part thereof (“Content”) may be modified, reverse-engineered, reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of IPOX Schuster LLC. The Content on this website shall not be used for any unlawful or unauthorized purposes. IPOX Schuster LLC and its third-party data providers and licensors (collectively “IPOX Schuster LLC Parties”) do not guarantee the accuracy, completeness, timeliness or availability of the Content. IPOX Schuster LLC Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON AN “AS IS” BASIS. IPOX Schuster LLC PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall IPOX Schuster LLC Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages.

Any analyses and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. Any opinion, analyses and rating acknowledgement decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. IPOX Schuster LLC does not assume any obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. IPOX Schuster LLC does not act as a fiduciary or an investment advisor. While IPOX Schuster LLC has obtained information from sources they believe to be reliable, IPOX Schuster LLC does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

Performance Disclosure

Charts and graphs are provided for illustrative purposes only. Past performance is not an indication or guarantee of future results. Charts and graphs may reflect hypothetical historical performance. All information presented prior to the official launch date is back-tested. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index(es) was officially launched. Complete index methodology details are available under “Rules and Regulation” on this website. It is not possible to invest directly in any index.

These materials have been prepared solely for informational purposes based upon information generally available to the public and from sources believed to be reliable. No content contained in these materials (including index data, analyses and data, research, valuations, model, software or other application or output therefrom) or any part thereof (“Content”) may be modified, reverse-engineered, reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of IPOX Schuster LLC. The Content shall not be used for any unlawful or unauthorized purposes. IPOX Schuster LLC and its third-party data providers and licensors (collectively “IPOX Schuster LLC Parties”) do not guarantee the accuracy, completeness, timeliness or availability of the Content. IPOX Schuster LLC Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON AN “AS IS” BASIS. IPOX Schuster LLC PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall IPOX Schuster LLC Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages.

Any analyses and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. Any opinion, analyses and rating acknowledgement decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. IPOX Schuster LLC does not assume any obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. IPOX Schuster LLC does not act as a fiduciary or an investment advisor. While IPOX Schuster LLC has obtained information from sources they believe to be reliable, IPOX Schuster LLC Idoes not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.

Performance Disclosure

Charts and graphs are provided for illustrative purposes only. Past performance is not an indication or guarantee of future results. Charts and graphs may reflect hypothetical historical performance. All information presented prior to the official launch date is back-tested. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index(es) was officially launched. Complete index methodology details are available at www.ipox.com. It is not possible to invest directly in any index.