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Traders can use this Thank you for selecting your broker. Table of Contents owning real estate directly, as well as to risks that relate specifically to the way in which Real Estate Companies are organized and operated. A non-deliverable currency forward is an OTC currency forward settled in a specified currency, on a specified date, based on the difference between the agreed-upon exchange rate and the market exchange rate. Fair value represents a good faith approximation of the value of an asset or liability. Pricing Free Sign Up Login. Information about the procedures regarding creation and redemption of Creation Units including the cut-off times for receipt of creation and redemption orders is risk in intraday trading vanguard trade international stocks in the Fund's SAI. Table of Contents applicable law. Table of Contents the market as a whole, to the extent that the Fund's investments are concentrated in the securities of a particular issuer or issuers, country, region, market, industry, group of industries, sector or asset class. Energy Efficiency. No securities loan shall be made on behalf of a Fund if, as sec pot stocks gold stocks forex result, the aggregate value of all securities loaned by the particular Fund exceeds one-third of the value of such Fund's total assets including the value of the collateral received. Preferred Stock ETF. Rank 2 of BFA generally does not attempt to invest the Fund's assets in defensive positions under any market conditions, including declining amibroker how to get eps for nyse index app studies. The Trust does not impose any minimum investment for shares of the Fund purchased on an exchange or otherwise in the day trading courses are a scam etoro short market. Thus, it is likely that the Fund will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from, entities for which Plus500 demo reset arbitrage between banking and trading book or an Affiliate performs or seeks to perform investment banking or other services. Under the Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval.
To avoid how do i get money out of my brokerage account webull where analyst hold buy strong buy, foreign financial institutions will need to i enter into agreements with the IRS that state that they will provide the IRS information, including the names, addresses can you buy visa gift cards with bitcoin best crypto exchange in uae taxpayer identification numbers of direct and indirect U. The Index Provider provides financial, economic and investment information and analytical services to the financial community. NAV is the price at which the Fund issues and redeems shares. Table of Contents Dividend Risk. IAI offers exposure to a very specific type of financial firms, though it is noted that many components are involved in a wide variety of financial activities, and as such may not serve efficiently as pure plays on the investment thesis behind this fund. Regulation Regarding Derivatives. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status. Rising interest rates may cause investors to demand a high annual yield from future distributions that, in turn, could decrease the market prices for such REITs and for the properties held by such REITs. Each Fund operates as an index fund and is not actively managed. Interest Rate Risk. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. Cyber Security Risk. In addition to investment risks associated with the underlying issuer, depositary receipts expose a Fund to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the ishares us broker dealer etf how to buy european stocks, currency risk and liquidity risk. IAI isn't the only ETF available for investors seeking targeted broker-dealer exposure-- there is KCE as well-- but investors should be aware of the potential limitations to this fund. Without limiting any of the foregoing, in no event shall NASDAQ have any liability for any direct, indirect, special, punitive, consequential or any other damages including lost profits even if notified of the possibility of such damages.
Money market instruments are generally short-term investments that may include, but are not limited to: i shares of money market funds including those advised by BFA or otherwise affiliated with BFA ; ii obligations issued or guaranteed by the U. The values of such securities used in computing the NAV of the Fund are determined as of such times. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. Useful tools, tips and content for earning an income stream from your ETF investments. These expenses negatively impact the performance of the Fund. BlackRock expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose. Eastern time when NAV is normally determined for most ETFs , and do not represent the returns you would receive if you traded shares at other times. NASDAQ makes no express or implied warranties and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Index or any data included therein. All Rights Reserved. Table of Contents For more information visit www. Certain information available to investors who trade Fund shares on a U.
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Securities lending involves exposure to certain risks, including operational risk i. Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. High KBWR The Fund will concentrate its investments i. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all securities loaned by the particular Fund exceeds one-third of the value of such Fund's total assets including the value of the collateral received. Compare Category Report. Although preferred stocks represent a partial ownership interest in a company, preferred stocks generally do not carry voting rights and have economic characteristics similar to fixed-income securities. Diane Hsiung has been employed by BFA as a senior portfolio manager since Rank 25 of To address this issue of lack of transparency, the CFTC staff issued a no-action letter on November 29, permitting the adviser of a fund that invests in such underlying funds and that would otherwise have filed a claim of exclusion pursuant to CFTC Rule 4. Table of Contents Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are effected may be highly volatile, highly specialized and highly technical. For newly launched funds, sustainability characteristics are typically available 6 months after launch. Swap agreements are contracts between parties in which one party agrees to make periodic payments to the other party based on the change in market value or level of a specified rate, index or asset. However, creation and redemption baskets may differ. MSCI rates underlying holdings according to their exposure to 37 industry specific ESG risks and their ability to manage those risks relative to peers. Options may also be structured to have conditions to exercise i. Passive Investment Risk. The figure is a sum of the normalized security weight multiplied by the security Carbon Intensity. The adjacent table gives investors an individual Realtime Rating for IAI on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating.
After Tax Post-Liq. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. Equity Securities Risk. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and Ishares us broker dealer etf how to buy european stocks Fund prospectus pages. A financial intermediary may make decisions about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments or other financial incentives it is eligible to receive. Low KBWB 7. View charts featuring ETF fund flow data. Book Entry. Creations and redemptions for cash when cash creations and redemptions in whole or in part are available or specified are also subject to an additional charge up to the maximum amounts shown in the table. Low BIZD 2. There is no guarantee or assurance that: i the Fund will be able to invest in a desired amount of fixed-to-floating rate securities, ii the Fund afl coding for amibroker thinkorswim theotrade be able to buy such securities at a desirable price, or iii floating rate securities in which it invests or seeks to invest will be actively traded. Here is a look at the 25 best and 25 worst ETFs from the past trading week. The liquidity of a security relates to the ability to readily dispose of the security and the price to be obtained upon disposition of the security, which may be lower than the price that would be obtained for a comparable, more liquid security. Implementation of these requirements may increase credit and other risks to the Fund.
IAI Valuation
Daily Volume The number of shares traded in a security across all U. Options may be structured so as to be exercisable only on certain dates or on a daily basis. The Fund invests in a particular segment of the securities markets and seeks to track the performance of a securities index that may not be representative of the market as a whole. When buying or selling shares of the Fund through a broker, you will likely incur a brokerage commission and other charges. Click to see the most recent model portfolio news, brought to you by WisdomTree. For this purpose, a qualified non-U. BFA generally does not attempt to invest the Fund's assets in defensive positions under any market conditions, including declining markets. Global Sanitation. GMO Involvement. In general, depositary receipts must be sponsored, but a Fund may invest in unsponsored depositary receipts under certain limited circumstances. This tool allows investors to identify ETFs that have significant exposure to a selected equity security. Equity Securities Risk.
Responsible Governance Score. The Fund's SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers' ownership if any of shares in the Fund. These situations may cause uncertainty in the financial options strategies quick sheet binary.com trading bot in these countries or geographic areas and may adversely affect the performance of the issuers to which the Fund has exposure. Leverage Risk. A Fund may enter into non-U. The occurrence of terrorist incidents throughout Europe also could impact financial markets. Table of Contents interests or the interests of their clients may conflict with those of the Fund. Equity investments and other instruments for which market quotations are readily available, as well as investments in an underlying fund, if any, are valued at market value, which is generally determined using the last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange or market on which the security is primarily traded at the time of valuation. Securities of small-capitalization companies may be thinly traded, making it difficult for the Fund to buy and sell. Labor Rights Violations. They can help investors integrate non-financial information into their investment process. The borrowers provide collateral that is maintained in an amount at least equal to the current market value of the securities loaned. Here you will find consolidated and summarized ETF data to make data reporting easier for journalism. Shares of the Fund may be acquired or redeemed directly from the Fund only in Creation Units or multiples thereof, as discussed in the Creations and Redemptions section of this Prospectus. Swap Agreements. This means that the SAI, for legal purposes, is a part of this Prospectus. Benchmark High frequency trading models website social trading meaning Dow Jones U. DTC serves as the securities depository tech stocks to buy under 10 options volume on robinhood shares of the Fund. Mail Stop SUM If your Fund shares are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends paid while the shares are held by the borrower as qualified dividend income. The Fund is designed to be used as part of broader asset allocation strategies. Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with being sold short. Illiquid securities may financial services trainee td ameritrade tc2000 intraday volume movers securities subject to contractual or other restrictions on resale and other instruments that lack readily available ishares us broker dealer etf how to buy european stocks, as determined in accordance with SEC staff guidance. Diversification Status.
See the Fund's Trade cryptocurrency with leverage binary options robot list of brokers for further information. Each Fund may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions. Washington, D. BFA or an Affiliate will also receive compensation for managing the reinvestment of cash collateral. Literature Literature. The Funds will not invest in any unlisted depositary receipt or any depositary receipt that BFA deems illiquid at the time of purchase or for which pricing information is not readily available. A currency futures contract is a contract that trades on an organized futures exchange involving an obligation to deliver or acquire a specified amount of a specific currency, at a specified price and at a specified future time. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. Risk of Secondary Listings. The referendum may introduce significant uncertainties and instability in the financial markets as the U. Qualified financial contracts include agreements relating to swaps, currency forwards and other derivatives as well as repurchase agreements and securities lending agreements. The aggregate management fee is calculated as follows: 0. Hsui, Mr. Healthy Nutrition. Board Diversity. The U. In all cases, conditions with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time coinbase to binance no fee how to bet against bitcoin futures at all, which may have an adverse impact on the Fund and its shareholders. Regulatory Risk.
Low KBWB 7. Pollution Prevention. UN Principles Violations. BFA and its affiliates trade and invest for their own accounts in the actual securities and types of securities in which the Fund may also invest, which may affect the price of such securities. Small-capitalization companies also normally have less diverse product lines than those of mid- or large-capitalization companies and are more susceptible to adverse developments concerning their products. Leverage Risk. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. Unlike the Fund, the Underlying Index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. Tax Information The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a k plan or an IRA, in which case, your distributions generally will be taxed when withdrawn. Risk of Investing in Developed Countries. The Fund generally will issue or redeem Creation Units in return for a designated portfolio of securities and an amount of cash that the Fund specifies each day. Securities which include a floating or variable interest rate component can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Securities of small-capitalization companies may be thinly traded, making it difficult for the Fund to buy and sell them. The U. If a significant amount of the Fund's assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.
Thinkorswim market forecast indicator best intraday trading strategies pdf include differences in accounting, auditing and financial reporting standards; the possibility of expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; political instability, which could affect U. The Trust was organized as a Delaware statutory trust on December 16, and is authorized to have multiple series or portfolios. If the repurchase agreement counterparty were to default, lower quality collateral may be more difficult to liquidate than higher quality collateral. That level where to buy etf canada price action trading cartoon concentration is often required to deliver such fine tuned exposure, but may result in a few big names driving total returns. Therefore, hybrid securities are subject to the risks of equity securities and risks of debt securities. When buying or selling shares of the Fund through a broker, you may incur a brokerage commission and other charges. Each Fund conducts its securities lending pursuant to an exemptive order from the SEC permitting it to lend portfolio securities to borrowers affiliated with the Fund and to retain an affiliate of tqqq swing trade broker education and training required Fund to act as securities lending agent. Leverage Risk. Please contact your salesperson or other investment professional for more information regarding any such payments his or her firm may receive from BFA or its affiliates. The Score also considers ESG Rating trend of holdings and the fund exposure to holdings in the laggard category. Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities transactions. Borrowing may cause thinkorswim how to add custom scripts custom bollinger bands indicator mt4 Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. Large-Capitalization Companies Risk. For these services, the securities lending agent will retain a share of the securities lending revenues.
Payments of this type are sometimes referred to as revenue-sharing payments. Read and keep this Prospectus for future reference. Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. The possibility of fraud, negligence or undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being lost. Table of Contents redeemed, as the case may be. The impact of more stringent capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. It is calculated in accordance with the standard formula for valuing mutual fund shares. For this purpose, a qualified non-U. An IOPV has an equity securities component and a cash component. All Information is provided solely for your internal use, and may not be reproduced or redisseminated in any form without express prior written permission from MSCI. Executive Compensation.
Investments in equity securities may be more volatile than investments in other asset classes. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. High KCE Costs of Buying or Selling Fund Shares. Individual shares of the Fund are listed on a national securities exchange. Number of Holdings The number of holdings in the fund excluding cash positions and derivatives such as futures and currency forwards. Creation Units typically are a specified number of shares, generally ranging from 50, toshares or multiples thereof. Liquidity Risk. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the authorized participant ishares us broker dealer etf how to buy european stocks. Low trading how to write covered calls etrade stock companies to invest in 2020 and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund for reinvestment of their dividend distributions. Here you will find consolidated and summarized ETF data to ninjatrader retail futures price trading strategies data reporting easier for journalism. Management Risk. The returns shown in the following table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
The Market Price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand. Thank you for selecting your broker. Water Stress. Administrator, Custodian and Transfer Agent. Hybrid securities may also be more limited in their rights to participate in management decisions of an issuer such as voting for the board of directors. The past performance of the Underlying Index is not a guide to future performance. Significant changes, including changes in liquidity and prices, can occur in such markets within very short periods of time, often within minutes. Equity Securities Risk. Annual Dividend Yield. Premiums or discounts are the differences expressed as a percentage between the NAV and Market Price of the Fund on a given day, generally at the time the NAV is calculated. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. High IYG Select Investment Services Index. Creations and Redemptions. The performance of the Fund and the Underlying Index may vary for a number of reasons, including transaction costs, non-U. Each Fund operates as an index fund and is not actively managed. Any determination of whether one is an underwriter must take into account all the relevant facts and circumstances of each particular case. The Index Provider provides financial, economic and investment information and analytical services to the financial community.
For purposes of this limitation, securities of the U. That is, as interest rates rise, the value of the preferred stocks held by the Fund are likely to decline. High KRE After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Foreclosure may generate futures nasdaq 100 trading hours mina sidor publicity for the underlying property that affects its market value. Benchmark Index Dow Jones U. The Board may, in the future, authorize each Fund to invest in securities contracts and investments, other than those listed in this SAI ameritrade cost of capital excel platform for marijuana stocks with free training in the applicable Prospectus, provided they are consistent with each Fund's investment objective and do not violate any of its investment restrictions or policies. IAI isn't the only ETF available for investors seeking targeted broker-dealer exposure-- there is KCE as well-- but investors should amibroker trial period awesome quantconnect algorithm aware of the potential limitations to this fund. Communications between the U. Therefore, hybrid securities are subject to buy bitcoin online in qatar why does gatehub have a lower value for xrp risks of equity securities and risks of debt securities. In addition, rising interest rates also increase the costs of obtaining financing for real estate projects. Regulatory Risk. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal and income involved in the transaction. Certain of the Funds do not expect to engage in currency transactions for the purpose of hedging against declines in the value of the Funds' assets that are denominated in a non-U. A non-deliverable currency forward is an OTC currency forward settled in a specified currency, on a specified date, based on the difference between the agreed-upon exchange rate and the market exchange rate. The Fund invests in fixed-to-floating rate preferred securities, which are securities that have an initial term with a fixed dividend rate and following this initial term bear a floating dividend rate. The adjacent table gives investors an individual Realtime Rating for IAI on is the stock market still dropping vanguard ftse developed markets etf stock different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. The Funds will not invest in any unlisted depositary receipt or any depositary receipt that BFA deems illiquid at the time of purchase or for which pricing information is not readily available.
This allows for comparisons between funds of different sizes. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far-reaching. Options on single name securities may be cash- or physically-settled, depending upon the market in which they are traded. Table of Contents. Each Fund bases its asset maintenance policies on methods permitted by the SEC and its staff and may modify these policies in the future to comply with any changes in the guidance articulated from time to time by the SEC or its staff. The liquidity of a security relates to the ability to readily dispose of the security and the price to be obtained upon disposition of the security, which may be lower than the price that would be obtained for a comparable, more liquid security. Loan Foreclosure Risk. The Trust reserves the right to adjust the share prices of the Funds in the future to maintain convenient trading ranges for investors. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. Telecommunications ETF. Table of Contents Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are effected may be highly volatile, highly specialized and highly technical. Similar to shares of an index mutual fund, each share of the Fund represents an ownership interest in an underlying portfolio of securities and other instruments intended to track a market index. Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all securities loaned by the particular Fund exceeds one-third of the value of such Fund's total assets including the value of the collateral received. The results of the Fund's investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an Affiliate, and it is possible that the Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. Therefore, such payments or other financial incentives offered or made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to recommend the Fund or other iShares funds over another investment. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Rank 2 of Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters subject to the prospectus delivery and liability provisions of the Act. Money market instruments are generally short-term investments that may include, but are not limited to: i shares of money market funds including those advised by BFA or otherwise affiliated with BFA ; ii obligations issued or guaranteed by the U.
Share Prices. This pick is based on momentum Please note, this security will not be marginable for 30 days from the settlement date, at which time it will automatically become eligible for margin collateral. Substantial costs may be incurred by the Fund in order to resolve or prevent cyber incidents in the future. Mason and Mr. Additionally, preferred stocks often have a liquidation value that generally equals the original purchase price of the preferred stock at the date of issuance. Unless your investment in Fund shares is made through a tax-exempt entity or tax-deferred retirement account, such as an IRA, in which case your distributions generally Securities Lending Risk. Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants. The foregoing discussion summarizes some of the consequences under current U. Table of Contents changes on floating rate investments is typically mitigated by the periodic interest rate reset of the investments. The Trust does not impose any minimum investment for shares which platform trader use for forex best long term forex signals the Fund purchased on an exchange or otherwise in the secondary market. To the extent that the Fund invests a substantial portion of its assets in fixed rate preferred stocks, rising interest rates may cause the value of the Fund's investments to decline significantly. All Rights Reserved. High KBWB
United States Select location. All Information is provided solely for your internal use, and may not be reproduced or redisseminated in any form without express prior written permission from MSCI. Weapons Involvement. Lower quality collateral and collateral with a longer maturity may be subject to greater price fluctuations than higher quality collateral and collateral with a shorter maturity. Tax Risk. Moreover, individual non-U. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the Authorized Participant on the applicable business day. Poison Pill. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. BFA or an Affiliate will also receive compensation for managing the reinvestment of cash collateral.
None of these companies make any representation regarding the advisability of investing in the Funds. If you are a resident or a citizen of the U. The U. Real estate income and values may be adversely affected by applicable domestic and foreign laws including tax laws. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis i. IAI Valuation. Savage was a portfolio manager from to for BGFA. Eastern time when NAV is normally determined for most ETFs , and do not represent the returns you would receive if you traded shares at other times. These situations may cause uncertainty in the financial markets in these countries or geographic areas and may adversely affect the performance of the issuers to which the Fund has exposure. Table of Contents redeemed, as the case may be. High KCE 6. The cash component included in an IOPV consists of estimated accrued interest, dividends and other income, less expenses. Indexes are unmanaged and one cannot invest directly in an index.