S&P Custom Indices

Methodology

May 2024
S&P Dow Jones Indices: Index Methodology
Table of Contents
Introduction 10
Highlights 10
Index Details 12
Dow Jones Brookfield Global Infrastructure Country Capped Index (Custom) 12
Dow Jones Brookfield Global Ex-Japan Infrastructure Index (USD) 13
Dow Jones Brookfield Oil and Gas Storage & Transportation Infrastructure
Index CPPIB NTR 14
Dow Jones Sustainability World Developed Diversified Select
Ex-Switzerland Index 15
Dow Jones Sustainability World Ex-Energy, Alcohol, Tobacco, Gambling,
Armaments & Firearms, and Adult Entertainment Index (USD) 16
Dow Jones Equity All REIT Capped Spliced Index (USD) 17
S&P Europe 350 Carbon Efficient Select Low Volatility Synthetic PR Index 18
S&P Europe 350 Shareholder Yield Low Vol Synthetic PR Index 19
S&P Europe 350 Europe Low Vol Synthetic PR Index 20
S&P Emerging Markets Low Vol Select Synthetic PR Index 21
S&P MidCap 400 Financials Ex-Real Estate 22
S&P MidCap 400 Financials Ex 402040 23
S&P Southern Europe Low Vol Synthetic PR Index 24
S&P 500 Net of U.S. Individual Dividend Tax 25
S&P 500 Net of U.S. Individual Liquidation Tax 26
S&P 500 High Dividend Yield 250 Index 27
S&P 500 Top 75 Index 28
S&P 500 Market Cap and Equal Weight 75/25 Blend Indices 29
S&P 500 Low Volatility Synthetic PR Index 30
S&P 500 Index GBP Hedged Net Total Return (WHT 15%) 31
S&P 500 (4 PM CET Level) (USD) TR 32
S&P 500 Monthly Equal Weighted Index 33
S&P 500 ex-Apple 34
S&P 500 Ex-WMT and FSLR Index (USD) (Custom) 35
S&P 500 Ex Tobacco Equal Weighted Index 36
S&P 500 Fossil Fuel Free ex-Tobacco Index 37
S&P 500 Ex Sector, Industry and Sub-Industry Indices 38
S&P 500 Ex-Financials, Real Estate, Aerospace & Defense and Incl-Transaction
& Payment Processing Services Index (USD) (Custom) 39

S&P Dow Jones Indices: S&P Custom Indices Methodology 1

 S&P 500 Ex-16 Securities Index (Custom) 40
S&P 500 Ex – Landmine and Cluster Bomb Affiliated Companies 41
S&P 500 NDF KRW Hedged Index 42
S&P 500 ESG KRW-Converted Daily Reset Index 43
S&P 500 ESG KRW-Converted Daily Reset Index 44
S&P 500 ESG Elite 20 Point Decrement KRW Hedged Index NTR 45
S&P 500 1.2X Leveraged Monthly Index (KRW) ER 46
S&P 500 3X Inverse Carry-Free Daily JPY Hedged Index (TTM) 47
S&P 500 3X Leverage Carry-Free Daily JPY Hedged Index (TTM) 48
S&P 500 (USD) TR Plus 3% (Custom) 49
S&P 500 (GBP) TR Plus 1.25% Daily (Custom) 50
S&P 500 (GBP) TR Plus 1.5% (Custom) 51
S&P 500 UK Tax NTR GBP 52
S&P 500 80-Point Decrement KRW Hedged Index NTR 53
S&P 500, 400, & 600 55/25/20 Blended Index (USD) (Custom) 54
S&P 500 Value and Growth 70/30 Blended Index (USD) (Custom) 55
S&P Global 100 (WM) Index (3 PM UK Time) (GBP) 56
S&P 1500 TBCAM Index 57
S&P U.S. SmallCap and MidCap Blended Index (USD) (Custom) 58
Dow Jones U.S. RESI, Dow Jones Global Ex-U.S. RESI, and S&P Global
LargeMidCap Commodity and Resources 30/20/50 Blend (USD) NTR (Custom) 59
Dow Jones U.S. and Global Ex-U.S. Select RESI 60/40 Blend Index (USD) NTR
(Custom) 60
S&P Global SmallCap (USD) TR Plus 2% (Custom) 61
SSGA - S&P 500 Minus Top 75 Market Cap Index 62
®
S&P 500 Dividend Aristocrats Ex-Brown-Forman Corp Index 63
S&P 500 Dividend Aristocrats and S&P Global Dividend Aristocrats 50/50 Blend
Index 64
S&P 500 Dividend Aristocrats JPY Hedged Index (TTM) 65
S&P 100 Ex Financials Index 66
S&P 100 Expanded Information Technology Index (USD) (Custom) 67
S&P Financials & Real Estate Index (USD) (Custom) 68
S&P Custom Sector Indices 69
Technology Select Sector Index (CAD) NTR (15% WT) 71
S&P North American Expanded Technology Sector Index (Custom) 72
S&P Long-Only Merger Arbitrage Ex-Cash Liquid Index (Custom) 73
S&P Global Dividend Aristocrats® Blend Index (Custom) 74

S&P Dow Jones Indices: S&P Custom Indices Methodology 2

 S&P US, Europe and Pan Asia Dividend Aristocrats ® Blend Index TR (Custom)
and S&P US, Europe and Pan Asia Dividend Aristocrats Blend Index NTR
(Custom) 75
S&P U.S., Europe, and Asia Consumer and Information Technology Top 100
Capped Index (Custom) 76
S&P Global Ex-U.S. Under USD500 Million (US Dollar) Index 77
S&P Global Cap Range Companies Between USD500 Million and
USD5 Billion (US Dollar) 78
S&P Global Ex-U.S. Cap Range Companies Between USD500 Million and USD5
Billion (US Dollar) 79
S&P Global Ex-U.S. Ex-Energy Between USD500 Million and USD5 Billion
(USD) (Custom) 80
S&P Global BMI Metals & Mining 25% Weighted Index (USD) (Custom) 81
S&P BMI Gold, Silver and Precious Metals Index 82
S&P Global BMI High Income Index (USD) 83
S&P United States REIT 10% Capped and S&P/TSX 60 Sectors 10% Capped
20/80 Blend (CAD) NTR (Custom) 85
S&P Custom High Yield Europe Property Index (USD) 86
S&P Developed ex US REIT Under USD2 Billion 87
S&P Developed Europe Mid-East Africa Small Cap Index 88
S&P EPAC Ex-Australia and Israel Under USD2 Billion (USD) 89
S&P Developed Ex-U.S. BMI (Capped) GICS Sector Indices 90
S&P European Emerging BMI (Capped) Index 91
S&P Emerging BMI Healthcare Equal Weighted Index 92
S&P Global Custom Metals & Mining Index 93
S&P Global Mining Ex-South32 Capped Index (AUD) (Custom) 94
S&P Global Mining Ex-South32 Capped Series 2 Index (AUD) (Custom) 95
S&P Healthcare and Consumer Staples Shariah Index 96
S&P Global Natural Resources and Water Shariah Index 97
S&P Europe & US Property Index 99
S&P France 80 Index 100
S&P France 20 Equal Weight Index 101
S&P France 20 & Germany 20 Equal Weight Index 102
S&P France 60 Equal Weight Index 103
S&P Eurozone 100 Index 104
S&P Eurozone 100 Equal Weight Index 105
S&P France 50 ESG Index 106
S&P France 60 ESG Equal Weight Index 108
S&P Eurozone 100 ESG Equal Weight Index 110
S&P France 20 & Germany 20 ESG Equal Weight Index 112

S&P Dow Jones Indices: S&P Custom Indices Methodology 3

 S&P Developed ESG Dividend Aristocrats All Currencies Ex-KRW EUR
Hedged Index NTR 114
S&P Developed LargeMidCap Ex-Korea & Luxembourg BMI Index 115
S&P Europe LargeMidCap Ex-Luxembourg BMI Index 116
S&P Developed Europe Mid-East Africa Small Cap Index 117
S&P Developed ESG Elite Dividend Aristocrats All Currencies Ex-KRW EUR
Hedged Index NTR 118
S&P Emerging EMEA Ex-RU, KW, SA LargeMidCap (USD) (Custom) 119
S&P Latin America LargeMidCap Equal Weighted Index (USD) 120
S&P Brazil LargeMidCap Equal Weighted Index (USD) 121
S&P Colombia BMI Equal Weighted Index (USD) 122
S&P Pakistan BMI Liquid 35/20 Capped Index (Custom) 123
S&P Pan Asia BMI (US Dollar) Ex-U.S. Listed 125
S&P Pan Asia Ex-JP, AU, NZ, IN, PK BMI Select Communications,
Construction and Utilities 10% Capped Index (Custom) 126
S&P Pan Asia Ex-JP, AU, NZ, IN, PK BMI Consumer Discretionary
and Consumer Staples 5% Capped Index (Custom) 127
S&P Pan Asia Ex-JP, AU, NZ, IN, PK BMI Top 30 10% Capped Index (Custom) 128
S&P Pan Asia BMI Select Real Estate 10% Capped Index (Custom) 129
S&P Pan Asia Ex-JP, AU, NZ BMI REIT 10% Capped Index (USD) 131
S&P Pan Asia Ex-JP AU NZ PK REIT 10％ Capped Index 132
S&P Pan Asia Ex Japan REIT Capped Index 133
S&P Emerging Asia Pacific Plus Ex-CN, IN, PK LargeMidCap (USD) (Custom) 134
S&P China & Hong Kong 20% Capped Shariah Index (Custom) 135
S&P China Hong Kong-Listed Shariah Liquid 35/20 Capped Index 136
S&P U.S., UK, Japan, & China BMI Shariah (Custom) 138
S&P Pan Asia Ex-JP, AU, NZ, IN, PK BMI Shariah (Custom) 139
S&P Pan Asia Ex-JANZ, IN, PK BMI Shariah Top 100 Index (Custom) 140
S&P Indonesia LargeMidCap 10% Capped Index 141
S&P Germany BMI Liquid 35/20 Capped Index (Custom) 142
S&P Germany BMI Shariah Liquid 35/20 Capped Index (Custom) 144
S&P Japan BMI Liquid 35/20 Capped Index (Custom) 146
S&P Japan BMI Shariah Liquid 35/20 Capped Index (Custom) 148
S&P Pan Asia Ex-JANZ BMI (Asia Close) (USD) 150
S&P Global 1200 Information Technology and Interactive Media &
Services Index 151
S&P Global 1200 ex-Emerging Markets Index 152
S&P Global 1200 Ex-Emerging Markets and Ex-Real Estate (Sector) Index
(USD) 153
S&P Global 1200 ESG Low Carbon Index (USD) (Custom) 154

S&P Dow Jones Indices: S&P Custom Indices Methodology 4

 S&P Global Infrastructure and S&P Global 1200 Utilities (Sector) Capped 50/50
Blend Index (USD) NTR (Custom) 155
S&P 1000 Ex-Real Estate (Sector) Index (USD) 156
S&P Canadian Custom Midcap Index 157
S&P/TSX Composite Financials, Real Estate, Utilities, and Comm Svcs Index 158
S&P/TSX Composite Financials, Utilities, and Communication Services Index 159
S&P/TSX Information Technology, Industrials, Consumer Staples,
Consumer Discretionary, Health Care Index 160
S&P/TSX Composite Ex-REITS and Ex-Income Trusts Index 161
S&P/TSX Composite Ex-Energy Index 162
S&P/TSX Composite Ex-Energy & Materials (Sector) Index 163
S&P/TSX Capped 10% Income Trust Index 164
S&P/TSX Composite ex. 3 Stocks 165
S&P/TSX Composite FMR Cut Index 166
S&P/TSX Composite Custom Exclusion Index 167
S&P/TSX Composite Ex Integrated Oil & Gas & Oil & Gas Exploration
& Production (CAD) (Custom) 168
S&P/TSX Composite Ex-Resources, Construction, Casinos & Consumer
Staples Index (CAD) (Custom) 169
S&P/TSX Composite Dividend Ex-Resources, Construction, Casinos,
& Consumer Staples Index (CAD) (Custom) 170
S&P/TSX Composite & SmallCap Ex-Resources, Construction, Casinos &
Consumer Staples Index (CAD) (Custom) 171
S&P/TSX Capped Composite Ex-Energy and Utilities 172
S&P/TSX Composite Dividend Ex-Energy & Materials and Incl-Oil
& Gas Refining & Marketing and Oil & Gas Storage
& Transportation Index (CAD) (Custom) 173
S&P/TSX Composite Dividend and S&P/TSX Composite Dividend Ex-Energy &
Materials and Incl-Oil & Gas Refining & Marketing and Oil & Gas Storage &
Transportation 66.67/33.33 Blend Index (CAD) (Custom) 174
S&P Netherlands Customized Non-Property Less Than 1B Euro Index 175
S&P Saudi Arabia Shariah Dividend Capped Rebased Index 176
S&P GCC Conventional Dividend Index 177
S&P Saudi Arabia Conventional Dividend Index 178
S&P Saudi Arabia Shariah Dividend Capped Index 179
S&P Saudi Arabia Shariah Liquid 35/20 Capped Index (Custom) 180
S&P Saudi Arabia Domestic Shariah Ex-Saudi Aramco Index (USD) (Custom) 181
S&P Saudi Arabia Domestic Shariah Ex-RJHI Index (SAR) (Custom) 182
S&P Saudi Arabia Domestic Ex-Saudi Aramco Index (USD) (Custom) 183
S&P Saudi Arabia Domestic Shariah Materials Capped 20% Index 184
S&P Saudi Arabia Domestic Ex-Health Care Equipment & Services
and Insurance Index (Custom) 185

S&P Dow Jones Indices: S&P Custom Indices Methodology 5

 S&P Saudi Arabia Domestic Ex-Banks (Industry) Shariah 186
S&P Saudi Arabia Domestic Equity with Shariah-Screened Financials Index
(Custom) (SAR) 187
S&P Saudi Arabia Domestic Ex-Banks (Industry) (SAR) Index 188
S&P 500 U.S. Shariah Top 30 35/20 Capped Index (Custom) 189
S&P High Yield Dividend Aristocrats U.S. Shariah Top 30 35/20 Capped Index
(Custom) 191
S&P Singapore LargeMidCap 10% Capped Index 193
S&P UAE Domestic Shariah Liquid 35/20 Capped Index 194
S&P UAE Domestic 10% Capped Index (AED) 196
S&P Kuwait Shariah Liquid 35/20 Capped Index (USD) (Custom) 197
S&P UAE BMI Liquid 20/35 Capped Index 199
S&P Kuwait Domestic Liquid Capped Select Index 201
S&P Kuwait, Saudi Arabia & UAE Composite LargeCap Index 202
S&P GCC Composite LargeCap Ex Qatar Index 203
S&P GCC Composite LargeCap Ex-Saudi Aramco Index (USD) (Custom) 204
S&P GCC Composite Ex-Saudi Aramco & Qatar Index (USD) (Custom) 205
S&P GCC Composite Shariah Ex-Saudi Aramco Index (SAR) (Custom) 206
S&P GCC Ex-Kuwait Composite Index (USD) 207
S&P GCC Composite Ex Oman Index 208
S&P GCC LargeCap Custom Capped Index 209
S&P GCC LargeMid Energy Custom Capped Index 210
S&P GCC Dividend-Focused LargeMidCap Index (Custom) 212
S&P GCC Shariah Dividend Yield (Custom) Index 213
S&P GCC Composite Shariah LargeCap Ex Qatar Index 214
S&P GCC Composite Shariah LargeCap Ex-Bahrain, Oman, Qatar 15% Capped
Index (USD) NTR 215
S&P GCC Composite Shariah LargeMidCap Liquid Index 216
S&P GCC Composite Shariah High Dividend 15% Capped Index (USD)
(Custom) 217
S&P GCC Shariah Large Mid Custom Capped Index 218
S&P Emerging Ex-GCC BMI Top 100 Shariah Capped Index (USD) (Custom) 219
S&P GCC Composite LargeMidCap Ex Saudi Arabia Liquid Index,
S&P Custom GCC Composite LargeMidcap Index,
S&P Custom GCC Composite LargeMidCap
with Saudi Arabia Capped at 55% Index 220
S&P Custom Pan Arab Composite LargeMidcap Index 221
S&P Pan Arab Composite LargeMidCap Capped 10/40 Index 222
S&P Pan Arab Composite LargeMidCap Dividend Focused 10/40 Capped Index
(Custom) and S&P Pan Arab Composite LargeMidCap Dividend Focused 10/40
Capped Shariah Index (Custom) 223

S&P Dow Jones Indices: S&P Custom Indices Methodology 6

 S&P GCC Composite LargeMidCap Dividend Focused Index (Custom) 225
S&P GCC Composite LargeMidCap Ex Kuwait Index 226
S&P GCC Composite LargeMidCap Kuwait Floor Capped Index (USD) (Custom) 227
S&P GCC Ex-Kuwait Composite LargeMidCap Ex-Saudi Aramco
(USD) (Custom) 228
S&P GCC Composite Ex-ARAMCO Index (USD) (Custom) 229
S&P GCC Shariah Dividend Index 230
S&P GCC Composite Shariah 10% Capped Index 231
S&P GCC Composite Shariah LargeMidCap 4.5/9/35 Capped Index (Custom) 232
S&P GCC Composite High Dividend 10% Capped Index (USD) (Custom) 233
S&P Qatar Domestic Excluded-Equities Top 20 Index (Custom) 234
S&P Qatar Domestic Excluded-Equities 20 Capped Index (Custom) 235
S&P Pan Arab LargeMidCap Ex Kuwait Index 236
S&P Pan Arab Ex-Kuwait Composite LargeMidCap Ex-Saudi Aramco (USD)
(Custom) 237
S&P Pan Arab Composite ESG Shariah Capped Index (USD) (Custom) 238
S&P Pan Arab Composite Energy, Materials, Industrials,
& Utilities Industry Tilted Index (USD) (Custom) 240
S&P Pan Africa Ex South Africa Capped Index 241
S&P Pan Africa Ex-South Africa Capped (12.5% Non-African Listed Companies)
Index (USD) (Custom) 242
S&P Pan Arab Large Mid with KSA 30% Index and S&P Pan Arab Large Mid with
KSA 40% Index 243
S&P Pan Arab Investable and Saudi Arabia Large Mid NTR Index 244
S&P Global LargeMidCap ESG Shariah Top 80 Capped Index (USD) (Custom) 245
S&P Global 1200 Shariah Low Vol Dividend Cycle PR Adjusted
(NTR minus 3.5%) Index (Custom) 247
S&P Global 1200 Shariah Information Technology (Sector) 10% Capped Index 248
S&P India Shariah Liquid 35/20 Capped Index (INR) (Custom) 249
S&P Turkey Shariah Liquid 35/20 Capped Index (TRY) (Custom) 251
DJIM Global Ex-Korea, India, and Taiwan Technology LargeCap
20% Capped Index (USD) 253
Dow Jones Islamic Market World TR and Dow Jones Sukuk PR 65/35
Blend Index 254
S&P MENA Shariah Dividend Growth Index 255
S&P Emerging and Frontier ME and Africa BMI Index (Custom) 256
S&P ME and Africa BMI Index (Custom) 257
S&P Kuwait BMI Liquid Capped Index (Custom) 258
S&P South Africa Domestic Shareholder Weighted (DSW) 100 Index (Custom) 259
S&P South Africa Ex-SOL Domestic Shareholder Weighted (DSW)
Capped ESG Index (ZAR) (Custom) 260

S&P Dow Jones Indices: S&P Custom Indices Methodology 7

 S&P Developed High Income REIT Index and S&P Developed High Income
REIT Capped Index 261
S&P Developed Ex-Japan REIT Capped Index 262
S&P/ASX 300 Industrials Ex-Top 20 Index (AUD) (Custom) 263
S&P/ASX 300 Ex-ANZ, CBA, NAB and WBC Index (AUD) 264
S&P/ASX 300 INDUSTRIALS Ex ANZ CBA NAB & WBC 265
S&P/ASX 300 Industrials Ex Top 5 Market Cap Index 266
S&P/ASX 300 Ex-S&P/ASX 200 Index (AUD) 267
S&P/ASX 300 Ex-S&P/ASX 50 Index (AUD) 268
S&P/ASX 300 Ex S&P/ASX 20 Index 269
S&P/ASX 300 INDUSTRIALS Ex-A-REIT Index (AUD) 270
S&P/ASX 300 Ex S&P/ASX 50 Ex A-REIT 271
S&P/ASX 300 Custom Infrastructure and Utilities Index (AUD) 272
S&P/ASX 300 Custom Infrastructure Utilities and A-REITS Index 273
S&P/ASX 300 Metals & Mining Capped Index 274
S&P/ASX 300 Ex S&P/ASX 20 and S&P Global Mid SmallCap 50/50 Blend Index 275
S&P/ASX MidCap 50 and Small Ordinaries Daily 50/50 Blend 75% NZD Hedged
Index TR (Custom) 276
All Ordinaries Under AUD 500M Ex-S&P/ASX 300 Index (AUD) (Custom) 277
S&P/ASX 200 Ex-S&P/ASX 20 Index (AUD) 278
S&P/ASX 200 Ex 50 279
S&P/ASX 200 Ex. RIO Ex. BHP Index 280
S&P/ASX 200 Ex-S&P/ASX 20 Ex-Smallest 50 Index (Custom) 281
S&P/ASX 200 Ex-ANZ, CBA, NAB and WBC Index (AUD) (Custom) 282
S&P/ASX 200 Ex-IAG Index (AUD) 283
S&P/ASX 200 A-REIT Ex-GMG and GPT Index (AUD) (Custom) 284
S&P/ASX 200 Industrials Ex-Top 20 Index (AUD) (Custom) 285
S&P/ASX 100 Ex-ANZ, CBA, NAB and WBC Index (AUD) 286
S&P/ASX 100 Bank Adjustment Factor Index 287
S&P/ASX 100 INDUSTRIALS Ex-Financials, A-REIT and Data Processing &
Outsourced Services Index (AUD) (Custom) 288
S&P/ASX 100 and S&P/ASX Small Ordinaries - Fuels, Metals & Mining
Blend Index (AUD) TR (Custom) 289
S&P/ASX 100 Oil, Gas & Consumable Fuels and Metals & Mining (AUD) 290
S&P/ASX Small Ordinaries Oil, Gas & Consumable Fuels and Metals & Mining
(AUD) 291
S&P/ASX 50 Ex A-REIT (Sector) 292
S&P/ASX MidCap 50 and S&P/ASX Small Ordinaries Quarterly 50/50
Blend Index (AUD) (Custom) 293
S&P/ASX MidCap 50 and Small Ordinaries Quarterly 50/50 Blend Index 294

S&P Dow Jones Indices: S&P Custom Indices Methodology 8

 S&P/ASX MidCap 50 and Small Ordinaries Daily 50/50 Blend Index TR 295
S&P/ASX MidCap 50 and Small Ordinaries Daily 70/30 Blend Index (AUD)
(Custom) 296
S&P/ASX MidCap 50 and Small Ordinaries Daily 70/30 Blend Index (AUD) TR
(Custom) 296
S&P/ASX Mid Small Ex A-REIT 297
S&P/ASX Sustainability Screened Dividend Opportunities Spliced Index
(AUD)
TR (Custom) 298
S&P Australia REIT 7％ Capped Index (Custom) 299
S&P/JPX Dividend Aristocrats Index USD Hedged Net Total Return
(WHT 15.315%) 300
S&P Japan BMI Index (Asia Close) 301
S&P Japan Shariah Top 20 Index 302
S&P/NZX 50 and S&P/ASX 200 Quarterly 50/50 Blend Index (AUD) (Custom) 303
S&P/NZX 50 and S&P/ASX 200 NZD Hedged 50/50 Blend Index TR (Custom) 304
S&P/NZX 50 Ex Genesis Energy Index 305
S&P/NZX All Real Estate Ex PCT Capital 306
S&P/NZX All Real Estate (Sector) Gross with Imputation and S&P/ASX 200
A-REIT (Sector) (NZD) (TR) Hedged 60/40 Blend Index 307
S&P/NZX 50 and S&P/ASX 200 NZD 50% Hedged 50/50
Blend Index TR (Custom) 308
S&P Asia Infrastructure Index Ex Japan, Oil & Gas Drilling and Oil & Gas
Equipment & Services Index 309
S&P Asia Ex-Japan Small and MidCap Index 310
S&P 500 Carbon Efficient in TTM Rates JPY Hedged Index 311
DJIA TTM Japanese Yen Hedged Index, Dow Jones Industrial Average
JPY Hedged (TTM) (Japan Calendar) Index 312
S&P Global BMI * 70% + S&P China Ex-A-B-Shares* 30% Index 313
S&P Extended Frontier 150 (Custom Country Inclusions) 314
S&P CPPIB Net Total Return Indices 315
S&P Kensho Cyber Security Top 10 25% Capped Index (USD) (Custom) 316
S&P 500 and S&P Kensho Cyber Security Top 10 25% Capped 80/20
Blend Index (USD) 317
S&P Pan Europe LargeCap and S&P North America LargeCap 33/67
Blend Index (USD) 318
S&P Dow Jones Indices’ Contact Information 319
Contact Information 319
Disclaimer 320
Performance Disclosure/Back-Tested Data 320
Intellectual Property Notices/Disclaimer 321
ESG Indices Disclaimer 323

S&P Dow Jones Indices: S&P Custom Indices Methodology 9

Introduction
Highlights

This methodology includes the methodologies for equity S&P Dow Jones Indices (S&P DJI) Custom
Indices. The indices are client tailored versions of an S&P or Dow Jones branded underlying index. The
indices may be tailored in a variety of ways such as the exclusion of certain constituents or sectors,
different rebalancing schedules, weighting schemes, currencies of calculation, or tax rates. For example,
the S&P 500 Ex Tobacco is a version of the S&P 500 excluding constituents classified as part of the
Global Industry Classification Standard (GICS®) Tobacco Sub-industry (GICS code 30203010).

Unless detailed in the following pages, the indices follow the standard policies and procedures as
documented in the underlying index’s methodology and in S&P Dow Jones Indices’ Equity Indices
Policies & Practices document. Such policies and procedures include, but are not limited to, corporate
action treatments and error correction.

Domicile and GICS Classification Changes. Unless otherwise specified, the indices in this
methodology that employ domicile and GICS as eligibility criteria will follow their respective underlying
index’s rules with regard to how changes to a company’s classification are implemented in the indices.
For more information on Domicile and GICS, please refer to S&P Dow Jones Indices’ Equity Indices
Policies & Practices Methodology and S&P Dow Jones Indices’ Global Industry Classification Standard
(GICS) Methodology, respectively, available on our Web Site, [Link]/spdji.

Exchange Rate. Unless otherwise specified, the exchange rate employed by the indices in this
methodology that use foreign exchange rates for index calculation purposes is as follows:

WMR foreign exchange rates are taken daily at 4:00 PM London Time and used in the calculation of the
indices. These mid-market fixings are calculated by WMR based on LSEG data and appear on LSEG
pages.

Rebalancing. Unless otherwise specified, the indices in this methodology rebalance according to the
same schedule as their respective underlying index. When the rebalancing effective date is the same for
the custom index and underlying index, the reference universe for the custom index is the composition of
the underlying index at the open of the upcoming rebalancing effective date. In the event the rebalancing
effective dates are not the same, the reference universe for the custom index is the composition of the
underlying index as of the rebalance reference date.

The Index Committee may change the date of a given rebalancing for reasons including market holidays
occurring on or around the scheduled rebalancing date. Any such change will be announced with proper
advance notice where possible.

Individual Company Inclusions/Exclusions. Certain index methodologies include eligibility criteria that
include or exclude specific companies and, in some cases, may specify these company names and/or
tickers in the index name. As companies may change names and/or tickers, spin-off parts of their
business, or be involved in M&A activity, S&P DJI applies the following general rules to manage the
indices which have individual company inclusion/exclusion lists:
• In the event an impacted company changes names or tickers, the company will continue to be
included/excluded from the index. S&P DJI will update the eligibility criteria and, if necessary, the
index objective as soon as practicable.

S&P Dow Jones Indices: S&P Custom Indices Methodology 10

 • In the event an included/excluded company goes through M&A event, S&P DJI will determine the
surviving entity. In the event the surviving entity is one of the included/excluded companies, there
will be no change to the index methodology and the new company will continue to be
included/excluded from the index and changes to company name/ticker, if applicable, will be
made to the index methodology as soon as practicable. Otherwise, the new company will no
longer represent the original included/excluded company and its membership in the index will be
based on meeting all other eligibility.
• In the event an included/excluded company spins-off a part of its business, the surviving
company and the spun-off (or spin-offs if applicable) will be treated as one company until the next
index rebalance and continue to be included/excluded from the index as long as (for included
companies) the spun-off company remains in the eligible universe, which is typically defined as
an underlying index. If the spun-off company is removed from the underlying index it will be
dropped from the index simultaneously. At the next rebalance, the Index Committee will
determine how the new entities will be treated and update the methodology accordingly, if
necessary.
• Due to the situations described above, as well as bankruptcies, rebalancing events, and other
actions, included/excluded companies may no longer exist or be included in the underlying index.
In order to maintain continuity and preserve history, index methodologies will not be updated, and
the list of companies will not be altered as a result of these actions. In the event an
included/excluded company re-emerges from bankruptcy or again becomes eligible for the index,
the company will continue to be included/excluded from the index as long as it is considered by
S&P DJI to represent the same company.
• Index names will not be updated in the event an included/excluded company name and/or ticker
is updated.

Currency of Calculation and Additional Index Return Series. In addition to the indices detailed in this
methodology, additional return series versions of the indices may be available, including, but not limited to
the following: currency, currency hedged, decrement, fair value, inverse, leveraged, and risk control
versions. For a list of available indices, please refer to S&P DJI Methodology & Regulatory Status
Database.

For information on various index calculations, please refer to S&P Dow Jones Indices’ Index Mathematics
Methodology.

For the inputs necessary to calculate certain types of indices, including decrement, dynamic hedged, fair
value, and risk control indices, please refer to the Parameters documents available at
[Link]/spdji.

This document should be read in conjunction with the underlying index’s methodology document available
at [Link]/spdji in order to gain a complete understanding of the index’s eligibility rules,
policies, and procedures.

ASX, ALL ORDINARIES are trademarks of ASX Operations Pty Ltd. and have been licensed for use by
S&P Dow Jones Indices.

JPX is a trademark of Japan Exchange Group, Inc. and has been licensed for use by S&P Dow Jones
Indices.

NZX is a trademark of NZX Limited and is licensed for use by S&P Dow Jones Indices.

TOPIX is a trademark of Tokyo Stock Exchange and has been licensed for use by S&P Dow Jones
Indices.

TSX is a trademark of TSX, Inc. and has been licensed for use by S&P Dow Jones Indices.

S&P Dow Jones Indices: S&P Custom Indices Methodology 11

Index Details
Dow Jones Brookfield Global Infrastructure Country Capped Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to an alternate weighting scheme as defined below.

Underlying Index. Dow Jones Brookfield Global Infrastructure Index. For information on the underlying
index, please refer to the Dow Jones Brookfield Infrastructure Indices Methodology available at
[Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, classified by
domicile into the following five regions:
• North America (U.S. and Canada)
• Australia
• Europe Ex United Kingdom
• United Kingdom
• Remaining (comprising all companies not classified into the first four regions).

Constituent Weightings. At each rebalancing, region weights are set as per the table below. Within
each region, constituents are weighted by float-adjusted market capitalization.

Region Target Weighting in Index

North America (U.S. and Canada) 25%
Australia 20%
Europe Ex United Kingdom 20%
United Kingdom 20%
Remaining 15%

Rebalancing. The index is rebalanced quarterly, effective at the open of the Monday following the third
Friday of March, June, September, and December. The reference date for prices used in the weighting
process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 12

Dow Jones Brookfield Global Ex-Japan Infrastructure Index (USD)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding stocks domiciled in Japan. The index is float-adjusted market capitalization weighted, subject to
a single constituent weight cap of 10%, a single country weight cap of 50%, and a pure-play infrastructure
sector weight cap of 50%.

For information on pure-play infrastructure sector assets, please refer to Appendix I of the underlying
index methodology.

Underlying Index. Dow Jones Brookfield Global Infrastructure Index. For information on the underlying
index, please refer to the Dow Jones Brookfield Infrastructure Indices Methodology available at
[Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index are eligible for index
inclusion, excluding those domiciled in Japan.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Intra-Rebalancing Domicile Changes. Between rebalancings, if a constituent of the underlying index’s

domicile changes to an eligible domicile the constituent is not immediately added, instead the constituent
is evaluated for index inclusion at the subsequent rebalancing. If a current constituent of the index’s
domicile changes to an ineligible domicile the constituent is removed from the index on the effective date
of the domicile change.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted,
subject to the following constraints:
• Single constituent weights are capped at 10%
• Single country weights are capped at 50%
• Pure-play infrastructure sector weights are capped at 50%.
Any excess weight from any constraint is proportionally redistributed to the uncapped constituents of the
same constraint category.

Rebalancings. The index is rebalanced semi-annually, effective prior to the open on the Monday
following the third Friday in June and December. The index is reweighted on a quarterly basis, effective
prior to the open on the Monday following the third Friday in March, June, September, and December.
The rebalancing reference dates are the third Friday of May and November, respectively.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 13

Dow Jones Brookfield Oil and Gas Storage & Transportation Infrastructure Index CPPIB NTR

Index Objective. The index measures the performance of the underlying index, with a custom tax rate
applied.

Underlying Index. Dow Jones Brookfield Oil and Gas Storage & Transportation Infrastructure Index. For
information on the underlying index, please refer to the Dow Jones Brookfield Infrastructure Indices
Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in Canadian Dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 14

Dow Jones Sustainability World Developed Diversified Select Ex-Switzerland Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding stocks domiciled in Switzerland.

Underlying Index. Dow Jones Sustainability World Developed Diversified Select Index. For information
on the underlying index, please refer to the Dow Jones Sustainability Diversified Indices Methodology
available at [Link]/spdji.

Index Eligibility. Index constituents are drawn from the underlying index.

Index Construction. Constituents of the underlying index excluding those domiciled in Switzerland are
selected for index inclusion.

Index Additions. Except for spin-offs, eligible additions to the index are made only at the time of the
rebalancing.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Index deletions due to company domicile change are implemented on the company
domicile change effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing follow
the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 15

Dow Jones Sustainability World Ex-Energy, Alcohol, Tobacco, Gambling, Armaments & Firearms,
and Adult Entertainment Index (USD)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those classified as part of the Energy (GICS: 10) Sector.

Underlying Index. Dow Jones Sustainability World Ex-Alcohol, Tobacco, Gambling, Armaments &
Firearms, and Adult Entertainment Index. For information on the underlying index, please refer to the Dow
Jones Sustainability Indices methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index except those classified as part of the Energy
(GICS: 10) Sector.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the effective date of the reclassification.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. The maximum
weight of any index constituent is capped at 10% of the index, in line with the underlying index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced annually, effective prior to the open of the Monday following the
third Friday of September. On a quarterly basis, the index is reweighted, effective at the open of the
Monday following the third Friday of March, June, September, and December. The reference date for
prices used for the reweighting process is the close of the Wednesday prior to the second Friday of the
rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 16

Dow Jones Equity All REIT Capped Spliced Index (USD)

Index Objective. The index measures the performance of the underlying index.

Underlying Indices. Dow Jones Equity All REIT Capped Index.1 For information on the underlying index,
please refer to the Dow Jones Composite All REIT Indices Methodology at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

1
For history from 01/11/2013 to 06/19/2020 the underlying index was the Dow Jones U.S. Select REIT Index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 17

S&P Europe 350 Carbon Efficient Select Low Volatility Synthetic PR Index

Index Objective. The index measures the performance of the underlying index, less a fixed fee of 3.5%
per annum.

Underlying Index. S&P Europe 350 Carbon Efficient Select Low Volatility Index (Net Total Return) –
Index code; SPEUCLEN and S&P Europe 350 Carbon Efficient Select Low Volatility Index (USD) (Net
Total Return) – Index code: SPEUCLUN. For information on the underlying indices, please refer to the
S&P Low Volatility Index Methodology available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. The index uses the following formula:

Index(t) = Index(t-1) * [{Parent(t) / Parent(t-1)} – {Fee * (ACT(t,t-1)/AccountingDays)}]

where:
ACT = Number of days between today and the previous index calculation date.
AccountingDays = 365.
Fee = 3.5%.
Parent = Value of the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 18

S&P Europe 350 Shareholder Yield Low Vol Synthetic PR Index

Index Objective. The index measures the performance of the underlying index, less a fixed fee of 3.7%
per annum.

Underlying Index. S&P Europe 350 Shareholder Yield Low Volatility Index (Net Total Return) – Index
code: SPESLVUN and S&P Europe 350 Shareholder Yield Low Volatility Index (Net Total Return) (EUR)
– Index code: SPESLVEN. For information on the underlying index, please refer to the S&P Low Volatility
Indices Methodology available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. The index uses the following formula:

Index(t) = Index(t-1) * [{Parent(t) / Parent(t-1)} – {Fee * (ACT(t,t-1)/AccountingDays)}]

where:
ACT = Number of days between today and the previous index calculation date.
AccountingDays = 365.
Fee = 3.7%.
Parent = Value of the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

S&P Dow Jones Indices: S&P Custom Indices Methodology 19

S&P Europe 350 Europe Low Vol Synthetic PR Index

Index Objective. The index measures the performance of the underlying index, less a fixed fee of 3%
per annum.

Underlying Index. S&P Europe 350 Low Volatility Index (Net Total Return) – Index code: SPEULVN and
S& S&P Europe 350 Low Volatility Index (net Total Return) (EUR) – Index code: SPEULVEN. For
information on the underlying index, please refer to the S&P Low Volatility Indices Methodology available
at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. The index uses the following formula:

Index(t) = Index(t-1) * [{Parent(t) / Parent(t-1)} – {Fee * (ACT(t,t-1)/AccountingDays)}]

where:
ACT = Number of days between today and the previous index calculation date.
AccountingDays = 365.
Fee = 3%.
Parent = Value of the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

S&P Dow Jones Indices: S&P Custom Indices Methodology 20

S&P Emerging Markets Low Vol Select Synthetic PR Index

Index Objective. The index measures the performance of the underlying index, less a fixed fee of 3.3%
per annum.

Underlying Index. S&P Emerging Markets Low Volatility Select Index (Net Total Return) – Index code:
SPBELSUN and S&P Emerging Markets Low Volatility Select Index (Net Total Return) (EUR) – Index
code: SPBELSEN. For information on the underlying index, please refer to the S&P Low Volatility Indices
Methodology available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. The index uses the following formula:

Index(t) = Index(t-1) * [{Parent(t) / Parent(t-1)} – {Fee * (ACT(t,t-1)/AccountingDays)}]

where:
ACT = Number of days between today and the previous index calculation date.
AccountingDays = 365.
Fee = 3.3%.
Parent = Value of the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

S&P Dow Jones Indices: S&P Custom Indices Methodology 21

S&P MidCap 400 Financials Ex-Real Estate

Index Objective. The index measures the performance of the underlying index excluding those
constituents classified as part of the GICS Real Estate Sector (Code: 60).

Underlying Index. S&P MidCap 400. For information on the underlying index, please refer to the S&P
U.S. Indices Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index, excluding those constituents
classified as part of the GICS Real Estate Sector (Code: 60), are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the underlying index.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 22

S&P MidCap 400 Financials Ex 402040

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those constituents classified as part of the GICS Mortgage Real Estate Investment Trusts
(REITs) Industry (Code: 402040).2

Underlying Index. S&P MidCap 400 Financials. For information on the underlying index, please refer to
the S&P U.S. Indices Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index excluding those classified as part of the GICS
Mortgage Real Estate Investment Trusts (REITs) Industry, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made

simultaneously with the classification change in the underlying index.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

2
For history prior to 09/19/2016 the index name was “S&P 400 Financials Ex 4040”.

S&P Dow Jones Indices: S&P Custom Indices Methodology 23

S&P Southern Europe Low Vol Synthetic PR Index

Index Objective. The index measures the performance of the underlying index, less a fixed fee of 3.3%
per annum.

Underlying Index. S&P Southern Europe Low Volatility Index (Net Total Return) – Index code:
SPSELVUN and S&P Southern Europe Low Volatility Index (Net Total Return) (EUR) – Index code:
SPSELVEN. For information on the underlying index, please refer to the S&P Low Volatility Indices
Methodology available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. The index uses the following formula:

Index(t) = Index(t-1) * [{Parent(t) / Parent(t-1)} – {Fee * (ACT(t,t-1)/AccountingDays)}]

where:
ACT = Number of days between today and the previous index calculation date.
AccountingDays = 365.
Fee = 3.3%.
Parent = Value of the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

S&P Dow Jones Indices: S&P Custom Indices Methodology 24

S&P 500 Net of U.S. Individual Dividend Tax

Index Objective. The index measures the total return performance of the constituents of the underlying
index, after adjusting for the taxes paid by individual U.S. investors in their individual tax returns on
qualified dividends, assuming the highest marginal federal income tax rate.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Tax Rates. The tax rates used to calculate the index are detailed in the table below. The index
methodology assumes that all ordinary dividends are qualified dividends for purposes of index calculation.
Adjustments for special dividends are based on the methodology of the underlying index. Data on tax
rates are reviewed annually by S&P Dow Jones Indices. They are sourced and verified with independent
data sources, including but not limited to the Worldwide Corporate Tax Guide published annually by Ernst
& Young.

From To Qualified Dividend Tax Rate

06/01/1999 12/31/2000 39.60%
01/01/2001 12/31/2001 39.10%
01/01/2002 12/31/2002 38.60%
01/01/2003 12/31/2012 15.00%
01/01/2013 Present 23.80%

S&P Dow Jones Indices: S&P Custom Indices Methodology 25

S&P 500 Net of U.S. Individual Liquidation Tax

Index Objective. The index measures the total return performance of the constituents of the underlying
index, after adjusting for the taxes paid by individual U.S. investors in their individual tax returns on
qualified dividends and long-term capital gains, assuming the highest marginal federal income tax rates.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Tax Rates. The tax rates used to calculate the index are detailed in the table below. The index
methodology assumes that all ordinary dividends are qualified dividends for purposes of index calculation.
Adjustments for special dividends are based on the methodology of the underlying index. Data on tax
rates are reviewed annually by S&P Dow Jones Indices. They are sourced and verified with independent
data sources, including but not limited to the Worldwide Corporate Tax Guide published annually by Ernst
& Young.

From To Qualified Dividend Tax Rate Long-Term Capital Gains Tax Rate
06/01/1999 12/31/2000 39.60% 20.00%
01/01/2001 12/31/2001 39.10% 20.00%
01/01/2002 12/31/2002 38.60% 20.00%
01/01/2003 05/05/2003 15.00% 20.00%
05/06/2003 12/31/2012 15.00% 15.00%
01/01/2013 Present 23.80% 23.80%

Calculation Formula. The index uses the following formula:

Index Levelt =
Index Levelt-1 * (1 + SPXNUIDT Returnt-1 to t – Long Term Capital Gains Tax Rate * 500 Returnt-1 to t)

where:
SPXNUIDT = S&P 500 Net of U.S. Individual Dividend Tax
500 = S&P 500

S&P Dow Jones Indices: S&P Custom Indices Methodology 26

S&P 500 High Dividend Yield 250 Index

Index Objective. The index measures the performance of the top 250 dividend yielding companies in the
underlying index.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology at [Link]/spdji.

Index Eligibility. Dividend-paying constituents of the underlying index, as of each rebalancing reference
date, are eligible for index inclusion.

Index Construction. At each rebalancing, the index selects the 250 companies in the underlying index
with the highest dividend yields to be included in the index. The highest dividend yielding companies are
determined using their 12-month indicated annual dividend yield, calculated as indicated dividend per
share for the next 12 months divided by the stock price as of the rebalancing reference date. In the event
there are fewer than 250 dividend paying companies in the underlying index then the index will include
only those companies paying dividends.

Multiple Share Classes. Each company is represented once by the listing with the highest dividend
yield subject to meeting the eligibility criteria. In the event multiple lines meet the eligibility criteria and
have similar dividend yields, the Designated Listing is selected. For more information regarding the
treatment of multiple share classes, please refer to Approach C within the Multiple Share Classes section
of the S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

Index Additions. Except for spin-offs, additions to the index are made only at the rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Monthly Dividend Review. Index constituents are reviewed on a monthly basis for ongoing eligibility.
For more information regarding the monthly dividend review, please refer to Approach B in the Monthly
Review for Ongoing Eligibility in Dividend Focused Indices section of S&P Dow Jones Indices’ Equity
Indices Policies & Practices Methodology.

Spin-offs. Spin-offs are added to the index on the ex-date. If the spin-off remains in the underlying index,
both the parent company and spin-off are reevaluated for eligibility at the next rebalancing.

For more information on corporate actions, please refer to S&P Dow Jones Indices’ Equity Indices
Policies & Practices document available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective after the close of the last business day of
January, April, July, and October. The reference date for additions, deletions, and the prices used in the
calculation of the indicated annual dividend, is after the close of the last business day of the prior month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 27

S&P 500 Top 75 Index

Index Objective. The index measures the performance of the largest 75 companies in the underlying
index.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S
Indices Methodology available at [Link]/spdji.

Index Eligibility. Index constituents are drawn from the underlying index.

Index Construction. At each rebalancing, the constituents of the underlying index are ranked based on
float-adjusted market capitalization. The 75 largest companies are then selected and form the index.

Market Capitalization. Index membership eligibility for a company with multiple share class lines is
based on the total float-adjusted market capitalization of the company, including all publicly listed and
unlisted share class lines, if applicable.

Index Additions. With the exception of spin-offs, additions to the index are made only at the monthly
rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced and reconstituted monthly, effective after the close of the last
business day of each month. The rebalancing reference date is the close of the third business day prior to
the rebalancing effective date. The pro-forma file is provided one business day in advance of the
rebalancing date.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 28

S&P 500 Market Cap and Equal Weight 75/25 Blend Indices

Index Objective. Each index measures the performance of the underlying indices according to a pre-
determined weighting as defined below.

Underlying Indices. Please see the table below. For information on the underlying indices, please refer
to the S&P U.S. Indices Methodology at [Link]/spdji.

Underlying Indices
Index Name Index Name Index Code Weight
S&P 500 Market Cap and Equal Weight S&P 500 500 75%
75/25 Blend Index (USD) (Custom) S&P 500 Equal Weighted 530 25%
S&P 500 Market Cap and Equal Weight S&P 500 (TR) 500TR 75%
75/25 Blend Index (USD) TR (Custom) S&P 500 Equal Weighted (TR) 530TR 25%
S&P 500 Market Cap and Equal Weight S&P 500 (Net TR) 501TR 75%
75/25 Blend Index (USD) NTR (Custom) S&P 500 Equal Weighted (NTR) 530NTR 25%

Index Eligibility. See Index Construction.

Index Construction. The index is comprised of the underlying indices.

Index Weighting. At each rebalancing, the weight of each underlying index resets to the values in the
table above.

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances monthly, effective after the close of the last business day of the
month.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 29

S&P 500 Low Volatility Synthetic PR Index

Index Objective. The index3 measures the performance of the underlying index, less a fixed fee of 2.1%
per annum.

Underlying Index. S&P 500 Low Volatility Index (Net Total Return) – Index code: SP5LVIN and S&P
500 Low Volatility Index (Net Total Return) (EUR) – Index code: SP5LVIEN. For information on the
underlying index, please refer to the S&P Low Volatility Index Methodology available at
[Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. The index uses the following formula:

Index(t) = Index(t-1) * [{Parent(t) / Parent(t-1)} – {Fee * (ACT(t,t-1)/AccountingDays)}]

where:
ACT = Number of days between today and the previous index calculation date.
AccountingDays = 365.
Fee = 2.1%.
Parent = Value of the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

3
Prior to 03/11/2019 the index name was S&P 500 Low Volatility Synthetic PR Adjusted (NTR Less 2.1%) Index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 30

S&P 500 Index GBP Hedged Net Total Return (WHT 15%)

Index Objective. The index measures the net total return of the constituents of the underlying index
where dividends are reinvested after the deduction of a 15% withholding tax. The index is hedged against
the fluctuations of the British pound sterling (GBP) and the amount hedged is adjusted on a monthly
basis.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in British pounds.

Tax Rate. The withholding tax rate used in the calculation of the index is 15%.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

Hedging. The index is calculated by hedging beginning-of-period balances using rolling one-month
forward contracts. For information on the monthly currency hedged calculation, please refer to S&P Dow
Jones Indices’ Index Mathematics Methodology available at [Link]/spdji.

S&P Dow Jones Indices: S&P Custom Indices Methodology 31

S&P 500 (4 PM CET Level) (USD) TR

Index Objective. The index reflects the total return level of the S&P 500, taken at 4:00 PM CET.

Index Construction and Maintenance. Index construction and maintenance mirrors that of the S&P
500. For information on the S&P 500, please refer to the S&P U.S. Indices Methodology available at
[Link]/spdji.

Currency of Calculation. The index is calculated in U.S. dollars, British pound sterling, Swiss francs,
and euros.

The index is hedged against the fluctuations of the British pound sterling, Swiss francs, and euros; the
amount hedged is adjusted on a monthly basis.

Exchange Rate. Foreign exchange rates are taken daily at 4:00 PM Central European Time and used in
the calculation of the currency & currency hedged index versions. 4

Hedging. The index is calculated by hedging beginning-of-period balances using rolling one-month
forward contracts.

For information on the monthly currency hedged calculation, please refer to S&P Dow Jones Indices’
Index Mathematics Methodology, available at [Link]/spdji.

4
Prior to December 6, 2021, foreign exchange rates were taken daily at 4:00 PM London Time.

S&P Dow Jones Indices: S&P Custom Indices Methodology 32

S&P 500 Monthly Equal Weighted Index

Index Objective. The index measures the equal-weighted performance of the constituents of the
underlying index.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P 500 Equal
Weight Index Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Additions. Additions to the underlying index are added to the index simultaneously. Intra-month
additions are added to the index at the weight of the company it is replacing.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, index constituents are equally-weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced monthly, effective after the close of the last business day of each
month. The reference date for prices used in the reweighting process is the close of the third business
day prior to the rebalancing effective date. The pro-forma file is provided daily three business days in
advance of the rebalancing date. For intra-month composition changes, no intra-month reweighting is
performed.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 33

S&P 500 ex-Apple

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Apple Inc. (Nasdaq: AAPL).

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding Apple.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 34

S&P 500 Ex-WMT and FSLR Index (USD) (Custom)

Index Objective. The index measures the performance of the constituents in of the underlying index,
excluding Walmart (NYSE: WMT) and First Solar, Inc. (NASDAQ: FSLR).

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding Walmart
and First Solar, Inc.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 35

S&P 500 Ex Tobacco Equal Weighted Index

Index Objective. The index measures the equal-weighted performance of constituents of the underlying
index, excluding those classified as part of the GICS Tobacco Sub-Industry.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P 500 Equal
Weight Index Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, the index is comprised of the constituents of the underlying index,
excluding companies classified as part of the GICS Tobacco Sub-Industry (30203010).

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously. Intra-month additions are added to the index at the weight of the company it is replacing.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification follow the timing of
the underlying index.

Constituent Weightings. At each rebalancing, index constituents are equal weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced monthly, effective after the close of the last business day of each
month. The reference date for prices used in the reweighting process is the close of the third business
day prior to the rebalancing effective date. The pro-forma file is provided daily three business days in
advance of the rebalancing date. For intra-month composition changes, no intra-month reweighting is
performed.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 36

S&P 500 Fossil Fuel Free ex-Tobacco Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those constituents classified as part of the GICS Tobacco Sub-Industry (30203010).

Underlying Index. S&P 500 Fossil Fuel Free Index. For information on the underlying index, please refer
to the S&P Global 1200 Fossil Fuel Free Index Series Methodology available at [Link]/spdji/.

Index Eligibility. At each rebalancing, the constituents of the underlying index, excluding those
constituents classified as part of the GICS Tobacco Sub-Industry (30203010), are eligible for index
inclusion:

Index Construction. At each rebalancing, the eligible constituents are selected and form the index.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

Index Additions. No additions are made to the index intra-rebalancing.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the effective date of the reclassification/

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective after the close of the third Friday of March, June,
September, and December. The reference dates are after the close of the third Friday of February, May,
August, and November, respectively.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 37

S&P 500 Ex Sector, Industry and Sub-Industry Indices

Index Objective. The indices measure the performance of the constituents of the underlying index,
excluding certain sectors, industries or sub-industries as defined below.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are categorized according to the following
GICS classifications are ineligible for index inclusion:

Index GICS Level GICS Code Description

S&P 500 Ex Energy 10 Energy
S&P 500 Ex-Financials (New) Sector 40 Financials
S&P 500 Ex Health Care Sector Index 35 Health Care
S&P 500 Ex Railroads 20304010 Railroads
S&P 500 Ex Tobacco GICS Sub Industry Sub-Industry
30203010 Tobacco
500 Ex Tobacco
40 Financials
S&P 500 Ex Financials, Real Estate and Sector &
60 Real Estate
Aerospace & Defense Industry
201010 Aerospace & Defense

Index Construction. Each index is comprised of the constituents of the underlying index that satisfy the
criteria as detailed in Index Eligibility.

Index Additions. Additions to the underlying index that satisfy the eligibility criteria are added to the
respective S&P 500 Ex Sector, Industry and Sub-Industry Index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the respective S&P
500 Ex Sector, Industry and Sub-Industry Index simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification follow the timing of
the underlying index.

Constituent Weightings. The indices are weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The indices are calculated in U.S. dollars. In addition, the S&P 500 Ex-
Financials (New) and S&P 500 Ex Health Care Sector Index are also calculated in Japanese yen and
euros, respectively.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 38

S&P 500 Ex-Financials, Real Estate, Aerospace & Defense and Incl-Transaction & Payment
Processing Services Index (USD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding constituents classified as part of the Financials and Real Estate Sectors and the Aerospace &
Defense industry but including the constituents classified as part of the Transaction & Payment
Processing Services sub-industry (Code: 40201060).

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index classified as part of the following GICS are
ineligible for index inclusion, while including constituents of the Transaction & Payment Processing
Services sub-industry (Code: 40201060):

Index GICS Level GICS Code Description

S&P 500 Ex-Financials, Real Estate, 40 Financials
Aerospace & Defense and Incl-Transaction & Sector & 60 Real Estate
Payment Processing Services Index (USD) Industry
201010 Aerospace & Defense
(Custom)

Index Construction. At each rebalancing, the eligible constituents of the underlying index are selected
and form the index.

Index Additions. Additions to the underlying index that satisfy the eligibility criteria are added to the
index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification follow the timing of
the underlying index.

Constituent Weightings. The index is FMC weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 39

S&P 500 Ex-16 Securities Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding the list of securities defined in Index Eligibility.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding the
following securities:

SECURITY SEDOL CUSIP

IMPERIAL BRANDS PLC 454492 --
ALTRIA GROUP INC COM 2692632 02209S103
SWEDISH MATCH AB SEK1.2 5048566 --
JAPAN TOBACCO INC JPY50000 646535 64753901
UST INC 2922544 902911106
EASTMAN CHEMICAL 2298386 277432100
RJ REYNOLDS TOBACCO HOLDINGS 2429090 761713106
UNVERSAL CORP/VA UVV 2923804 913456109
KT&G CORP 6175076 --
SCHWEITZER-MAUDUIT INTL INC 2782038 808541106
VECTOR GROUP LTD VGR 2515803 92240M108
#REORG#ALLIANCE ONE INTER 2269865 18772103
BRITISH AMERICAN TOB-SP ADR 2290791 110448107
CORE-MARK HOLDING CO INC. B0637B2 218681104
PHILIP MORRIS INTERNATIONAL B2PKRQ3 71872109
LORILLARD INC B39GHT7 544147101

Index Construction. At each rebalancing, the index is comprised of the constituents of the underlying
index that meet the Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 40

S&P 500 Ex – Landmine and Cluster Bomb Affiliated Companies

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding any company listed in the historical exclusion list.

Historical Exclusion List.

STOCK TICKER
Orbital ATK, Inc OA
Aerojet Rocketdyne Holdings Inc AJRD
Textron Inc TXT
Goodrich Corp GR
Kratos Defense & Security Solutions Inc KTOS

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, all constituents of the underlying index are eligible for index
inclusion, excluding the companies listed above.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 41

S&P 500 NDF KRW Hedged Index

Index Objective. The index measures the price return performance of the underlying index hedged
against the fluctuations of the Korean won.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S
Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Korean won.

Exchange Rate. WMR Spot and Non-Deliverable Forwards (NDF) rates at 6:00 AM GMT are used in the
calculation of the index. If any index calculation date is a Korean Bank Holiday, then both the FX Spot
and Forward rates used to calculate the index on such calculation date will be the latest available rates
used when the Korean market was open.5

Hedging. The index is calculated by hedging beginning-of-period balances using rolling one-month
forward contracts. For information on the monthly currency hedged calculation, please refer to the Index
Mathematics Methodology available at [Link]/spdji.

Index Calculation Schedule. The index calculates on every date the underlying index is calculated.

5
Prior to 09/04/2019, the index calculation did not account for Korean bank holidays.

S&P Dow Jones Indices: S&P Custom Indices Methodology 42

S&P 500 ESG KRW-Converted Daily Reset Index

Index Objective. The index seeks to measure the performance of the underlying index in Korean won,
while minimizing exchange rate risk.

Underlying Index. S&P 500 ESG Index (USD). For information on the underlying index, please refer to
the S&P ESG Index Series Methodology available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Holiday Schedule. Follows the underlying index.

Index Calculation. The index uses the following formula:

B_t/B_t-1=(S_t/S_t-1)*(FX_t/FX_t-1)+(B_t-2/B_t-1)*((FX_t-1-FX_t)/FX_t-2)

=∗

where:
B_t = S&P 500 ESG KRW-converted Daily Reset Index as of close of day t
S_t = S&P 500 ESG Index (USD) as of close of day t
FX_t = Spot rate as of day t, fixing is 3pm Korean time

Currency of Calculation. The index calculates in Korean won.

Exchange Rate. WMR Spot rates at 15:00 PM KST are used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 43

S&P 500 ESG KRW-Converted Daily Reset Index

Index Objective. The index seeks to measure the performance of the underlying index in Korean won,
while minimizing exchange rate risk.

Underlying Index. S&P 500 ESG Index (USD). For information on the underlying index, please refer to
the S&P ESG Index Series Methodology available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Holiday Schedule. Follows the underlying index.

Index Calculation. The index uses the following formula:

B_t/B_t-1=(S_t/S_t-1)*(FX_t/FX_t-1)+(B_t-2/B_t-1)*((FX_t-1-FX_t)/FX_t-2)

=∗

where:
B_t = S&P 500 ESG KRW-converted Daily Reset Index as of close of day t
S_t = S&P 500 ESG Index (USD) as of close of day t
FX_t = Spot rate as of day t, fixing is 3pm Korean time

Currency of Calculation. The index calculates in Korean won.

Exchange Rate. WMR Spot rates at 15:00 PM KST are used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 44

S&P 500 ESG Elite 20 Point Decrement KRW Hedged Index NTR

Index Objective. The index measures the net total return performance of the underlying index hedged
against the fluctuations of the Korean won after a decrement of 20 index points.

Underlying Index. S&P 500 ESG Elite Index NTR. For information on the underlying index, please refer
to the S&P ESG Elite Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for inclusion.

Index Construction. See Index Eligibility.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index calculates in Korean won.

Exchange Rate. WMR Spot rates and Non-Deliverable Forwards (NDF) rates at 6:00 AM GMT are used
in the calculation of the index. If any index calculation date is a Korean Bank Holiday, then both the FX
Spot and Forward rates used to calculate the index on such calculation date will be the latest available
rates used when the Korean market was open.

Hedging. The index is calculated by hedging beginning-of-period balances using rolling one-month
forward contracts. For information on the monthly currency hedged calculation, please refer to the Index
Mathematics Methodology available at [Link]/spdji.

Index Calculation Schedule. The index is calculated only when both the underlying index and the
Korean Stock Exchange are open.

S&P Dow Jones Indices: S&P Custom Indices Methodology 45

S&P 500 1.2X Leveraged Monthly Index (KRW) ER

Index Objective. The index seeks to reflect 120% of the performance of the underlying index, measured
from the last rebalancing date to the calculation date, less the cost of borrowing capital to generate
excess index exposure.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Holiday. Follows the underlying index

Index Calculation. The index uses the following formula:

𝐼𝑛𝑑𝑒𝑥(𝑡) = 𝐼𝑛𝑑𝑒𝑥((𝑡)) ×

where:
Parent = Value of the underlying index.
t = Calculation date
tr(t) = in respect of a Calculation Date (t), the Rebalancing Date immediately
preceding Calculation Date (t) (excluded). For the avoidance of doubt, t > tr(t).
FX(t) = KRW spot exchange rate on Calculation Date (t).
ACT(tr(t),t) = means the number of calendar days between Calculation Date (tr(t))
(included) and Calculation Date (t) (excluded).
libor(t)6 = in respect of any Calculation Date (t), the 3-month USD LIBOR.

Rebalancing. The index is rebalanced monthly, effective after the close of the last business day of each
calendar month.

Currency of Calculation. The index is calculated in Korean won.

Exchange Rate. WMR Spot rates at 6:00 AM GMT are used in the calculation of the index.

6
With the planned phasing out of LIBOR, a replacement rate will be needed for the index. The replacement rate and the date on
which the rate is changed from LIBOR to the replacement rate will be decided by the Index Committee. The Index Committee may
issue a consultation to the market and users of the impacted indices to solicit feedback on proposed options and alternatives. The
timing of the change in reference rate may be decided based on a number of factors including, but not limited to, an expectation
that there will be a lack of liquidity or availability around the current reference rate, the market adequately supporting a
replacement / alternative reference rate or a regulatory requirement to change to an alternative reference rate. The replacement
rate will be a publicly available market rate which would be either comparable to the current rate or spread adjusted to ensure
consistency in the index objective and a similar effect on index performance.

S&P Dow Jones Indices: S&P Custom Indices Methodology 46

S&P 500 3X Inverse Carry-Free Daily JPY Hedged Index (TTM)

Index Objective. The index measures the performance of the underlying index hedged against currency
fluctuations.

Underlying Index. S&P 500 TR 3X Inverse Carry-Free Daily Index (Index Code: SPX3ICUT). For
information on the underlying index, please refer to the S&P U.S. Indices Methodology at
[Link]/spdji/.

Currency of Calculation. The index is calculated in Japanese yen.

Exchange Rate. Index values are calculated using TTM (Telegraphic Transfer Midrate) foreign
exchange rates from the Bank of Tokyo Mitsubishi. Index values are published on the calculation date
using TTM rates of T+1.

Holiday Schedule. The index calculates when the Japan equity markets are open. A complete holiday
schedule for the year is available at [Link]/spdji.

Rebalancing. The index rebalances monthly. The amount required to be hedged is determined by the
TTM rate on the last business day (LBD) of Japan and the underlying index value on “LBD-1”. In case
there is no underlying index value on LBD-1 due to US holidays, the most recent index value is used.

Hedging. The index daily return series calculates by interpolating between the spot price and the
forward price.

For each hedge month m, there are d = 1,2,3 … D business days.

md = Day d for hedge month m and m0 is the last business day of the hedge month m – 1.
F_Imd = The interpolated forward rate as of day d of month m.
Sm = The spot rate in U.S. dollar per Japanese yen (USD/JPY).
Fm = The forward rate in U.S. dollar per Japanese yen (USD/JPY).
HRmd = The hedge return (%).
SPI_Em = The underlying index level in Japanese yen.
SPI_EHm = The hedged index level.
= +×
=−
=×

S&P Dow Jones Indices: S&P Custom Indices Methodology 47

S&P 500 3X Leverage Carry-Free Daily JPY Hedged Index (TTM)

Index Objective. The index measures the performance of the underlying index hedged against currency
fluctuations.

Underlying Index. S&P 500 TR 3X Leverage Carry-Free Daily Index (Index Code: SPX3LCUT). For
information on the underlying index, please refer to the S&P U.S. Indices Methodology at
[Link]/spdji/.

Currency of Calculation. The index is calculated in Japanese yen.

Exchange Rate. Index values are calculated using TTM (Telegraphic Transfer Midrate) foreign
exchange rates from the Bank of Tokyo Mitsubishi. Index values are published on the calculation date
using TTM rates of T+1.

Holiday Schedule. The index calculates when the Japan equity markets are open. A complete holiday
schedule for the year is available at [Link]/spdji.

Rebalancing. The index rebalances monthly. The amount required to be hedged is determined by TTM
rate on the last business day (LBD) of Japan and the underlying index value on “LBD-1”. In case there is
no underlying index value on LBD-1 due to US holidays, the most recent index value is used.

Hedging. The index daily return series calculates by interpolating between the spot price and the forward
price.

For each hedge month m, there are d = 1,2,3 … D business days.

md = Day d for hedge month m and m0 is the last business day of the hedge month m – 1.
F_Imd = The interpolated forward rate as of day d of month m.
Sm = The spot rate in U.S. dollar per Japanese yen (USD/JPY).
Fm = The forward rate in U.S. dollar per Japanese yen (USD/JPY).
HRmd = The hedge return (%).
SPI_Em = The underlying index level in Japanese yen.
SPI_EHm = The hedged index level.
= +×
=−
=×

S&P Dow Jones Indices: S&P Custom Indices Methodology 48

S&P 500 (USD) TR Plus 3% (Custom)

Index Objective. The index is an index of indices designed to measure the performance of the S&P 500
(Total Return), adding a fixed premium of 3% per annum.

Underlying Indices.
• S&P 500 (Total Return).
• Cash Index with a fixed 3% premium.

For information on the S&P 500 (Total Return), please refer to the S&P U.S. Indices Methodology,
available at [Link]/spdji.

For more information on an index of indices calculation, please refer to the Weighted Return section of
the S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. This index of indices is only calculated when the underlying index is calculated, and
uses the following formula:

𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙 = 𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙 ∗

𝐼𝑛𝑑𝑒𝑥 = 𝐼𝑛𝑑𝑒𝑥 ∗
where:

𝑁 = 365
𝑃𝑟𝑒𝑚𝑖𝑢𝑚 = +3%
𝑃𝑎𝑟𝑒𝑛𝑡 = 𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑢𝑛𝑑𝑒𝑟𝑙𝑦𝑖𝑛𝑔 𝑖𝑛𝑑𝑒𝑥
𝐷 = 𝐷𝑎𝑡𝑒
𝑡 = 𝑡ℎ𝑒 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑑𝑎𝑦
𝑟𝑏 = 𝑙𝑎𝑠𝑡 𝑏𝑢𝑠𝑖𝑛𝑒𝑠𝑠 𝐷𝑎𝑦 𝑜𝑓 𝐷𝑒𝑐𝑒𝑚𝑏𝑒𝑟

Currency of Calculation. The index is calculated in U.S. dollars.

Rebalancing. The index is rebalanced annually, effective after the close of the last business day of
December. The weights of Parent and CashAccrual exposure are reset based on the formula as above.

S&P Dow Jones Indices: S&P Custom Indices Methodology 49

S&P 500 (GBP) TR Plus 1.25% Daily (Custom)

Index Objective. The index measures the underlying index, adding a fixed daily premium of 1.25% per
annum.

Underlying Index. S&P 500 GBP (TR). For information on the S&P 500 GBP (TR), please refer to the
S&P U.S. Indices Methodology, available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. This index is only calculated when the underlying index is calculated, and uses the
following formula:

𝑃𝑎𝑟𝑒𝑛𝑡(𝑡) 𝐷 −𝐷
( 𝑡 𝑡−1 )
𝐼𝑛𝑑𝑒𝑥(𝑡) = 𝐼𝑛𝑑𝑒𝑥(𝑡 − 1) ∗ (1 + ( − 1) + ((1 + 𝑃𝑟𝑒𝑚𝑖𝑢𝑚) 𝑁 − 1))
𝑃𝑎𝑟𝑒𝑛𝑡(𝑡 − 1)

where:
𝑁 = 365
𝑃𝑟𝑒𝑚𝑖𝑢𝑚 = +1.25%
𝑃𝑎𝑟𝑒𝑛𝑡 = 𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑢𝑛𝑑𝑒𝑟𝑙𝑦𝑖𝑛𝑔 𝑖𝑛𝑑𝑒𝑥
𝐷 = 𝐼𝑛𝑑𝑒𝑥 𝐶𝑎𝑙𝑐𝑢𝑙𝑎𝑡𝑖𝑜𝑛 𝐷𝑎𝑡𝑒
t = Current day

For more information on the index calculation, please refer to the Weighted Return section of S&P Dow
Jones Indices’ Index Mathematics Methodology.

Currency of Calculation. The index is calculated in British pounds (GBP).

S&P Dow Jones Indices: S&P Custom Indices Methodology 50

S&P 500 (GBP) TR Plus 1.5% (Custom)

Index Objective. The index measures the performance of the underlying index, adding a fixed premium
of 1.5% per annum on a daily basis.

Underlying Index. S&P 500 GBP (TR). For information on the S&P 500 GBP (TR), please refer to the
S&P U.S. Indices Methodology, available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. This index is only calculated when the underlying index is calculated, and uses the
following formula:

𝐷𝑡 − 𝐷𝑡−1
𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙(𝑡) = 𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙(𝑡 − 1) ∗ ((1 + 𝑃𝑟𝑒𝑚𝑖𝑢𝑚)^ ( ))
𝑁

𝑃𝑎𝑟𝑒𝑛𝑡(𝑡) 𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙(𝑡)
𝐼𝑛𝑑𝑒𝑥(𝑡) = 𝐼𝑛𝑑𝑒𝑥(𝑟𝑏) ∗ (1 + ( − 1) + ( − 1))
𝑃𝑎𝑟𝑒𝑛𝑡(𝑟𝑏) 𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙(𝑟𝑏)

where:
𝑁 = 365
𝑃𝑟𝑒𝑚𝑖𝑢𝑚 = +1.5%
𝑃𝑎𝑟𝑒𝑛𝑡 = 𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑢𝑛𝑑𝑒𝑟𝑙𝑦𝑖𝑛𝑔 𝑖𝑛𝑑𝑒𝑥
𝐷 = 𝐷𝑎𝑡𝑒
𝑡 = 𝑡ℎ𝑒 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑑𝑎𝑦
𝑟𝑏 = 𝑙𝑎𝑠𝑡 𝑏𝑢𝑠𝑖𝑛𝑒𝑠𝑠 𝐷𝑎𝑦 𝑜𝑓 𝐷𝑒𝑐𝑒𝑚𝑏𝑒𝑟

For more information on the index calculation, please refer to the Weighted Return section of S&P Dow
Jones Indices’ Index Mathematics Methodology.

Currency of Calculation. The index calculates in British pounds sterling (GBP).

Rebalancing. The index rebalances annually, effective after the close of the last business day of
December. The weights of Parent and CashAccrual exposure reset based on the above formula.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 51

S&P 500 UK Tax NTR GBP

Index Objective. The index measures the price return performance of the underlying index in British
Pounds.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S
Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in British pounds.

Index Calculation. The index is calculated daily Monday through Friday, except on days the index
observes the Christmas and New Year’s holidays. 7 A complete holiday schedule for the year is available
at [Link]/spdji.

7
Prior to 11/01/2021 the index calculated on every date the underlying index was calculated.

S&P Dow Jones Indices: S&P Custom Indices Methodology 52

S&P 500 80-Point Decrement KRW Hedged Index NTR

Index Objective. The index measures the net total return performance of the underlying index hedged
against the fluctuations of the Korean won after a decrement of 80 index points.

Underlying Index. S&P 500 Index NTR. For information on the underlying index, please refer to the S&P
U.S. Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for inclusion.

Index Construction. See Index Eligibility.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow the
underlying index.

Currency of Calculation. The index calculates in Korean won.

Exchange Rate. WMR Spot rates and Non-Deliverable Forwards (NDF) rates at 6:00 AM GMT are used in
the calculation of the index. If any index calculation date is a Korean Bank Holiday, then both the FX Spot and
Forward rates used to calculate the index on such calculation date will be the latest available rates used
when the Korean market was open.

Hedging. The index is calculated by hedging beginning-of-period balances using rolling one-month
forward contracts. For information on the monthly currency hedged calculation, please refer to the Index
Mathematics Methodology available at [Link]/spdji.

Index Calculation Schedule. The index is calculated only when both the underlying index and the Korean
Stock Exchange are open.

S&P Dow Jones Indices: S&P Custom Indices Methodology 53

S&P 500, 400, & 600 55/25/20 Blended Index (USD) (Custom)

Index Objective. The index measures the performance of the component indices according to the
predetermined weights for each component index, as defined below.

Component Indices. Please see the table below.

Index Component Indices Index Code Index Weight

S&P 500 500 55%
S&P 500, 400, & 600 55/25/20
S&P 400 400 25%
Blended Index (USD) (Custom)
S&P 600 600 20%
S&P 500, 400, & 600 55/25/20 S&P 500 (TR) 500TR 55%
Blended Index (USD) TR S&P 400 (TR) 400TR 25%
(Custom) S&P 600 (TR) 600TR 20%
S&P 500, 400, & 600 55/25/20 S&P 500 (Net TR) 500NTR 55%
Blended Index (USD) NTR S&P 400 (Net TR) 400NTR 25%
(Custom) S&P 600 (Net TR) 600NTR 20%

For information on the component indices, please refer to the S&P U.S. Indices Methodology at
[Link]/spdji.

Index Eligibility. See Index Construction.

Index Weighting. At each rebalancing, the weight of each component index is reset to the weights
determined above.

Index Calculation. For information on index calculation, please refer to S&P Dow Jones Indices’ Index
Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the component index.

Rebalancing. The index rebalances quarterly, effective after the close of trading on the third Friday of
March, June, September, and December.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 54

S&P 500 Value and Growth 70/30 Blended Index (USD) (Custom)

Index Objective. The index measures the performance of value and growth component indices,
according to a predetermined weighting on each component index, as defined below.

Underlying Indices. Please see the table below. For information on the underlying indices, please refer
to the S&P U.S. Indices Methodology at [Link]/spdji.

Underlying Indices
Index Name Index Name Index Code Weight
S&P 500 Value and Growth 70/30 S&P 500 Value 500V 70%
Blended Index (USD) (Custom) S&P 500 Growth 500G 30%
S&P 500 Value and Growth 70/30 S&P 500 Value (TR) 500VTR 70%
Blended Index (USD) TR (Custom) S&P 500 Growth (TR) 500GTR 30%
S&P 500 Value and Growth 70/30 S&P 500 Value (NTR) 500VNTR 70%
Blended Index (USD) NTR (Custom) S&P 500 Growth (NTR) 500GNTR 30%

For information on the underlying indices, please refer to the S&P U.S. Style Indices Methodology at
[Link]/spdji.

Index Construction. At each rebalancing, the index is composed of the respective component indices.

Index Weighting. At each rebalancing, the weight of each component index resets to the values in the
table above.

Index Calculation. For information on the calculation of the indices please refer to the Weighted Return
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatment follow the underlying index.

Rebalancing. The index rebalances quarterly, effective after the close of trading on the third Friday of
March, June, September, and December.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 55

S&P Global 100 (WM) Index (3 PM UK Time) (GBP)

Index Objective. The index reflects the net total return level of the underlying index in British pounds
sterling (GBP), taken at 3:00 PM UK Time.8

Underlying Index. S&P Global 100 (WM) Index. For information on the underlying index, please refer to
the S&P Global 1200 Index Methodology at [Link]/spdji.

Index Construction and Maintenance. Index construction and maintenance mirrors that of the
underlying index.

Currency of Calculation. The index is calculated in British pound sterling.

Exchange Rate. Prices are taken daily and converted using the 3:00 PM WM UK Time and used in the
calculation of the index.

8
For history prior to launch, the index used 4PM WM exchange rates.

S&P Dow Jones Indices: S&P Custom Indices Methodology 56

S&P 1500 TBCAM Index

Index Objective. The index measures the performance of the constituents of the underlying index
classified as part of the GIC’s Sub-industries listed below:

Tires & Rubber (25101020) Aerospace & Defense (20101010) Computer Storage & Peripherals
(45202030)
Automobile Manufacturers Building Products (20102010) Electronic Equipment &
(25102010) Instrumentals (45203010)
Motorcycle Manufacturers Construction & Engineering (20103010) Electronic Manufacturing Services
(25102020) (45203020)
Consumer Electronics (25201010) Electrical Components & Equipment Technology Distributors (45203030)
(20104010)
Home Furnishings (25201020) Heavy Electrical Equipment (20104020) Office Electronics – Discontinued since
2013
Homebuilding (25201030) Industrial Conglomerates (20105010) Commodity Chemicals (15101010)
Household Appliances Construction Machinery & Heavy Trucks Diversified Chemicals (15101020)
(25201040) (20106010)
Housewares & Specialties Agricultural & Farm Machinery (20106015) Fertilizers & Agricultural Chemicals
(25201050) (15101030)
Leisure Products (25202010) Industrial Machinery (20106020) Industrial Gases (15101040)
Apparel, Accessories & Luxury Trading Companies & Distribution Specialty Chemicals (15101050)
(25203010) (20107010)
Footwear (25203020) Air Freight & Logistics (20301010) Construction Materials (15102010)
Household Products (30301010) Railroads (20304010) Forest Products (15105010)
Personal Products (30302010) Cargo Ground Transportation (20304030) Metal & Glass Containers (15103010)
Health Care Equipment Semiconductor Equipment (45301010) Paper Packaging (15103020)
(35101010)
Health Care Supplies (35101020) Semiconductors (45301020) Paper Products (15105020)
Biotechnology (35201010) Communications Equipment (45201020) Steel (15104050)
Passenger Ground Transportation
(20304040)

Underlying Index. S&P Composite 1500. For information on the underlying index, please refer to the
S&P U.S. Indices Methodology at [Link]/spdji .

Index Eligibility. At each rebalancing, constituents of the underlying index classified as part of the
eligible GICS Sub-Industries are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassifications. Changes as a result of a constituent’s GICS reclassification are made simultaneously
with the classification change in the underlying index.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 57

S&P U.S. SmallCap and MidCap Blended Index (USD) (Custom)

Index Objective. The index measures the performance of the component indices, according to a
predetermined weighting on each component index, as defined below.

Underlying Indices. Please see the table below. For information on the underlying indices, please refer
to the S&P U.S. Indices Methodology at [Link]/spdji.

Underlying Indices
Index Name Index Name Index Code Weight
S&P U.S. SmallCap and MidCap Blended S&P SmallCap 600 600 50%
Index (USD) (Custom) S&P MidCap 400 400 50%
S&P U.S. SmallCap and MidCap Blended S&P SmallCap 600 (TR) 600TR 50%
Index (USD) TR (Custom) S&P MidCap 400 (TR) 400TR 50%
S&P U.S. SmallCap and MidCap Blended S&P SmallCap 600 (Net TR) 600NTR 50%
Index (USD) NTR (Custom) S&P MidCap 400 (Net TR) 400NTR 50%

For information on the underlying indices, please refer to the S&P U.S. Indices Methodology at
[Link]/spdji.

Index Construction. At each rebalancing, the index is composed of the respective component indices.

Index Weighting. At each rebalancing, the weight of each component index resets to the values in the
table above.

Index Calculation. For information on the calculation of the indices please refer to the Weighted Return
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatment follow the underlying index.

Rebalancing. The index rebalances quarterly, effective after the close of trading on the third Friday of
March, June, September, and December.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 58

Dow Jones U.S. RESI, Dow Jones Global Ex-U.S. RESI, and S&P Global LargeMidCap Commodity
and Resources 30/20/50 Blend (USD) NTR (Custom)

Index Objective. The index measures the performance of the component indices, with the component
indices weighted according to the scheme defined in the table below.

Underlying Indices. Please see the table below:

Component Indices
Blended Indices Index Index Code Weight
Dow Jones U.S. RESI, Dow Jones Global Ex- Dow Jones U.S. Select Real
U.S. RESI, and S&P Global LargeMidCap Estate Securities Net Total
DWRSFNN 30%
Commodity and Resources 30/20/50 Blend Return
(USD) NTR (Custom)
Dow Jones U.S. RESI, Dow Jones Global Ex- Dow Jones Global ex-U.S.
U.S. RESI, and S&P Global LargeMidCap Select Real Estate Securities
DWXRSN 20%
Commodity and Resources 30/20/50 Blend Net Total Return
(USD) NTR (Custom)
Dow Jones U.S. RESI, Dow Jones Global Ex- S&P Global LargeMidCap
U.S. RESI, and S&P Global LargeMidCap Commodity & Resources
SPGLMCMN 50%
Commodity and Resources 30/20/50 Blend Materials Index (USD) NTR
(USD) NTR (Custom)

For information on the component indices, please refer to the Dow Jones Select Real Estate Securities
Indices Methodology at [Link]/spdji.

Index Construction. At each rebalancing, the index is composed of the respective component indices.

Index Weighting. At each rebalancing, the weight of each component index resets to the values in the
table above.

Index Calculation. For information on the calculation of the indices please refer to the Weighted Return
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatment follow the component indices.

Rebalancing. The index rebalances monthly, effective after the close of trading on the last business day
of each month. The rebalancing reference date is the close of the day prior to the last business day of the
rebalancing month.

Holiday Schedule. The index is calculated when the Global equity markets are open. A complete
holiday schedule for the year is available at [Link]/spdji.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 59

Dow Jones U.S. and Global Ex-U.S. Select RESI 60/40 Blend Index (USD) NTR (Custom)

Index Objective. The index measures the performance of the component indices, weighting the
component indices according to the 60/40 split defined in the table below.

Underlying Indices. Dow Jones U.S. Select Real Estate Securities Net Total Return and Dow Jones
Global ex-U.S. Select Real Estate Securities Net Total Return. For information on the underlying indices,
please refer to the Dow Jones Select Real Estate Securities Indices Methodology at
[Link]/spdji.

Index Construction. At each rebalancing, the index is composed of the component indices.

Index Weighting. At each rebalancing, the weight of each component index is set according to:

Component Indices
Blended Indices Index Index Code Index Weight
Dow Jones U.S. and Global Ex-U.S. Dow Jones U.S. Select
Select RESI 60/40 Blend Index (USD) Real Estate Securities Net DWRSFNN 60%
NTR (Custom) Total Return
Dow Jones U.S. and Global Ex-U.S. Dow Jones Global ex-U.S.
Select RESI 60/40 Blend Index (USD) Select Real Estate DWXRSN 40%
NTR (Custom) Securities Net Total Return

Index Calculation. For information on the calculation of the indices please refer to the Weighted Return
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatment follow the component indices.

Rebalancing. The index rebalances monthly, effective after the close of trading on the last business day
of each month. The rebalancing reference date is the close of the day prior to the last business day of the
rebalancing month.

Holiday Schedule. The index is calculated when the Global equity markets are open. A complete
holiday schedule for the year is available at [Link]/spdji.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 60

S&P Global SmallCap (USD) TR Plus 2% (Custom)

Index Objective. The index measures the performance of the S&P Global SmallCap (USD) TR, adding a
fixed premium of 2% per annum on a daily basis.

Underlying Index. S&P Global SmallCap (USD) TR. For information on the underlying index, please
refer to the S&P Global BMI, S&P/IFCI Index Methodology, available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Calculation. This index is only calculated when the underlying index is calculated, and uses the
following formula:

𝐷𝑡 − 𝐷𝑡−1
𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙(𝑡) = 𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙(𝑡 − 1) ∗ ((1 + 𝑃𝑟𝑒𝑚𝑖𝑢𝑚)^ ( ))
𝑁

𝑃𝑎𝑟𝑒𝑛𝑡(𝑡) 𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙(𝑡)
𝐼𝑛𝑑𝑒𝑥(𝑡) = 𝐼𝑛𝑑𝑒𝑥(𝑟𝑏) ∗ (1 + ( − 1) + ( − 1))
𝑃𝑎𝑟𝑒𝑛𝑡(𝑟𝑏) 𝐶𝑎𝑠ℎ𝐴𝑐𝑐𝑟𝑢𝑎𝑙(𝑟𝑏)

where:
𝑁 = 365
𝑃𝑟𝑒𝑚𝑖𝑢𝑚 = +2%
𝑃𝑎𝑟𝑒𝑛𝑡 = 𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝑡ℎ𝑒 𝑢𝑛𝑑𝑒𝑟𝑙𝑦𝑖𝑛𝑔 𝑖𝑛𝑑𝑒𝑥
𝐷 = 𝐷𝑎𝑡𝑒
𝑡 = 𝑡ℎ𝑒 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑑𝑎𝑦
𝑟𝑏 = 𝑙𝑎𝑠𝑡 𝑏𝑢𝑠𝑖𝑛𝑒𝑠𝑠 𝐷𝑎𝑦 𝑜𝑓 𝐷𝑒𝑐𝑒𝑚𝑏𝑒𝑟

For more information on the index calculation, please refer to the Weighted Return section of S&P Dow
Jones Indices’ Index Mathematics Methodology.

Currency of Calculation. The index is calculated in U.S. dollars.

Rebalancing. The index rebalances annually, effective after the close of the last business day of
December. The weights of Parent and CashAccrual exposure reset based on the above formula.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 61

SSGA - S&P 500 Minus Top 75 Market Cap Index

Index Objective. The index measures the performance of the constituents of the underlying index
excluding the largest 75 companies using an alternative weighting scheme, as defined below.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S
Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding the 75
largest companies based on float-adjusted market capitalization.

Index Additions. Except for spin-offs that remain in the underlying index, additions to the index occur
only during the quarterly reconstitutions.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. On a monthly basis, index constituents are rebalanced to their float-adjusted
market capitalization, as per below:
a. To neutralize the impact on index shares from intra-month changes to shares outstanding and
Investable Weight Factors (IWFs) applied to stocks in the underlying index, an additional weight
factor (AWF) is assigned to each applicable constituent to maintain constant index share counts.
b. All AWF factors are then reset to 1 after the close of the last business day of each month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. Index composition is reconstituted on a quarterly basis, effective after the close of the last
business day of March, June, September, and December. The reconstitution reference date is the close
of the last business day of the previous month. Index constituents are also rebalanced to their float-
adjusted market capitalization on a monthly basis, effective after the close of the last business day of
each month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 62

S&P 500 Dividend Aristocrats® Ex-Brown-Forman Corp Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Brown-Forman Corp (NYSE: BF.B).

Underlying Index. S&P 500 Dividend Aristocrats® Index. For information on the underlying index, please
refer to the S&P 500 Dividend Aristocrats Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding Brown-
Forman Corp.

Index Construction. At each rebalancing, the index is comprised of the constituents of the underlying
index that meet the Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, index constituents are equally weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 63

S&P 500 Dividend Aristocrats and S&P Global Dividend Aristocrats 50/50 Blend Index

Index Objective. The index measures the performance of certain component dividend aristocrat indices,
with the component indices weighted as indicated in the table below.

Underlying Index. Please see table below. For information on the underlying indices, please refer to the
S&P 500 Dividend Aristocrats and S&P Global Dividend Aristocrats Methodologies at
[Link]/spdji.

Index Name Index Name Index Code Weight

S&P 500 Dividend Aristocrats and S&P Global S&P 500 Dividend Aristocrats Index SPDAUDP 50%
Dividend Aristocrats 50/50 Blend Index S&P Global Dividend Aristocrats Index SPGDAUP 50%
S&P 500 Dividend Aristocrats Index TR SPDAUDT 50%
S&P 500 Dividend Aristocrats and S&P Global
S&P Global Dividend Aristocrats Index
Dividend Aristocrats 50/50 Blend Index TR SPGDAUT 50%
TR

Index Eligibility. At each rebalancing, the index is composed of the component indices.

Index Construction. See Index Eligibility.

Constituent Weightings. At each rebalancing, the index is equal weighted.

Rebalancing. The index rebalances monthly, effective after the close of the last trading day of the
month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 64

S&P 500 Dividend Aristocrats JPY Hedged Index (TTM)

Index Objective. The index measures the performance of the underlying index hedged against currency
fluctuations.

Underlying Index. S&P 500 Dividend Aristocrats Index (Index Code: SPDAUDP). For information on the
underlying index, please refer to the S&P Dividend Aristocrats Indices Methodology at
[Link]/spdji/.

Currency of Calculation. The index calculates in Japanese yen.

Exchange Rate. Index values calculate using TTM (Telegraphic Transfer Midrate) foreign exchange
rates from the Bank of Tokyo Mitsubishi. Index values publish on the calculation date using TTM rates of
T+1.

Holiday Schedule. The index calculates when the Japan equity markets are open. A complete holiday
schedule for the year is available at [Link]/spdji.

Rebalancing. The index rebalances monthly. The amount required to be hedged is determined by the
TTM rate on the last business day (LBD) of Japan and the underlying index value on “LBD-1”. In case
there is no underlying index value on LBD-1 due to U.S. holidays, the most recent index value is used.

Hedging. The index daily return series calculates by interpolating between the spot price and the
forward price.

For each hedge month m, there are d = 1,2,3 … D business days.

md = Day d for hedge month m and m0 is the last business day of the hedge month m – 1.
F_Imd = The interpolated forward rate as of day d of month m.
Sm = The spot rate in U.S. dollar per Japanese yen (USD/JPY).
Fm = The forward rate in U.S. dollar per Japanese yen (USD/JPY).
HRmd = The hedge return (%).
SPI_Em = The underlying index level in Japanese yen.
SPI_EHm = The hedged index level.
𝐷−𝑑
𝐹_𝐼𝑚𝑑 = 𝑆𝑚𝑑 + ( ) × (𝐹𝑚𝑑 − 𝑆𝑚𝑑 )
𝐷
𝑆𝑚0 𝑆𝑚0
𝐻𝑅𝑚𝑑 = −
𝐹𝑚0 𝐹_𝐼𝑚𝑑
𝑆𝑃𝐼_𝐸𝑚𝑑
𝑆𝑃𝐼_𝐸𝐻𝑚𝑑 = 𝑆𝑃𝐼_𝐸𝐻𝑚0 × ( + 𝐻𝑅𝑚𝑑 )
𝑆𝑃𝐼_𝐸𝑚0

S&P Dow Jones Indices: S&P Custom Indices Methodology 65

S&P 100 Ex Financials Index

Index Objective. The index measures the performance of the non-financial constituents of the
underlying index, as defined below.

Underlying Index. S&P 100. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified as part of the GICS Financials
Sector (40) are not eligible for index inclusion. All other constituents of the underlying index are eligible for
index inclusion.

Index Construction. At each rebalancing, the index is comprised of the constituents of the underlying
index that meet the Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 66

S&P 100 Expanded Information Technology Index (USD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
including the eligible companies as detailed in Index Eligibility below.

Underlying Index. S&P 100 Information Technology Index. For information on the underlying index,
please refer to the S&P U.S. Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, including the
following Supplementary stocks if such stock is not a current member of the underlying index but
otherwise included in the S&P 100 Index:
• Alphabet Inc. A (NASD: GOOGL)
• Alphabet Inc. C (NASD: GOOG)
• Meta Platforms Inc. A (NASD: FB)

Index Construction. At all times, the index is comprised of the constituents of the underlying index and
the eligible Supplementary stocks.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. With the exception of the Supplementary stocks, constituents removed from the
underlying index are removed from the index simultaneously. If a Supplementary stock is removed from
the S&P 100, it is removed from the index simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 67

S&P Financials & Real Estate Index (USD) (Custom)

Index Objective. The index measures the performance of all constituents of the underlying index
classified as part of the GICS Financial and Real Estate Sectors. Constituents are float-adjusted market
capitalization weighted, subject to the diversification requirements detailed in Constituent Weightings.

Underlying Index. S&P 500. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index classified in the
GICS Financials (Code: 40) and Real Estate (Code: 60) sectors.9

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Constituent Weightings. The index employs the modified market capitalization weighting scheme used
for the Select Sector indices. For more information on the weighting scheme used, please refer to the
S&P U.S. Indices methodology available at [Link]/spdji.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. Index share rebalancing occurs after the closing on the third Friday of March, June,
September, and December of each year. Additionally, the index capping rules are applied after the close
of business on the second to last calculation day of March, June, September, and December.

Currency of Calculation. The index is calculated in U.S. dollars.

9
Prior to September 19, 2016, index constituents were S&P 500 constituents classified in the Financials (40) sector.

S&P Dow Jones Indices: S&P Custom Indices Methodology 68

S&P Custom Sector Indices

Index Construction. Companies in the S&P 500 are classified based on GICS®. Each index is made up
of all stocks in the GICS sector unless otherwise noted in the table below.

S&P Custom Sector Index GICS Sector Classification

S&P Consumer Discretionary Index (USD)
Consumer Discretionary (GICS Code 25)
(Custom)10
S&P Technology Index (USD) (Custom)4 Information Technology (GICS Code 45)

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS methodology document.

Please note that any intra-quarter addition will be added to the relevant S&P Custom Sector Index with an
AWF of 1.

Constituent Weightings. Each index is capped market capitalization weighted. For capping purposes,
the indices are rebalanced quarterly after the close of business on the third Friday of March, June,
September, and December, using the following procedures:
1. The rebalancing reference date is the second Friday of March, June, September, and December.
2. With prices reflected on the rebalancing reference date, and membership, shares outstanding
and IWFs as of the rebalancing effective date, each company is weighted by float-adjusted
market capitalization. Modifications are made as defined below.
3. If any company has a weight greater than 24%, the company’s float-adjusted market
capitalization weight is capped at 23%, which allows for a 2% buffer. This buffer is meant to
ensure that no company exceeds 25% as of the quarter-end diversification requirement date.
4. All excess weight is proportionally redistributed to all uncapped companies within the relevant
index.
5. After this redistribution, if the float-adjusted market capitalization weight of any other company
then breaches 23%, the process is repeated iteratively until no company breaches the 23%
weight cap.
6. The sum of the companies with weights greater than 4.8% cannot exceed 50% of the total index
weight. These caps are set to allow for a buffer below the 5% limit.
7. If the rule in step 6 is breached, all companies are ranked in descending order of their float-
adjusted market capitalization weights. The first company that causes the 50% limit to be
breached has its weight reduced to 4.5%.
8. This excess weight is proportionally redistributed to all companies with weights below 4.5%.
During this process, the weight of companies initially receiving proportionally redistributed weight
cannot exceed 4.5%. This is repeated iteratively until step 6 is satisfied.
9. Index share amounts are assigned to each constituent to arrive at the weights calculated above.
Since index shares are assigned based on prices one week prior to rebalancing, the actual
weight of each constituent at the rebalancing differs somewhat from these weights due to market
movements.
10. If necessary, the reweighting process may take place more than once prior to the close on the
last business day of March, June, September, or December to ensure the Select Sector Indices
conform to all diversification requirements.

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics methodology.

10
The Custom Sector Indices reflect the changes in the GICS structure effective in September 2018. S&P Dow Jones Indices has
created back calculated history for the Custom Sector Indices based on the securities in the headline S&P 500 that would have
hypothetically been classified as GICS Code 25 and 45.

S&P Dow Jones Indices: S&P Custom Indices Methodology 69

At times, companies may be represented in the S&P Custom Sector Indices by multiple share class lines.
Maximum weight capping is based on company float-adjusted market capitalization, with the weight of
multiple class companies allocated proportionally to each share class line based on its float-adjusted
market capitalization as of the rebalancing reference date. If no capping is required, both share classes
remain in the index at their natural float-adjusted market capitalization.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

S&P Dow Jones Indices: S&P Custom Indices Methodology 70

Technology Select Sector Index (CAD) NTR (15% WT)

Index Objective. The index measures the performance of the constituents of the underlying index and
applies a 15% withholding tax.

Underlying Index. Technology Select Sector index. For information on the underlying index, please refer
to the S&P U.S. Indices Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the underlying index.

Constituent Weightings. The index employs the same weighting scheme as the underlying index.

Index Maintenance. All index adjustments, and corporate action treatments including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in Canadian dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 71

S&P North American Expanded Technology Sector Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
including the eligible companies as detailed in Index Eligibility below.

Underlying Index. S&P North American Technology Sector Index. For information on the underlying
index, please refer to the S&P North American Sector Indices Methodology available at
[Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, including the
following Supplementary stock if such stock is not included in the list of eligible GICS Classifications but
otherwise meets all eligibility criteria of the underlying index:
• Netflix Inc. (NASD: NFLX)

Index Construction. At all times, the index is comprised of the constituents of the underlying index and
the eligible Supplementary stock.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. With the exception of the Supplementary stock, constituents removed from the
underlying index are removed from the index simultaneously. If the Supplementary stock is removed from
the S&P TMI it is removed from the index simultaneously.

Constituent Weightings. At each quarterly rebalancing the index is weighted by float-adjusted market
capitalization, subject to the following diversification requirements (for more details on the capping
process, please refer to the underlying index methodology):
• The weight of a single company cannot exceed 8.5%.
• The aggregate weight of the companies in the index with a weight greater than 4.5% cannot
exceed 45%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 72

S&P Long-Only Merger Arbitrage Ex-Cash Liquid Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index using
an alternative weighting scheme, as defined below.

Underlying Index. S&P Long-Only Merger Arbitrage Index. For information on the underlying index,
please refer to the S&P Long-Only Merger Arbitrage Indices Methodology available at
[Link]/spdji.

Regional Sub-Indices. The following indices are also calculated:

Sub-Index Market/Region
S&P European Listed Long-Only Merger European-listed components from the underlying
Arbitrage Ex Cash Liquid Index (Custom) index
S&P North American Listed Long-Only Merger Includes North American listed components from
Arbitrage Ex Cash Liquid Index (Custom) the underlying index

Additions and Deletions. Additions and deletions to the index follow the rules of the underlying index.

Constituent Weightings. The weight for each stock added to the index is determined as follows:
• The initial weight for each stock is defined as the lower of:
o 2.5%, based on closing prices as of the reference date, which is two days prior to each
constituent addition;
o The stock’s median value traded over the preceding three months 11, multiplied by 35%
and divided by notional principal amount of US$ 300 million.
• Then, if the initial weight of the stock is 2.5%, the final weight is determined as follows:
o 2.5% divided by (one minus the cash weight in the underlying index).
• Otherwise, the final weight is the stock’s median value traded over the preceding three months,
multiplied by 35% and divided by notional principal amount of US$ 300 million.
• At each rebalancing constituents’ weights are capped as follows, according to the index
constituent count:12
o if 9 or fewer constituents, weights are capped at 20%
o if 10 to 14 constituents, weights are capped at 15%
o if 15 or more constituents, weights are capped at 10%.
If any stock weight requires capping the excess weight is re-distributed proportionally to all other
uncapped stocks in the index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. Constituent changes to the index are made on an as-needed basis. In addition to the
constituent changes made to the underlying index, the index undergoes a monthly rebalancing, effective
on the first business day of the month. The reference date for prices used to cap any security, if
necessary, is two trading days prior to the monthly rebalancing effective date.

11
Prior to 11/16/2016, the index used three-month average daily value traded as opposed to median value traded over the
preceding three months.
12
Prior to 05/25/2020, constituents’ weights were capped at 10%, regardless of constituent count.

S&P Dow Jones Indices: S&P Custom Indices Methodology 73

S&P Global Dividend Aristocrats® Blend Index (Custom)

Index Objective. The index measures the combined performance of four regional S&P Dividend
Aristocrat indices. Each regional S&P Dividend Aristocrats index is weighted based on its relative float-
adjusted market capitalization weight in the S&P Global LargeMidCap Index, as defined in Index
Weighting.

Underlying Indices. The four regional indices are:

• S&P 500 Dividend Aristocrats® Index
• S&P Europe 350 Dividend Aristocrats® Index
• S&P Pan Asia Dividend Aristocrats® Index
• S&P/TSX Canadian Dividend Aristocrats® Index.

For information on the underlying indices, please refer to the S&P 500 Dividend Aristocrats, S&P Europe
350 Dividend Aristocrats, S&P Pan Asia Dividend Aristocrats, and S&P/TSX Canadian Dividend
Aristocrats Methodologies, respectively, available at [Link]/spdji.

Index Calculation. The index uses the following formula:

On any trading date, t, the index is calculated as follows using the component indices as:

Indext = IndexPB * (1 + IndexReturnt)

n
IndexReturnt =  w i Ri
i =1
where:
IndexPB = Index value on the previous rebalancing date.
wi = Weight of underlying index i.
Ri = Cumulative return of the underlying index i at t from the previous rebalancing date.

Index Weighting. At each rebalancing, the weight of each underlying index is set to the weight of the
corresponding region in the S&P Global LargeMidCap Index:
• The weight of S&P 500 Dividend Aristocrats Index matches the weight of the US components in
the S&P Global LargeMidCap Index
• S&P Europe 350 Dividend Aristocrats Index matches the weight of the European components in
the S&P Global LargeMidCap Index
• S&P Pan Asia Dividend Aristocrats Index matches the weight of the Pan Asian components in the
S&P Global LargeMidCap Index
• S&P/TSX Canadian Dividend Aristocrats Index matches the weight of the Canadian components
in the S&P Global LargeMidCap Index.

The excess weight in the S&P Global LargeMidCap from countries not represented in the four
aforementioned regions is proportionally redistributed amongst the underlying indices.

Exchange Rate. WMR foreign exchange rates are taken daily at 4:00 PM London Time and used in the
calculation of the indices. These mid-market fixings are calculated by WMR based on LSEG data and
appear on LSEG pages.

Rebalancing. The weights are rebalanced annually after the close of trading on the last business day of
January. The reference date for index weighting is the last business day of December.

Currency of Calculation. The index is calculated in U.S. dollars and in South African rand.

S&P Dow Jones Indices: S&P Custom Indices Methodology 74

S&P US, Europe and Pan Asia Dividend Aristocrats® Blend Index TR (Custom) and S&P US,
Europe and Pan Asia Dividend Aristocrats Blend Index NTR (Custom)

Index Objective. Each index is an index of indices made up of three regional S&P Dividend Aristocrats
indices. The weight of each underlying index is reset quarterly according to the weights defined in Index
Weighting.

Underlying Indices. The index of indices is comprised, respectively, of Total Return and Net Total
Return versions of:
• S&P 500 Dividend Aristocrats® Index
• S&P Europe 350 Dividend Aristocrats® Index
• S&P Pan Asia Dividend Aristocrats® Index.

For information on the underlying indices, please refer to the S&P 500 Dividend Aristocrats, S&P Europe
350 Dividend Aristocrats and S&P Pan Asia Dividend Aristocrats Methodologies, respectively, available at
[Link]/spdji.

Index Calculation. For information on the calculation of the indices please refer to the Weighted Return
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Weighting. At each rebalancing, the weight of each underlying index is reset to the following:
• 40% for S&P 500 Dividend Aristocrats Index
• 30% for S&P Europe 350 Dividend Aristocrats Index
• 30% for S&P Pan Asia Dividend Aristocrats Index.

Exchange Rate. WMR foreign exchange rates are taken daily at 4:00 PM London Time and used in the
calculation of the indices. These mid-market fixings are calculated by WMR based on LSEG data and
appear on LSEG pages.

Rebalancing. The indices are reweighted on a quarterly basis after close of the last business day of
January, April, July, and October, respectively.

Currency of Calculation. The indices are calculated in U.S. dollars and British pounds.

S&P Dow Jones Indices: S&P Custom Indices Methodology 75

S&P U.S., Europe, and Asia Consumer and Information Technology Top 100 Capped Index
(Custom)

Index Objective. The index measures the performance of 100 of the largest constituents of the
underlying index domiciled in the U.S., Europe, and Asia, excluding non-overseas listed shares for
companies domiciled in China, classified as part of the GICS Consumer Discretionary (Code: 25),
Consumer Staples (Code: 30), and Information Technology (Code: 45) Sectors. Regional weights are
assigned based on the table below.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that meet the following criteria are eligible for
index inclusion:
• Domiciled in one of the following countries or regions:
o U.S.
o Europe
o Asia, including Chinese stocks available to international investors (B, H, Red Chips, P
Chips, and Chinese securities listed in the U.S., Singapore, or any other global exchange
venue) but excluding China A-Shares;
• Classified as part of one of the following GICS Sectors:
o Consumer Discretionary
o Consumer Staples
o Information Technology.

Index Construction. At each rebalancing, the constituents of the underlying index that meet the Index
Eligibility criteria are ranked based on total market capitalization. The 100 largest constituents are
selected and form the index.

Index Additions. With the exception of spin-offs, additions to the index are made only at the quarterly
rebalancing. Spin-offs are added on the ex-date and removed after at least one day of trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. At each rebalancing, region weights are set as per the table below. Within
each region, constituents are weighted by float-adjusted market capitalization.

Region Weighting in Index

U.S. 40%
Europe 20%
Asia 40%

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective after the close of the third Friday in March,
June, September, and December. The rebalancing reference date is the close of the last business day of
the previous month. The reference date for prices used for the weighting process is after the close of the
Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 76

S&P Global Ex-U.S. Under USD500 Million (US Dollar) Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding companies with a total market capitalization greater than US$ 500 million13 and companies
domiciled in the U.S.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion, excluding:
• Companies with a total market capitalization greater than US$ 500 million
• Companies domiciled in the U.S.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet satisfy the eligibility criteria are added to
the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments, including rebalancings, and corporate action treatments
follow the underlying index.

Currency of Calculation. The index is calculated in USD.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

13
The index follows the standard BMI cap range methodology, combining the US$ < 250 million and US$ 250-500 million cap
ranges, excluding all companies not within those cap ranges.

S&P Dow Jones Indices: S&P Custom Indices Methodology 77

S&P Global Cap Range Companies Between USD500 Million and USD5 Billion (US Dollar)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding companies with a total market capitalization greater than US$ 5 billion or less than US$ 500
million14.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion, excluding:
• Companies with a total market capitalization greater than US$ 5 billion
• Companies with a total market capitalization less than US$ 500 million.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments, including rebalancings, and corporate action treatments
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

14
Note that the index follows the standard BMI cap range methodology, combining the US$ 500M - 750M, US$ 750M - 1B, US$ 1B
- 1.2B, US$ 1.2B - 1.5B, US$ 1.5B - 2B, US$ 2B - 2.5B, US$ 2.5B - 3B, US$ 3B - 4B, and US$ 4B - 5B cap ranges, excluding all
companies not within those cap ranges.

S&P Dow Jones Indices: S&P Custom Indices Methodology 78

S&P Global Ex-U.S. Cap Range Companies Between USD500 Million and USD5 Billion (US Dollar)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding companies with a total market capitalization greater than US$ 5 billion or less than US$ 500
million15, and companies domiciled in the U.S.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion, excluding:
• Companies with a total market capitalization greater than US$ 5 billion
• Companies with a total market capitalization less than US$ 500 million
• Companies domiciled in the U.S.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet satisfy the eligibility criteria are added to
the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments, including rebalancings, and corporate action treatments
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

15
Note that the index follows the standard BMI cap range methodology, combining the US$ 500M - 750M, US$ 750M - 1B, US$ 1B
- 1.2B, US$ 1.2B - 1.5B, US$ 1.5B - 2B, US$ 2B - 2.5B, US$ 2.5B - 3B, US$ 3B - 4B, and US$ 4B - 5B cap ranges, excluding all
companies not within those cap ranges.

S&P Dow Jones Indices: S&P Custom Indices Methodology 79

S&P Global Ex-U.S. Ex-Energy Between USD500 Million and USD5 Billion (USD) (Custom)

Index Objective. The index16 measures the performance of the constituents of the underlying index,
excluding companies with a total market capitalization greater than US$ 5 billion or less than US$ 500
million17, companies domiciled in the U.S., and companies in the GICS Energy sector.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion, excluding:
• Companies with a total market capitalization greater than US$ 5 billion
• Companies with a total market capitalization less than US$ 500 million
• Companies domiciled in the U.S.
• Companies with a GICS sector classification of Energy (sector code 10).

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet satisfy the eligibility criteria are added to
the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments, including rebalancings, and corporate action treatments
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

16
Prior to 06/01/208 the index name was S&P Global Ex-U.S. Custom Between USD500 Million and USD5 Billion (US Dollar).
17
Note that the index follows the standard BMI cap range methodology, combining the US$ 500M - 750M, US$ 750M - 1B, US$ 1B
- 1.2B, US$ 1.2B - 1.5B, US$ 1.5B - 2B, US$ 2B - 2.5B, US$ 2.5B - 3B, US$ 3B - 4B, and US$ 4B - 5B cap ranges, excluding all
companies not within those cap ranges.

S&P Dow Jones Indices: S&P Custom Indices Methodology 80

S&P Global BMI Metals & Mining 25% Weighted Index (USD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to an alternative weighting scheme as defined below.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion.

Index Additions. Additions to the underlying index are added to the index simultaneously. For additions
due to spin-offs, the spun-off company is added to the index with the same Additional Weight Factor
(AWF) as the parent company. If an IPO is added to the underlying index between rebalancings, the IPO
is added to the index with the same AWF as current constituents sharing the same GICS sub-industry
code.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. At each rebalancing, GICS sub-industry group weights are set based on the
table below. Within each group, constituents are weighted by float-adjusted market capitalization. For
intra-quarter constituent changes, no intra-quarter capping is performed.

GICS Sub-Industry Name GICS Sub-Industry Code Weight

Aluminum 15104010
Diversified Metals & Mining 15104020
Gold 15104030 25%
Precious Metals & Mining 15104040
Silver 15104045
All other GICS Sub-Industries All other GICS Sub-Industry Codes 75%

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective after the close of the third Friday of March,
June, September, and December. The reference date for prices used for the weighting process is the
close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 81

S&P BMI Gold, Silver and Precious Metals Index

Index Objective. The index measures the performance of the constituents in the underlying index
classified as part of the GICS Gold (Code: 15104030), Silver (Code: 15104045), and Precious Metals &
Minerals (Code: 15104040) sub-industries.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents in the underlying index classified as part of the Gold
(Code: 15104030), Silver (Code: 15104045), and Precious Metals & Minerals (Code: 15104040) sub-
industries are eligible for index inclusion.

Index Construction. At each rebalancing, the index is composed of the constituents of the underlying
index that meet the Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the timing of the underlying index.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in U.S. and Australian dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 82

S&P Global BMI High Income Index (USD)

Index Objective. The index18 measures the performance of high dividend-yielding stocks in the
underlying index.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. Except for China A-shares, all stocks in the underlying index are eligible for index
inclusion.

Sub-Indices. Direct market and region cuts of the S&P Global BMI High Income Index are also
calculated as detailed in the table below:

Sub-Index Market/Region
S&P Developed High Income Equity Index Developed ex Real Estate
S&P Developed BMI High Income Index Developed
S&P Developed ex Eurozone High Income Equity Index Developed ex Eurozone
S&P Developed ex-Japan BMI High Income Index Developed ex Japan
S&P Asia Pacific High Income Equity Index Asia Pacific
S&P Europe High Income Equity Index Europe
S&P Emerging BMI High Income Index Emerging
S&P Emerging Plus BMI High Income Equity Index Emerging plus South Korea
S&P High Income Emerging Index Emerging ex Real Estate

Real Estate Sector classifications are according to GICS.

Index Eligibility. At each rebalancing, a stock must have a dividend yield above 3% as of the
rebalancing reference date.
• Dividend yield is calculated using gross dividend-per-share paid over the trailing 12-month period
divided by price as of the rebalancing reference date.

Dividend Payment Types. S&P Dow Jones Indices only considers cash dividend payments declared as
regular by the paying company for index eligibility purposes. Cash dividend payments declared as special
by the paying company, including recurring special cash dividends, are not considered.

Index Construction. At each rebalancing, eligible companies from each index universe form each index.

Index Additions. With the exception of spin-offs, no additions are made to the indices between
rebalancings.

Index Deletions. Constituents removed from the underlying indices are removed from the indices
simultaneously.

Constituent Weightings. The indices are weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Multiple Classes of Stock. All publicly listed multiple share class lines are eligible for index inclusion,
subject to meeting the eligibility criteria. For more information regarding the treatment of multiple share
classes in these indices, please refer to Approach A within the Multiple Share Classes section of S&P
Dow Jones Indices’ Equity Indices Policies & Practices document.

18
Prior to 01/25/2019, the index name was S&P/Citigroup BMI High Income Index. On the same date, the sub-index names also
changed to remove “Citigroup”.

S&P Dow Jones Indices: S&P Custom Indices Methodology 83

Rebalancing. The indices are rebalanced annually, effective after the close of the third Friday of
September. The reference date for fundamental data is the close of the last business day of July.
Constituent level data for the review is based on the S&P Global BMI annual reconstitution pro-forma
data typically published on the first Friday of September.

Currency of Calculation. The indices are calculated in U.S. dollars and euros. Local currency versions
are also available for the S&P Emerging Plus BMI High Income Equity Index.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 84

S&P United States REIT 10% Capped and S&P/TSX 60 Sectors 10% Capped 20/80 Blend (CAD)
NTR (Custom)

Index Objective. The index19 is a weighted return index consisting of two component sub-indices: the
S&P United States REIT (Canadian Dollar) Capped NTR weighted at 20% of the total index weight, and
the S&P/TSX Composite GICS Level 1 Capped NTR weighted at 80% of the total index weight.

Underlying Indices. Please see the table below. For information on the underlying indices, please refer
to the S&P Global BMI Methodology and the S&P/TSX Canadian Indices Methodology, respectively,
available at [Link]/spdji.

Underlying Indices Index Code Weight

S&P United States REIT (Canadian Dollar) Capped NTR SPCBMICUSREITCADCAPPEDNTR 20%
S&P/TSX Composite GICS Level 1 Capped NTR SPTSXFMRNTR 80%

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index rebalances daily. The weight of the S&P United States REIT (Canadian Dollar)
Capped NTR is reset to 20% and the S&P/TSX Composite GICS Level 1 Capped NTR is reset to 80% on
a daily basis.

Currency of Calculation. The index calculates in U.S. dollars and Canadian dollars.

19
Prior to 11/11/2020, the index name was FMR/Fidelity Dividend Plus Blend Custom Index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 85

S&P Custom High Yield Europe Property Index (USD)

Index Objective. The index measures the performance of high dividend-yielding stocks in the S&P
Europe BMI Real Estate.

Underlying Index. S&P Europe BMI Real Estate. For information on the underlying index, please refer to
the S&P Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, a stock must have a dividend yield of at least 2.5% as of the
rebalancing reference date.
• Dividend yield is calculated using gross dividend-per-share paid over the trailing 12-month period
divided by price as of the rebalancing reference date.

Index Construction. At each rebalancing the index is comprised of the constituents of the underlying
index that meet the Index Eligibility criteria.

Dividend Payment Types. S&P Dow Jones Indices only considers cash dividend payments declared as
regular by the paying company for index eligibility purposes. Cash dividend payments declared as special
by the paying company, including recurring special cash dividends, are not considered.

Index Additions. With the exception of spin-offs, no additions are made to the index between
rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassifications. Changes as a result of a constituent’s GICS reclassification are made to the
index on the effective date of the reclassification.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Multiple Classes of Stock. All publicly listed multiple share class lines are eligible for index inclusion,
subject to meeting the eligibility criteria. For more information regarding the treatment of multiple share
classes in these indices, please refer to Approach A within the Multiple Share Classes section of S&P
Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

Rebalancing. The index is rebalanced annually, effective after the close of the third Friday of
September. The reference date for fundamental data is the close of the last business day of July.
Constituent level data for the review is based on the S&P Europe BMI Real Estate annual reconstitution
as of its effective date.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 86

S&P Developed ex US REIT Under USD2 Billion

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding companies with a total market capitalization greater than US$ 2 billion 20 and companies that
are both classified as a REIT and are domiciled in the U.S.

Underlying Index. S&P Developed BMI. For information on the underlying index, please refer to the
S&P Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion, excluding:
• Companies with a total market capitalization greater than US$ 2 billion
• Companies that are both classified as a REIT and are domiciled in the U.S.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet satisfy the eligibility criteria are added to
the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments, including rebalancings, and corporate action treatments
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

20
Note that the index follows the standard BMI cap range methodology, combining the US$ < 250 million, US$ 250-500 million ,
US$ 500M - 750M , US$ 750M - 1B , US$ 1B - 1.2B , US$ 1.2B - 1.5B , and US$ 1.5B - 2B cap ranges, excluding all companies
not within those cap ranges.

S&P Dow Jones Indices: S&P Custom Indices Methodology 87

S&P Developed Europe Mid-East Africa Small Cap Index

Index Objective. The index measures the performance of the constituents of the underlying index that
are classified as small cap and domiciled in the countries listed in Index Eligibility.

Underlying Index. S&P Developed BMI. For information on the underlying index, please refer to the
S&P Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. Small size constituents of the following countries are eligible for index inclusion.

Country Region
Austria Developed Europe
Belgium Developed Europe
Denmark Developed Europe
Finland Developed Europe
France Developed Europe
Germany Developed Europe
Ireland Developed Europe
Israel Developed Mid-East
Italy Developed Europe
Luxembourg Developed Europe
Netherlands Developed Europe
Norway Developed Europe
Portugal Developed Europe
Spain Developed Europe
Sweden Developed Europe
Switzerland Developed Europe
United Kingdom Developed Europe

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments including rebalancing follow
the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 88

S&P EPAC Ex-Australia and Israel Under USD2 Billion (USD)

Index Objective. The index21 measures the performance of the constituents of the underlying index,
excluding companies with a total market capitalization greater than US$ 2 billion 22 and companies
domiciled in Australia or Israel.

Underlying Index. S&P EPAC BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion, excluding:
• Companies with a total market capitalization greater than US$ 2 billion
• Companies domiciled in Australia
• Companies domiciled in Israel.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments, including rebalancings, and corporate action treatments
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

21
Prior to 06/01/208 the index name was S&P EPAC Ex-Australia Under USD2 Billion (US Dollar).
22
Note that the index follows the standard BMI cap range methodology, combining the US$ < 250 million, US$ 250-500 million ,
US$ 500M - 750M , US$ 750M - 1B , US$ 1B - 1.2B , US$ 1.2B - 1.5B , and US$ 1.5B - 2B cap ranges, excluding all companies
not within those cap ranges.

S&P Dow Jones Indices: S&P Custom Indices Methodology 89

S&P Developed Ex-U.S. BMI (Capped) GICS Sector Indices

Index Objective. The indices measure the performance of the constituents of the underlying index,
categorized within certain GICS sectors and subject to an alternative weighting scheme, as defined
below.

Underlying Index. S&P Developed Ex-U.S. BMI Index. For information on the underlying index, please
refer to the S&P Global BMI, S&P/IFCI Index Methodology available at [Link]/spdji.

Index Eligibility. Each index is comprised of the constituents of the underlying index that are classified
as part of the following GICS sectors:

GICS
Index Name GICS Sector Code
S&P Developed Ex-U.S. BMI (Capped) Energy Index Energy 10
S&P Developed Ex-U.S. BMI (Capped) Materials Index Materials 15
S&P Developed Ex-U.S. BMI (Capped) Industrials Index Industrials 20
S&P Developed Ex-U.S. BMI (Capped) Consumer Discretionary Index Consumer Discretionary 25
S&P Developed Ex-U.S. BMI (Capped) Consumer Staples Index Consumer Staples 30
S&P Developed Ex-U.S. BMI (Capped) Health Care Index Health Care 35
S&P Developed Ex-U.S. BMI (Capped) Financials Index Financials 40
S&P Developed Ex-U.S. BMI (Capped) Information Technology Index Information Technology 45
S&P Developed Ex-U.S. BMI (Capped) Communication Services Index23 Communication Services 50
S&P Developed Ex-U.S. BMI (Capped) Utilities Index Utilities 55
S&P Developed Ex-U.S. BMI (Capped) Real Estate Index Real Estate 60

Index Construction. See Index Eligibility.

Index Additions. Intra-quarter additions to the underlying index are added to the respective S&P
Developed Ex-U.S. BMI (Capped) GICS Sector Index simultaneously, at their float-adjusted market
capitalization.

Index Deletions. Constituents removed from the underlying index are removed from the respective S&P
Developed Ex-U.S. BMI (Capped) GICS Sector Index simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Constituent Weightings. Each index employs a capped market capitalization weighting scheme. Each
index is capped quarterly using a 5/20/45 method, where no single stock’s weight can exceed 20%, and
the cumulative sum of all stocks with a weight greater than 5% cannot breach 45%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective the open of the Monday following the third
Friday of March, June, September, and December. The reference date for prices used in the capping
process is the close of the Wednesday prior to the second Friday of the reweighting month. For intra-
quarter composition changes, no intra-quarter capping is performed.

Currency of Calculation. The indices are calculated in U.S. dollars.

23
Prior to the GICS restructuring on 9/24/2018 the index name was the S&P Developed Ex-U.S. BMI (Capped) Telecommunication
Services Index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 90

S&P European Emerging BMI (Capped) Index

Index Objective. The index measures the performance of the constituents of the underlying index using
an alternative weighting scheme as defined below.

Underlying Index. S&P European Emerging BMI. For information on the underlying index, please refer
to the S&P Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Additions. Additions to the underlying index are added to the index simultaneously at their float-
adjusted market capitalization.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is capped market capitalization weighted. At each rebalancing,
constituents’ weights are capped at 24% of the index. For intra-quarter composition changes, no intra-
quarter capping is performed.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective after the close of the third Friday of March,
June, September, and December. The reference date for prices used for the weighting process is the
close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 91

S&P Emerging BMI Healthcare Equal Weighted Index

Index Objective. The index measures the equal weighted performance of the constituents of the
underlying index.

Underlying Index. S&P Emerging BMI Health Care. For information on the underlying index, please
refer to the S&P Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, the index is comprised of the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Additions. Except for eligible spin-offs, there are no additions to the index between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is equal weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced monthly, effective after the close of the last business day of each
month. In addition, the index is rebalanced quarterly in March, June, September, and December after the
close of the third Friday of the month. The reference date for prices used for the weighting process is the
close of the last business day of each month while the quarterly rebalancings reference date is the close
of the third business day prior to the rebalancing effective date.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 92

S&P Global Custom Metals & Mining Index

Index Objective. The index measures the performance of the Metals & Mining constituents of the
underlying index, subject to an alternate weighting scheme, as defined below.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Index Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified as part of the GICS sub-
industries defined below are eligible for index inclusion. All other constituents of the underlying index are
not eligible.

Group 1 Group 2
Aluminum (GICS: 15104010) Gold (GICS: 15104030)
Diversified Metals & Mining (GICS: 15104020) Precious Metals & Mining (GICS: 15104040)
Copper (GICS: 15104025) Silver (GICS: 15104045)

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously. For additions due to spin-offs, the spun-off company is added to the index with the same
Additional Weight Factor (AWF) as the parent company. If an IPO is added to the underlying index
between rebalancings, the IPO is added to the index with the same AWF as current constituents sharing
the same GICS sub-industry code.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index when
a GICS reclassification is made.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Constituent Weightings. At each rebalancing, the sub-industries are separated into two Groups, as defined in
Index Eligibility, with the aggregate weight of each set to 50% of the overall index weight. A Group weight factor is
assigned and applied to the float-adjusted market capitalization of all constituent stocks within the Group to
achieve the 50% target weight. Within each Group, constituents are weighted by float-adjusted market
capitalization. Intra-rebalancing additions are added at the respective Group weight factor set at the previous
rebalancing.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective after the close of the third Friday in March,
June, September, and December.24 The reference date for prices used for the weighting process is after
the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in Australian and U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

24
Prior to the June 2017 rebalancing, the rebalancing effective date was after the close of the last business day in March, June,
September, and December.

S&P Dow Jones Indices: S&P Custom Indices Methodology 93

S&P Global Mining Ex-South32 Capped Index (AUD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding South32 Limited (ASX: [Link]).

Underlying Index. S&P Global Mining Capped Index. For information on the underlying index, please
refer to the S&P Thematic Indices Methodology at [Link]/spdji/.

Index Eligibility. At each rebalancing, the index is composed of the constituents of the underlying index,
excluding South32 Limited.

Index Construction. See Index Eligibility.

Index Additions. Except for eligible spin-offs, no additions are made between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weighting. At each rebalancing, all GICS Sub-Industries are capped at 10.5% of the total
index weight, except for constituents classified as part of the Diversified Metals & Mining (GICS Code:
15104020) Sub-Industry, which are FMC weighted .

Any excess weight due to the capping is proportionally redistributed to the uncapped GICS Sub-
Industries, excluding the Diversified Metals & Mining. This process continues iteratively until the constraint
is satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index follows the rebalancing schedule of the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 94

S&P Global Mining Ex-South32 Capped Series 2 Index (AUD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding South32 Limited (ASX: [Link]).

Underlying Index. S&P Global Mining Capped Index. For information on the underlying index, please
refer to the S&P Thematic Indices Methodology at [Link]/spdji/.

Index Eligibility. At each rebalancing, the index is composed of the constituents of the underlying index,
excluding South32 Limited.

Index Construction. See Index Eligibility.

Index Additions. Except for eligible spin-offs, no additions are made between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weighting. At each reconstitution and rebalancing, index constituents are FMC weighted,
subject to the following constraints:
1. Single constituent weights cannot exceed 9%.
2. Single constituent weights over 4.5% cannot exceed 36% of the total index weight.
If any constituent breaches the above constraints, cap the weight of the constituent and
proportionally redistribute the excess weight to all uncapped constituents. The process continues
iteratively until both constraints are satisfied.
3. Cap all GICS Sub-Industries at 10.5% of the total index weight, except the Diversified Metals &
Mining (GICS Code: 15104020) Sub-Industry, which is uncapped.
Proportionally redistribute any excess weight due to the capping of the GICS Sub-Industries to
the constituents of the uncapped GICS Sub-Industries, excluding the Diversified Metals & Mining
(GICS Code: 15104020) Sub-Industry. This process continues iteratively until the constraint is
satisfied.

In the event criteria 2 can’t be satisfied, only criteria 1 and 3 shall be applied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index follows the rebalancing schedule of the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 95

S&P Healthcare and Consumer Staples Shariah Index

Index Objective. The index measures the performance of LargeCap and MidCap companies in the
underlying index classified as part of the Consumer Staples (GICS: 30) and Health Care (GICS: 35)
sectors. The sectors are equally weighted, with sector constituents weighted by float-adjusted market
capitalization.

Underlying Index. The S&P Developed Ex-Israel BMI Shariah. For information on the underlying index,
please refer to the S&P Shariah Indices Methodologies available at [Link]/spdji.

Index Eligibility. Large and MidCap constituents of the underlying index that are classified in Consumer
Staples (GICS: 30) and Health Care (GICS: 35) sectors are eligible for index inclusion.

Index Construction. At each rebalancing, the constituents of the underlying index that meet the Index
Eligibility criteria are selected and form the index.

Index Additions. Except for spin-offs that meet the eligibility criteria, additions to the index are made
only at each rebalancing.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Constituent Weightings. At each rebalancing, the Consumer Staples and Health Care sectors are each
assigned a 50% weight in the index. Within each sector, constituents are weighted by float-adjusted
market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used in the
weighting process is the close of the Wednesday prior to the second Friday of rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 96

S&P Global Natural Resources and Water Shariah Index

Index Objective. The index measures the performance of the Shariah-compliant constituents of the
underlying indices classified as part of the following index categories defined below: Agriculture, Energy,
Metals & Mining, and Water.

Underlying Indices. S&P Global BMI Shariah and S&P Global Water Index. For information on the
underlying indices, please refer to the S&P Shariah Indices Methodology and S&P Thematic Indices
Methodology, available at [Link]/spdji.

Index Eligibility. At each rebalancing, Shariah-compliant constituents of the S&P Global BMI Index
classified as part of the following GICS Sub-industries are eligible for index inclusion25:

Index Category GICS Level GICS Code GICS Designation

15101030 Fertilizers & Agricultural Chemicals Producers
15103020 Paper & Plastic Packaging Products & Materials
15105010 Forest Products
Agriculture Sub-industry
15105020 Paper Products
30202010 Agricultural Products & Services
60108040 Timber REITs
10101010 Oil & Gas Drilling
10101020 Oil & Gas Equipment & Services
10102010 Integrated Oil & Gas
Energy Sub-industry
10102020 Oil & Gas Exploration & Production
10102030 Oil & Gas Refining & Marketing
10102050 Coal & Consumable Fuels
15104010 Aluminum
15104020 Diversified Metals & Mining
15104025 Copper
Metals &
Sub-industry 15104030 Gold
Mining
15104040 Precious Metals & Minerals
15104045 Silver
15104050 Steel

For the Water index category, all Shariah-compliant constituents of S&P Global Water Index are eligible
for index inclusion.

Multiple Share Classes. Each company is represented once by the Designated Listing. For more
information regarding the treatment of multiple share classes, please refer to Approach B within the
Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.26

Index Construction. At each rebalancing, the eligible constituents of the underlying indices are sorted
into the four index categories: Agriculture, Energy, Metals & Mining, and Water, and then ranked in
descending order by float-adjusted market capitalization.

For each index category, the largest eligible stocks are selected until the target constituent count is
reached.

25
Effective July 1, 2021, Paper Packaging, Forest Products, and Paper Products were added to the Agriculture Category, and
Specialized REITs were limited to those stocks with Timber REIT characteristics. Oil & Gas Drilling and Oil & Gas Equipment &
Services were added to the Energy Category. Aluminum was added to the Metals & Mining Category.
26
Prior to July 1, 2021, the index followed Approach A, whereby all publicly listed multiple share class lines were eligible for index
inclusion, subject to meeting the eligibility criteria and foreign investors may hold shares in the class.

S&P Dow Jones Indices: S&P Custom Indices Methodology 97

 Index Category Target Constituent Count
Agriculture 40
Energy 70
Metals and Mining 70
Water 20

Please note no formal minimum constituent count exists, therefore at times an index category may fall
below the target constituent count.

Index Deletions. Constituents removed from the underlying index due to Shariah non-compliance are
removed from the index after the close of the last business day of each month. Any changes are
announced five business days prior to month-end.27

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index at the subsequent rebalancing.

Constituent Weightings. At each rebalancing, the index is FMC weighted, subject to a single stock
weight cap of 10% and the index category weight caps detailed in the table below.

Index Category Weight Cap

Agriculture 20%
Energy 35%
Metals and Mining 35%
Water 10%

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Rebalancing. The index rebalances quarterly, effective after the close of the last business day of March,
June, September, and December. The reference date for reconstitution eligibility screening and pricing for
float-adjusted market capitalization is the seventh business day prior to the rebalancing effective date. 28

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying indices.

27
This rule became effective July 1, 2021, with the change in rebalancing frequency from monthly to quarterly.
28
Prior to July 1, 2021, the index rebalanced monthly, effective after the close of the last business day of each month. The
reconstitution reference date for eligibility screening was the seventh-business day prior to the rebalancing effective date. The
price reference date for float-adjusted market capitalization was the seventh-business day prior to the rebalancing effective date.

S&P Dow Jones Indices: S&P Custom Indices Methodology 98

S&P Europe & US Property Index

Index Objective. The index measures the performance of the constituents of the underlying indices
classified as part of the Real Estate (GICS: 60) sector, subject to an alternate weighting scheme detailed
below.

Underlying Indices. S&P Europe BMI and S&P United States BMI. For information on the underlying
indices, please refer to the S&P Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified as part of the Real Estate
(GICS: 6010) industry group are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying indices that meet the eligibility criteria are added to the
index simultaneously and weighted by the addition’s uncapped float-adjusted market capitalization
weight.

Index Deletions. Constituents removed from the underlying indices are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. At each rebalancing, the aggregate weight of all European companies is set to
80% of the index and the aggregate weight of all U.S. companies in the index is set to 20%. Within each
region, stocks are weighted by float-adjusted market capitalization. For intra-month composition changes,
no intra-month reweighting is performed.

Rebalancing. The index is rebalanced monthly, effective after the close of the last business day of each
month. The reference prices for the weighting process are the closing prices of the last business day of
the month adjusted for any corporate actions occurring on the first business day of the following month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 99

S&P France 80 Index

Index Objective. The index measures the float-adjusted market capitalization weighted performance of
80 of the largest companies, by ranked by float market capitalization, of the underlying index that are
listed in France.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must satisfy, at each annual reconstitution, the
following criteria to be eligible for index inclusion:
• be listed in France
• be denominated in EUR.

Index Construction. At each annual reconstitution, the 80 largest eligible stocks by company level float
market capitalization are selected and form the index, subject to a buffer rule to reduce turnover. All
companies ranked within the top 64 are automatically selected. Current constituents ranked within the top
96 are selected until the target count of 80 is reached. If after this step the target count is not met, the
largest non-constituents by float-adjusted market capitalization are selected until the target count is
reached.

At each quarterly review if a constituent no longer qualifies for the index and is deleted between
reconstitutions, the next eligible largest company in the underlying index as of the end of the month prior
to the review month is added as a replacement in order to maintain a constituent count of 80.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituents that are no longer listed in France are immediately removed from the index.

Multiple Share Classes. All publicly listed multiple share class lines are eligible for index inclusion,
subject to meeting the eligibility criteria detailed in the respective Index Methodology. For more
information regarding the treatment of multiple share classes, please refer to Approach A within the
Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

Rebalancing. The index reconstitutes annually effective at the open of the Monday following the third
Friday of September and reviewed for replacement, if necessary, quarterly, effective at the open of the
Monday following the third Friday of March, June, September, and December. The rebalancing reference
date is the third Friday of the previous month.29

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in euros.

29
For history prior to 09/03/2021, the rebalancing reference date was “the close of the last business day of the previous month”.

S&P Dow Jones Indices: S&P Custom Indices Methodology 100

S&P France 20 Equal Weight Index

Index Objective. The index measures the equal weighted performance of 20 of the largest, as ranked by
float-adjusted market capitalization (FMC), constituents of the underlying index listed in France and
denominated in euro.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, a stock must satisfy the following criteria:
• Be a member of the underlying index
• Be listed in France
• Be denominated in EUR
• Multiple Share Classes. Each company is represented once by the Designated Listing. For more
information regarding the treatment of multiple share classes, please refer to Approach B within
the Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies &
Practices Methodology.

Index Construction. At each rebalancing, eligible stocks are ranked by FMC. The 20 largest stocks are
selected and form the index.

Constituent Weighting. At each rebalancing, index constituents are equal weighted.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same date as the underlying index and are
then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituent’s whose listing’s change to no longer be in France are removed on the
effective date of the change.

Index Maintenance. All index adjustments and corporate action treatments follow the treatment for
Equal Weighted Indices as described in the S&P Dow Jones Equity Indices Policies & Practices
Methodology.

Currency of Calculation. The index calculates in euros.

Rebalancing. The indices rebalance quarterly, effective after the close of the last business day of January, April,
July, and October. Index shares are calculated using data as of seven business days prior to the effective date.
The respective rebalancing reference date is the last business day of March, June, September, and December.
The reference universe is the composition of the underlying indices at the open of the upcoming rebalancing
effective date.

S&P Dow Jones Indices: S&P Custom Indices Methodology 101

S&P France 20 & Germany 20 Equal Weight Index

Index Objective. The index measures the equal weighted performance of 40 of the largest constituents
of the underlying index, with 20 listed in France and 20 listed in Germany.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. To qualify for membership in the index, at each annual reconstitution a stock must
satisfy the following criteria:
• Be a member of the underlying index
• Be listed in France
• Be listed in Germany
• Be denominated in EUR.

Index Construction. At each annual reconstitution, eligible constituents are ranked by float market
capitalization. The 20 largest constituents from France and the 20 largest constituents from Germany are
selected and form the index, subject to a buffer to reduce turnover. All securities ranked within the top 16
of their respective country are automatically selected. Current constituents ranked within the top 24 are
selected until the target count of 20 is reached. If after this step the target count of 20 is not met, the
largest non-constituents by float-adjusted market capitalization are selected until the target count is
reached. If there are fewer than 20 eligible constituents for either country, then the index will contain
fewer than 20 constituents from that country. At each quarterly review if a constituent no longer qualifies
to the index and is deleted between reconstitutions, the next eligible largest stock in the underlying index,
as of the end of month prior to review month, is added as a replacement in order to maintain a constituent
count of 20 stocks listed in France and 20 stocks listed in Germany.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Multiple Share Classes. Each company is represented once by the Designated Listing. For more
information regarding the treatment of multiple share classes, please refer to Approach B within the
Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

Rebalancing. The index reconstitutes annually effective at the open of the Monday following the third
Friday of September. The index is reviewed for replacements, if necessary, and reweighted quarterly
effective at the open of the Monday following the third Friday of March, June, September, and December.
The reference date for prices used in the weighting process is the close of the Wednesday prior to the
second Friday of the rebalancing month. The rebalancing reference date is the close of the last business
day of the previous month.

Constituent Weightings. At each rebalancing, constituents are equal weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the treatment for
Equal Weighted Indices as described in the S&P Dow Jones Equity Indices Policies & Practices
Methodology.

Currency of Calculation. The index is calculated in euros.

S&P Dow Jones Indices: S&P Custom Indices Methodology 102

S&P France 60 Equal Weight Index

Index Objective. The index measures the equal weighted performance of 60 of the largest constituents
of the underlying index listed in France.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. To qualify for membership in the index, at each annual reconstitution a stock must
satisfy the following criteria:
• Be a member of the underlying index
• Be listed in France
• Be denominated in EUR.

Index Construction. At each annual reconstitution, the 60 largest eligible stocks, by float market
capitalization, are selected and form the index, subject to a buffer rule to reduce index turnover. All
securities ranked within the top 48 are automatically selected. Current constituents ranked within the top
72 are selected until the target count of 60 is reached. If after this step the target count is not met, the
largest non-constituents by float-adjusted market capitalization are selected until the target count is
reached. If there are fewer than 60 eligible stocks, then the index will contain fewer than 60 constituents.

At each quarterly review if a constituent no longer qualifies to the index and is deleted between
reconstitutions, the next eligible largest stock in the underlying index as of the end of month prior to
review month, is added as a replacement in order to maintain a constituent count of 60.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Multiple Share Classes. Each company is represented once by the Designated Listing. For more
information regarding the treatment of multiple share classes, please refer to Approach B within the
Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

Reconstitution/Rebalancings. The index reconstitutes annually effective at the open of the Monday
following the third Friday of September. The index is reviewed for replacements, if necessary, and
reweighted quarterly effective at the open of the Monday following the third Friday of March, June,
September, and December. The reference date for prices used in the weighting process is the close of
the Wednesday prior to the second Friday of the rebalancing month. The rebalancing reference date is
the close of the last business day of the previous month.

Constituent Weightings. At each rebalancing, constituents are equal weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the treatment for
Equal Weighted Indices as described in the S&P Dow Jones Equity Indices Policies & Practices
Methodology.

Currency of Calculation. The index is calculated in euros.

S&P Dow Jones Indices: S&P Custom Indices Methodology 103

S&P Eurozone 100 Index

Index Objective. The index measures the float-adjusted market capitalization weighted performance of
100 of the largest companies in the underlying index listed in Eurozone countries.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. To qualify for membership in the index, at each annual reconstitution a stock must
satisfy the following criteria:
• Be a member of the underlying index.
• Be listed in a Eurozone country.
• Be denominated in EUR.

Index Construction. At each annual reconstitution, the 100 largest eligible companies by float market
capitalization are selected and form the index, subject to a buffer to reduce turnover. All companies
ranked within the top 80 are automatically selected. Current constituents ranked within the top 120 are
selected until the target count of 100 is reached. If after this step the target count is not met, the largest
non-constituents by float-adjusted market capitalization are selected until the target count is reached. If
there are fewer than 100 eligible companies, then the index will contain fewer than 100 companies.

At each quarterly review if a constituent no longer qualifies for the index and is deleted between
reconstitutions, the next eligible largest company in the underlying index as of the end of the month prior
to the review month is added as a replacement in order to maintain a constituent count of 100.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Multiple Share Classes. All publicly listed multiple share class lines are eligible for index inclusion,
subject to meeting the eligibility criteria detailed in the respective Index Methodology. For more
information regarding the treatment of multiple share classes, please refer to Approach A within the
Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

Rebalancing. The index reconstitutes annually effective at the open of the Monday following the third
Friday of September and is reviewed for replacements, if necessary, quarterly, effective at the open of the
Monday following the third Friday of March, June, September, and December. The rebalancing reference
date is the third Friday of the previous month.30

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in euros.

30
For history prior to 09/03/2021 the rebalancing reference date was “the close of the last business day of the previous month”.

S&P Dow Jones Indices: S&P Custom Indices Methodology 104

S&P Eurozone 100 Equal Weight Index

Index Objective. The index measures the equal weighted performance of 100 of the largest constituents
of the underlying index listed in Eurozone countries.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. To qualify for membership in the index, at each annual reconstitution a stock must
satisfy the following criteria:
• Be a member of the underlying index.
• Be listed in a Eurozone country.
• Be denominated in EUR.

Index Construction. At each annual reconstitution, the 100 largest eligible companies, by float market
capitalization, are selected and form the index, subject to a buffer to reduce turnover. All companies
ranked within the top 80 are automatically selected. Current constituents ranked within the top 120 are
selected until the target count of 100 is reached. If after this step the target count is not met, the largest
non-constituents by float-adjusted market capitalization are selected until the target count is reached.

At each quarterly review if a constituent no longer qualifies for the index and is deleted between
reconstitutions, the next eligible largest stock in the underlying index as of the end of the month prior to
the review month is added as a replacement in order to maintain a constituent count of 100.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Multiple Share Classes. All publicly listed multiple share class lines are eligible for index inclusion,
subject to meeting the eligibility criteria detailed in the respective Index Methodology. For more
information regarding the treatment of multiple share classes, please refer to Approach A within the
Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

Rebalancing. The index reconstitutes annually effective at the open of the Monday following the third
Friday of September. The index is reviewed for replacements, if necessary, and reweighted quarterly,
effective at the open of the Monday following the third Friday of March, June, September, and December.
The rebalancing reference date is the close of the last business day of the previous month. The reference
date for prices used in the weighting process is the open of the upcoming rebalancing effective date.

Constituent Weightings. The index is equal weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in euros.

S&P Dow Jones Indices: S&P Custom Indices Methodology 105

S&P France 50 ESG Index

Index Objective. The index measures the performance of the 50 highest ranking companies, by S&P
Global ESG score3132, from 80 of the largest, by float-adjusted market capitalization (FMC), constituents
of the underlying index listed in France.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must satisfy the below criteria, as of the
rebalancing reference date, to be eligible for index inclusion:
• be listed in France
• denominated in EUR
• must have an S&P Global ESG Score.

Index Construction. At each annual reconstitution, the selection process of index constituents is as
follows:
1. Eligible companies within the underlying index are ranked in descending order by their company
level FMC.
2. The largest 80 companies from Step 1 are selected, subject to a buffer to reduce index turnover.
All companies ranked within the top 64 are automatically selected. Current constituents ranked
within the top 96 are selected until the target FMC count of 80 is reached. If after this step the
target FMC count is not met, the largest non-constituents by FMC are selected until the target
count is reached.
3. The selected companies from Step 2 are then ranked in descending order by their S&P Global
ESG Score. The top 50 companies are selected and form the index. If the last selected company
shares the same S&P Global ESG score with another company the company with the larger FMC
is included in the index. If there are fewer than 50 eligible companies, then the index will contain
fewer than 50 companies.

At each quarterly review (i.e., March, September, and December), if a constituent is deleted between
reconstitutions, the next eligible company in the underlying index, using FMC data as of the quarterly
review reference date and S&P Global ESG Score data as of the latest reconstitution, is added as a
replacement in order to maintain a constituent count of 50.

Constituent Weightings. The index is FMC weighted.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituents whose listing changes to no longer be in France are removed on the
effective date of the change.

Multiple Share Classes. All publicly listed multiple share class lines are eligible for index inclusion,
subject to meeting the eligibility criteria detailed in the respective Index Methodology. For more
information regarding the treatment of multiple share classes, please refer to Approach A within the

31
For information on the S&P Global ESG Scores, please refer to the S&P Global ESG Score Methodology available at
[Link]/spdji.
32
For history prior to 06/24/2024, the index used S&P DJI ESG Scores.

S&P Dow Jones Indices: S&P Custom Indices Methodology 106

Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.
Controversies: Media and Stakeholder Analysis Overlay. In addition to the above, S&P Global uses
RepRisk, a data science company, for daily filtering, screening, and analysis of ESG risk incidents and
controversial activities related to companies within the indices.33

In cases where risks are presented, S&P Global releases a Media and Stakeholder Analysis (MSA) which
includes a range of issues such as economic crime and corruption, fraud, illegal commercial practices,
human rights issues, labor disputes, workplace safety, catastrophic accidents, and environmental
disasters.

The Index Committee will review constituents that have been flagged by S&P Global’s MSA to evaluate
the potential impact of controversial company activities on the composition of the indices. In the event that
the Index Committee decides to remove a company in question, that company would not be eligible for
reentry into the index for one full calendar year, beginning with the subsequent rebalancing.

For more information on RepRisk, please refer to. [Link] service is not considered a direct
contribution to the index construction process.

Rebalancing. The index reconstitutes annually effective at the open of the Monday following the third
Friday of June, and is reviewed for replacements quarterly, effective at the open of the Monday following
the third Friday of March, September, and December. The rebalancing reference date for the index is the
third Friday of the previous month.34

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in euros.

33
RepRisk, an ESG data science company, leverages the combination of AI and machine learning with human intelligence to
systematically analyze public information in 23 languages and identify material ESG risks. With daily data updates across 100+
ESG risk factors, RepRisk provides consistent, timely, and actionable data for risk management and ESG integration across a
company’s operations, business relationships, and investments.
34
For history prior to 09/03/2021 the rebalancing reference date was “the close of the last business day of the previous month”.

S&P Dow Jones Indices: S&P Custom Indices Methodology 107

S&P France 60 ESG Equal Weight Index

Index Objective. The index measures the performance of the 60 highest ranking constituents, by S&P
Global ESG score3536, from 120 of the largest, by float-adjusted market capitalization (FMC), constituents
of the underlying index listed in France.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that satisfy the below criteria, as of the
rebalancing reference date, are eligible for index inclusion:
• Be listed in France
• Be denominated in EUR
• Have an S&P Global ESG Score.

Index Construction. At each annual reconstitution, the selection process of index constituents is as
follows:
1. Eligible companies within the underlying index are ranked in descending order by their company
level FMC.
2. The largest 120 stocks from Step 1 are selected, subject to a buffer to reduce index turnover. All
securities ranked within the top 96 are automatically selected. Current constituents ranked within
the top 144 are selected until the target count of 120 is reached. If after this step the target count
is not met, the largest non-constituents, by FMC, are selected until the target count is reached.
3. The selected stocks from Step 2 are then ranked in descending order by their S&P Global ESG
Score. The top 60 stocks are selected and form the index. If the last selected company shares
the same S&P Global ESG score with another company the company with the larger FMC is
included in the index. If there are fewer than 60 eligible stocks, then the index will contain fewer
than 60 constituents.

At each quarterly review (i.e., March, September, and December), if a constituent is deleted between
reconstitutions, the next eligible stock in the underlying index, using FMC data as of the quarterly review
reference date and S&P Global ESG Score data as of the latest reconstitution, is added as a replacement
in order to maintain a constituent count of 60.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituents whose listing changes to no longer be in France are removed on the
effective date of the change.

Multiple Share Classes. Each company is represented once by the Designated Listing. For more
information regarding the treatment of multiple share classes, please refer to Approach B within the
Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

35
For information on the S&P Global ESG Scores, please refer to the S&P Global ESG Score Methodology available at
[Link]/spdji.
36
For history prior to 06/24/2024, the index used S&P DJI ESG Scores.

S&P Dow Jones Indices: S&P Custom Indices Methodology 108

Controversies: Media and Stakeholder Analysis Overlay
In addition to the above, S&P Global uses RepRisk, a data science company, for daily filtering, screening,
and analysis of ESG risk incidents and controversial activities related to companies within the indices.37

In cases where risks are presented, S&P Global releases a Media and Stakeholder Analysis (MSA) which
includes a range of issues such as economic crime and corruption, fraud, illegal commercial practices,
human rights issues, labor disputes, workplace safety, catastrophic accidents, and environmental
disasters.

The Index Committee will review constituents that have been flagged by S&P Global’s MSA to evaluate
the potential impact of controversial company activities on the composition of the indices. In the event that
the Index Committee decides to remove a company in question, that company would not be eligible for
reentry into the index for one full calendar year, beginning with the subsequent rebalancing.

For more information on RepRisk, please refer to [Link]. This service is not considered a direct
contribution to the index construction process.

Rebalancing. The index reconstitutes annually effective at the open of the Monday following the third
Friday of June. The index is reviewed for replacements and reweighted quarterly, effective at the open of
the Monday following the third Friday of March, June, September, and December. The rebalancing
reference date is the close of the last business day of the previous month. The reference date for prices
used in the weighting process is the open of the upcoming rebalancing effective date.

Constituent Weightings. At each rebalancing the index is equal weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the treatment for
Equal Weighted Indices as described in the S&P Dow Jones Equity Indices Policies & Practices
document.

Currency of Calculation. The index is calculated in euros.

37
RepRisk, an ESG data science company, leverages the combination of AI and machine learning with human intelligence to
systematically analyze public information in 23 languages and identify material ESG risks. With daily data updates across 100+
ESG risk factors, RepRisk provides consistent, timely, and actionable data for risk management and ESG integration across a
company’s operations, business relationships, and investments.

S&P Dow Jones Indices: S&P Custom Indices Methodology 109

S&P Eurozone 100 ESG Equal Weight Index

Index Objective. The index measures the performance of the 100 highest ranking constituents, by S&P
Global ESG score3839, from 200 of the largest, by float-adjusted market capitalization (FMC), constituents
of the underlying index listed in Eurozone.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that satisfy the below criteria, as of the rebalancing
reference date, are eligible for index inclusion:
• Be listed in a Eurozone country
• Be denominated in EUR
• Have an S&P Global ESG Score.

Index Construction. At each annual reconstitution, the selection process of index constituents is as
follows:
1. Eligible companies within the underlying index are ranked in descending order by their company
level FMC.
2. The largest 200 stocks from Step 1 are selected, subject to a buffer to reduce index turnover. All
securities ranked within the top 160 are automatically selected. Current constituents ranked within
the top 240 are selected until the target count of 200 is reached. If after this step the target count
is not met, the largest non-constituents, by FMC, are selected until the target count is reached.
3. The selected stocks from Step 2 are then ranked in descending order by their S&P Global ESG
Score. The top 100 companies are selected and form the index. If the last selected company
shares the same S&P Global ESG score with another company the company with the larger FMC
is included in the index. If there are fewer than 100 eligible stocks, then the index will contain
fewer than 100 constituents.

At each quarterly review (i.e., March, September, and December), if a constituent is deleted between
reconstitutions, the next eligible stock in the underlying index, using FMC data as of the quarterly review
reference date and S&P Global ESG Score data as of the latest reconstitution, is added as a replacement
in order to maintain a constituent count of 100.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituents whose listing changes to no longer be in the Eurozone are removed on the
effective date of the change.

Multiple Share Classes. Each company is represented once by the Designated Listing. For more
information regarding the treatment of multiple share classes, please refer to Approach B within the
Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

38
For information on the S&P Global ESG Scores, please refer to the S&P Global ESG Score Methodology available at
[Link]/spdji.
39
For history prior to 06/24/2024, the index used S&P DJI ESG Scores.

S&P Dow Jones Indices: S&P Custom Indices Methodology 110

Controversies: Media and Stakeholder Analysis Overlay. In addition to the above, S&P Global uses
RepRisk, a data science company, for daily filtering, screening, and analysis of ESG risk incidents and
controversial activities related to companies within the indices.40

In cases where risks are presented, S&P Global releases a Media and Stakeholder Analysis (MSA) which
includes a range of issues such as economic crime and corruption, fraud, illegal commercial practices,
human rights issues, labor disputes, workplace safety, catastrophic accidents, and environmental
disasters.

The Index Committee will review constituents that have been flagged by S&P Global’s MSA to evaluate
the potential impact of controversial company activities on the composition of the indices. In the event that
the Index Committee decides to remove a company in question, that company would not be eligible for
reentry into the index for one full calendar year, beginning with the subsequent rebalancing.

For more information on RepRisk, please refer to [Link] . This service is not considered a
direct contribution to the index construction process.

Rebalancing. The index reconstitutes annually effective at the open of the Monday following the third
Friday of June. The index is reviewed for replacements and reweighted quarterly, effective at the open of
the Monday following the third Friday of March, June, September, and December. The rebalancing
reference date is the close of the last business day of the previous month. The reference date for prices
used in the weighting process is the open of the upcoming rebalancing effective date.

Constituent Weightings. At each rebalancing the index is equal weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the treatment for
Equal Weighted Indices as described in the S&P Dow Jones Equity Indices Policies & Practices
Methodology.

Currency of Calculation. The index is calculated in euros.

40
RepRisk, an ESG data science company, leverages the combination of AI and machine learning with human intelligence to
systematically analyze public information in 23 languages and identify material ESG risks. With daily data updates across 100+
ESG risk factors, RepRisk provides consistent, timely, and actionable data for risk management and ESG integration across a
company’s operations, business relationships, and investments.

S&P Dow Jones Indices: S&P Custom Indices Methodology 111

S&P France 20 & Germany 20 ESG Equal Weight Index

Index Objective. The index measures the performance of the 20 highest-ranking French constituents
and 20 highest-ranking German constituents, as ranked by S&P Global ESG score4142, from 60 of the
largest, by float-adjusted market capitalization (FMC), eligible constituents of each country within the
underlying index.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that satisfy the below criteria, as of the
rebalancing reference date, are eligible for index inclusion:
• Be listed in France or Germany
• Be denominated in EUR
• Have an S&P Global ESG Score.

Index Construction. At each annual reconstitution, the top 20 eligible constituents listed in France and
Germany are selected and form the index, according to the following selection process:
1. Eligible constituents within the underlying index are ranked in descending order by their
company-level FMC.
2. The 60 largest stocks from France and 60 largest stocks from Germany are selected, subject to a
buffer to reduce index turnover. All securities ranked within the top 48 of the respective country
are selected automatically. Current constituents ranked within the top 72 are selected until the
target count of 60 is reached. If after this step the target FMC count is not met, the largest non-
constituents by FMC are selected until the 60 count is reached.
3. The selected stocks from Step 2 are ranked in descending order by their S&P Global ESG Score.
The top 20 companies from France and top 20 companies from Germany are selected and form
the index. If the last selected company shares the same S&P Global ESG score with another
company the company with the larger FMC is included in the index. If there are fewer than 20
eligible constituents for either country, then the index will contain fewer than 20 constituents from
that country.

At each quarterly review (i.e., March, September, and December), if a constituent is deleted between
reconstitutions, the next eligible largest stock in the underlying index is added as a replacement in order
to maintain a constituent count of 20 France-listed stocks and 20 Germany-listed stocks.

Constituent Weightings. At each rebalancing the index is equal weighted.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituents whose listing changes to no longer be in France or Germany are removed
on the effective date of the change.

Multiple Share Classes. Each company is represented once by the Designated Listing. For more
information regarding the treatment of multiple share classes, please refer to Approach B within the
Multiple Share Classes section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

41
For history prior to April 2024, the index used S&P DJI ESG Scores.
42
For information on the S&P Global ESG Scores, please refer to the S&P Global ESG Score Methodology available at
[Link]/spdji.

S&P Dow Jones Indices: S&P Custom Indices Methodology 112

Controversies: Media and Stakeholder Analysis Overlay. In addition to the above, S&P Global uses
RepRisk, a data science company, for daily filtering, screening, and analysis of ESG risk incidents and
controversial activities related to companies within the indices.43

In cases where risks are presented, S&P Global releases a Media and Stakeholder Analysis (MSA) which
includes a range of issues such as economic crime and corruption, fraud, illegal commercial practices,
human rights issues, labor disputes, workplace safety, catastrophic accidents, and environmental
disasters.

The Index Committee will review constituents that have been flagged by S&P Global’s MSA to evaluate
the potential impact of controversial company activities on the composition of the indices. In the event that
the Index Committee decides to remove a company in question, that company would not be eligible for
reentry into the index for one full calendar year, beginning with the subsequent rebalancing.

For more information on RepRisk, please refer to [Link] . This service is not considered a
direct contribution to the index construction process.

Rebalancing. The index reconstitutes annually effective at the open of the Monday following the third
Friday of June. The index is reviewed for replacements and reweighted quarterly, effective at the open of
the Monday following the third Friday of March, June, September, and December, respectively. The
rebalancing reference date is the close of the last business day of the previous month. The reference
date for prices used in the weighting process is the open of the upcoming rebalancing effective date.

Index Maintenance. All index adjustments and corporate action treatments follow the treatment for
Equal Weighted Indices as described in the S&P Dow Jones Equity Indices Policies & Practices
Methodology.

Currency of Calculation. The index is calculated in euros.

43
RepRisk, an ESG data science company, leverages the combination of AI and machine learning with human intelligence to
systematically analyze public information in 23 languages and identify material ESG risks. With daily data updates across 100+
ESG risk factors, RepRisk provides consistent, timely, and actionable data for risk management and ESG integration across a
company’s operations, business relationships, and investments.

S&P Dow Jones Indices: S&P Custom Indices Methodology 113

S&P Developed ESG Dividend Aristocrats All Currencies Ex-KRW EUR Hedged Index NTR

Index Objective. The index measures the net total return of the constituents of the underlying index
hedged against the fluctuations of the EUR -- except for KRW-traded constituents (which remain
unhedged). The hedged amount is adjusted monthly.

Underlying Index. S&P Developed ESG Dividend Aristocrats. For information on the underlying index,
please refer to the S&P ESG Dividend Aristocrats Indices Methodology available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in EUR.

Tax Rate. The index uses the same withholding tax rates as the underlying index.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

Hedging. The index is calculated by hedging beginning-of-period balances using rolling one-month
forward contracts. On monthly basis the currency exposure for all currencies except KRW is eliminated
using a hedge ratio of 1 while the currency fluctuation of KRW remains unhedged by applying a hedging
ratio of 0 to the associated currency return.

For information on the monthly currency hedged calculation, please refer to the S&P Dow Jones Indices’
Index Mathematics Methodology available at [Link]/spdji.

S&P Dow Jones Indices: S&P Custom Indices Methodology 114

S&P Developed LargeMidCap Ex-Korea & Luxembourg BMI Index

Index Objective. The index measures the performance of the constituents of the underlying index, excluding
those constituents domiciled in South Korea and Luxembourg.

Underlying Index. S&P Developed LargeMidCap BMI. For information on the underlying index, please refer to
the S&P Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding those domiciled in South Korea and
Luxembourg, are eligible for index inclusion. If a stock changes domicile to become ineligible, the stock is
dropped on the effective date of the change. If a current constituent of the underlying index changes domicile to
become eligible, the stock is added on the effective date of the change.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings, follow the
underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 115

S&P Europe LargeMidCap Ex-Luxembourg BMI Index

Index Objective. The index measures the performance of the constituents of the underlying index, excluding
those constituents domiciled in Luxembourg.

Underlying Index. S&P Europe LargeMidCap BMI. For information on the underlying index, please refer to the
S&P Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding those domiciled in Luxembourg, are eligible for
index inclusion. If a stock changes domicile to become ineligible, the stock is dropped on the effective date of the
change. If a current constituent of the underlying index changes domicile to become eligible, the stock is added
on the effective date of the change.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings, follow the
underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 116

S&P Developed Europe Mid-East Africa Small Cap Index

Index Objective. The index measures the performance of the constituents of the underlying index, with
the inclusion of Israel-domiciled constituents effective 9/20/2010.

Underlying Index. S&P Developed Small Cap Index. For information on the underlying index, please
refer to the S&P Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, including Israel-domiciled constituents effective
from 9/20/2010, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 117

S&P Developed ESG Elite Dividend Aristocrats All Currencies Ex-KRW EUR Hedged Index NTR

Index Objective. The index measures the net total return of the constituents of the underlying index
hedged against the fluctuations of the EUR, excluding all KRW-traded constituents (which remain
unhedged). The hedged amount is adjusted monthly.

Underlying Index. S&P Developed ESG Elite Dividend Aristocrats. For information on the underlying
indices, please refer to S&P ESG Dividend Aristocrats Indices Methodology available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in EUR.

Tax Rate. The index uses the same withholding tax rates as the underlying index

Exchange Rate. The index uses the same foreign exchange rate as the underlying index

Hedging. The index is calculated by hedging beginning-of-period balances using rolling one-month
forward contracts. On monthly basis the currency exposure for all currencies except KRW is eliminated
using a hedge ratio of 1 while the currency fluctuation of KRW remains unhedged by applying a hedging
ratio of 0 to the associated currency return.

For information on the monthly currency hedged calculation, please refer to the S&P Dow Jones Indices’
Index Mathematics Methodology available at [Link]/spdji.

S&P Dow Jones Indices: S&P Custom Indices Methodology 118

S&P Emerging EMEA Ex-RU, KW, SA LargeMidCap (USD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those domiciled in Russia, Kuwait, and Saudi Arabia.

Underlying Index. S&P Emerging Europe, Middle East & Africa LargeMidCap (USD). For information on
the underlying index, please refer to the S&P Global BMI, S&P/IFCI Index Methodology at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion, excluding
companies domiciled in Russia, Kuwait, and Saudi Arabia.

Index Construction. See Index Eligibility.

Index Additions and Deletions. Constituent changes to the underlying index are applied simultaneously
to the index.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 119

S&P Latin America LargeMidCap Equal Weighted Index (USD)

Index Objective. The index measures the equal weighted performance of the constituents of the
underlying index classified as LargeCap or MidCap.

Underlying Index. S&P Latin America BMI. For information on the underlying index, please refer to the
S&P Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, a stock must satisfy the following criteria:
• Be a member of the underlying index
• Be classified as either LargeCap or MidCap

Index Construction. At each rebalancing, all eligible stocks are selected and form the index.

Constituent Weighting. At each rebalancing, index constituents are equal weighted at the company
level.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituents whose size changes to no longer be LargeCap or MidCap are removed on
the effective date of the change.

Index Maintenance. All index adjustments and corporate action treatments follow the treatment for
Equal Weighted Indices as described in the S&P Dow Jones Equity Indices Policies & Practices
Methodology.

Currency of Calculation. The index calculates in U.S. dollars.

Rebalancing. The index rebalances quarterly, effective after the close of the third Friday business day of March,
June, September and December. The reference date for prices used for the weighting process is the close of the
Wednesday prior to the second Friday of the rebalancing month.

S&P Dow Jones Indices: S&P Custom Indices Methodology 120

S&P Brazil LargeMidCap Equal Weighted Index (USD)

Index Objective. The index measures the equal weighted performance of constituents of the underlying
index classified as LargeCap or MidCap.

Underlying Index. S&P Brazil BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, a stock must satisfy the following criteria to be eligible for index
inclusion:
• Be a member of the underlying index
• Be classified as LargeCap or MidCap

Index Construction. At each rebalancing, all eligible stocks are selected and form the index.

Constituent Weighting. At each rebalancing, index constituents are equal weighted at the company
level.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. A constituent whose size changes to no longer be LargeCap or MidCap is removed on
the effective date of the change.

Index Maintenance. All index adjustments and corporate action treatments follow the treatment for
Equal Weighted Indices as described in the S&P Dow Jones Equity Indices Policies & Practices
Methodology.

Currency of Calculation. The index calculates in Brazil reals.

Rebalancing. The index rebalances quarterly, effective after the close of the third Friday business day of March,
June, September and December. The reference date for prices used for the weighting process is the close of the
Wednesday prior to the second Friday of the rebalancing month.

S&P Dow Jones Indices: S&P Custom Indices Methodology 121

S&P Colombia BMI Equal Weighted Index (USD)

Index Objective. The index measures the equal weighted performance of constituents of the underlying
index.

Underlying Index. S&P Colombia BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, a stock must satisfy the following criteria to be eligible for index
inclusion:
• Be a member of the underlying index

Index Construction. At each rebalancing, all eligible stocks are selected and form the index.

Constituent Weighting. At each rebalancing, index constituents are equal weighted at the company
level.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Index Maintenance. All index adjustments and corporate action treatments follow the treatment for
Equal Weighted Indices as described in the S&P Dow Jones Equity Indices Policies & Practices
Methodology.

Currency of Calculation. The index calculates in Colombian pesos.

Rebalancing. The index rebalances quarterly, effective after the close of the third Friday business day of
March, June, September and December. The reference date for prices used for the weighting process is
the close of the Wednesday prior to the second Friday of the rebalancing month.

S&P Dow Jones Indices: S&P Custom Indices Methodology 122

S&P Pakistan BMI Liquid 35/20 Capped Index (Custom)

Index Objective. The index measures the performance of constituents of the underlying index listed in
Pakistan meeting the criteria in Index Eligibility. Constituents are float-adjusted market capitalization
(FMC) weighted, subject to the weight caps defined in Constituent Weighting.

Underlying Index. S&P Pakistan BMI Index. For information on the underlying index, please refer to the
S&P Frontier BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index that meet the following
criteria are eligible for index inclusion:
• Be locally listed on the Pakistan Stock Exchange.
• Have no more than 10 non-trading days over the previous quarter.
• Have a six-month average daily value traded (6M ADVT) of at least US$200,000.

Index Construction. At each rebalancing, rank the eligible stocks in the underlying index by 6M ADVT,
selecting a target constituent count of 15 stocks for index inclusion, subject to the following selection
buffer:
1. All stocks ranked in the top 12 are automatically selected.
2. Current constituents ranked in the top 18 are selected until the target constituent count is
reached.
3. If after step 2 the target constituent count is still not met, the most liquid non-constituents (based
on 6M ADVT) are selected and added to the index. This process continues iteratively until the
target constituent count of 15 is met.
4. If fewer than 15 stocks are eligible, all eligible stocks are selected, and the target constituent
count is not met.

Index Additions. Except for eligible spin-offs and the replacement rule in Index Deletions, no additions
are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment).

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. If a constituent is deleted between rebalancings, the next most liquid stock (based on 6M
ADVT) as of the prior quarterly rebalancing is added as a replacement in order to maintain a target
constituent count of 15. Constituents added under the replacement rule are added at the stock’s FMC
weight.

Constituent Weighting. The index is FMC weighted, subject to a 33/19 weight capping scheme. At each
rebalancing:
• If the largest constituent’s weight exceeds 33%, it will be capped at 33%.
• If the weight of any other constituent is greater than 19%, it will be capped at 19%.

Any excess weight due to capping is proportionally redistributed to uncapped constituents. The process
continues iteratively until both constraints are satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 123

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Pakistani Rupee and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=” & “PKR=”, are taken daily at 9:00 AM
London Time and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 124

S&P Pan Asia BMI (US Dollar) Ex-U.S. Listed

Index Objective. The index measures the performance of the constituents of the underlying index
excluding any stocks listed on U.S. exchanges.

Underlying Index. S&P Pan Asia BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. Constituents that are present in the underlying index and are not listed on U.S.
exchanges are eligible to be included in the index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 125

S&P Pan Asia Ex-JP, AU, NZ, IN, PK BMI Select Communications, Construction and Utilities 10%
Capped Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index that
are classified as part of the GICS sectors and industries defined below and excluding those domiciled in
Japan, Australia, New Zealand, India, Pakistan, and including Chinese stocks available to international
investors (B, H, Red Chips, P Chips, and Chinese securities listed in the U.S., Singapore, or any other
global exchange venue) but excluding China A-Shares. Constituents are weighted based on the process
detailed in Constituent Weightings.

Underlying Index. S&P Pan Asia BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding those domiciled in Japan, Australia,
New Zealand, India, Pakistan, and including Chinese stocks available to international investors (B, H,
Red Chips, P Chips, and Chinese securities listed in the U.S., Singapore, or any other global exchange
venue) but excluding China A-Shares, classified as part of the following GICS sectors and industries are
eligible for index inclusion.
• Construction Materials (GICS Industry: 151020)
• Building Products (GICS Industry: 201020)
• Construction & Engineering (GICS Industry: 201030)
• Communication Services (GICS Sector: 50)
• Utilities (GICS Sector: 55)

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. No additions are made to the index between rebalancings, including spin-offs.

Index Deletions. Stock constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. At each rebalancing, Industry and Sector weights are assigned based on the
table below. Constituents are float-adjusted market capitalization weighted within each Industry/Sector,
subject to a single constituent weight cap of 10% of the total index weight.

GICS Code Industry/Sector Weight

151020 Construction Materials
201020 Building Products 30%
201030 Construction & Engineering
55 Utilities 30%
50 Communication Services 40%

Rebalancing. The index is rebalanced and reconstituted quarterly, effective prior to the open of the
Monday following the third Friday in March, June, September, and December. The reference date for
prices used for the weighting process is the close of the Wednesday prior to the second Friday of the
rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Malaysian ringgit.

S&P Dow Jones Indices: S&P Custom Indices Methodology 126

S&P Pan Asia Ex-JP, AU, NZ, IN, PK BMI Consumer Discretionary and Consumer Staples 5%
Capped Index (Custom)

Index Objective. The index measures the performance of 100 of the largest constituents, as ranked by
total market capitalization, of the underlying index classified as part of the Consumer Discretionary (GICS:
25) and Consumer Staples (GICS: 30) sectors, excluding those domiciled in Japan, Australia, New
Zealand, India, Pakistan, China A-Shares and those constituents listed in the U.S. In addition, individual
constituents’ weights are capped at 5% and each country’s weight is capped at 25%.

Underlying Index. S&P Pan Asia BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified in the Consumer Discretionary
(GICS: 25) and Consumer Staples (GICS: 30) sectors are eligible for index inclusion, excluding
companies domiciled in Japan, Australia, New Zealand, India, Pakistan, China A-Shares, and U.S.-listed
stocks.

Index Construction. Eligible constituents of the underlying index are ranked by total market
capitalization, with the largest 100 selected for index inclusion.

Index Additions. With the exception of spin-offs, additions to the indices are made only at the quarterly
rebalance. Spin-offs from current index constituents are added to the index on the same effective date as
the underlying index and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, individual constituents’ weights are capped at 5% and each country’s weight in the index is
capped at 25%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday in March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars and Malaysian ringgit.

S&P Dow Jones Indices: S&P Custom Indices Methodology 127

S&P Pan Asia Ex-JP, AU, NZ, IN, PK BMI Top 30 10% Capped Index (Custom)

Index Objective. The index measures the performance of the 30 largest securities of the underlying
index, as ranked by total market capitalization, excluding those domiciled in Japan, Australia, New
Zealand, India, Pakistan, and China A-Shares. In addition, the index employs a single constituent weight
cap of 10%.

Underlying Index. S&P Pan Asia BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion, excluding
companies domiciled in Japan, Australia, New Zealand, India, Pakistan, and China A-Shares.

Index Construction. At each annual reconstitution, the 30 largest stocks by total market capitalization
are selected and form the index, subject to a buffer to reduce index turnover. All securities ranked within
the top 25 are automatically selected. Current constituents ranked within the top 35 are selected until the
target count of 30 is reached. If after this step the target count is not met, the largest non-constituents by
float-adjusted market capitalization are selected until the target count is reached.

Index Additions. With the exception of spin-offs, additions to the index are made only at the annual
rebalancing. Spin-offs are added on the ex-date and removed after at least one day of trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, constituents’ weights are capped at 10% of the index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances annually, effective after the close of the third Friday of September.
The rebalancing reference date is the close of the last business day of the previous month. The reference
date for prices used for the weighting process is the close of the Wednesday prior to the second Friday of
the rebalancing month. In addition, the index shares update quarterly after the close of the third Friday of
March, June, and December.

Multiple Share Classes. Each company is represented once by the Designated Listing. For more
information regarding the treatment of multiple share classes, please refer to Approach B within the
Multiple Share Classes section of S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

Currency of Calculation. The index calculates in U.S. dollars and Malaysian ringgit.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 128

S&P Pan Asia BMI Select Real Estate 10% Capped Index (Custom)

Index Objective. The index measures the performance of up to 120 of the largest constituents of the
underlying index classified as part of the eligible GICS sub-industries listed below, excluding constituents
domiciled in India, Pakistan, China A-Shares, and those constituents listed in the U.S. In addition,
constituents are subject to the diversification rules detailed below, with individual weights capped at 10%.

Underlying Index. S&P Pan Asia BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index classified as part of the following GICS sub-
industries are eligible for index inclusion, excluding companies domiciled in India, Pakistan, China A-
Shares, and U.S.-listed stocks.

GICS Code GICS Sub-Industry

60101010 Diversified REITs
60102510 Industrial REITs
60104010 Office REITs
60107010 Retail REITs
60201010 Diversified Real Estate Activities
60201020 Real Estate Operating Companies
60201030 Real Estate Development
60201040 Real Estate Services

Index Construction. The index consists of a maximum of 120 stocks, determined as follows:
• Constituents of the underlying index are categorized by domicile
• Constituents are then ranked by total market capitalization and the largest stocks of each
domicile are selected for index inclusion, subject to the rank restrictions defined in the table
below:

Domicile Total Market Capitalization Rank

Australia Top 15
China Top 15
Hong Kong Top 15
Indonesia Top 5
Japan Top 15
Malaysia Top 15
New Zealand Top 5
Philippines Top 5
Singapore Top 10
South Korea Top 5
Taiwan Top 10
Thailand Top 5

Index Additions. No additions are made to the index between rebalancings, including spin-offs.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

S&P Dow Jones Indices: S&P Custom Indices Methodology 129

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each
rebalancing, constituents’ weights are capped at 10% of the index, and aggregate country/region weights
are set as detailed in the table:

Country/Region Weight
Australia 20%
Japan 20%
Malaysia 20%
Rest of countries/regions 40%

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday in March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Malaysian ringgit.

S&P Dow Jones Indices: S&P Custom Indices Methodology 130

S&P Pan Asia Ex-JP, AU, NZ BMI REIT 10% Capped Index (USD)

Index Objective. The index measures the performance of the stocks that are constituents of both the
underlying indices, with index constituents subject to a single constituent weight cap of 10% of the total
index weight.

Underlying Index. S&P Pan Asia Ex-JP, AU, NZ BMI, and S&P Global REIT Index. For information on
the underlying index, please refer to the S&P Global BMI, S&P/IFCI Methodology, and the S&P Property
Indices Methodology, respectively, at [Link]/spdji.

Index Eligibility. Only those constituents that are members of both underlying indices are eligible for
index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Simultaneous additions to both underlying indices are added to the index at the same
time and weighted by the addition’s uncapped float-adjusted market capitalization weight.

Index Deletions. Constituents removed from one of the underlying indices are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the S&P Global REIT Index.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted,
subject to a single constituent weight cap of 10%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday in March, June, September, and December. The reference date for prices used for the weighting
process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars and Japanese yen.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 131

S&P Pan Asia Ex-JP AU NZ PK REIT 10％ Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding all companies with a float market capitalization (FMC) less than US$ 500 million, and all
companies domiciled in Japan, Australia, New Zealand, and Pakistan. Constituents are FMC weighted,
subject to a single constituent weight cap of 10% of the total index weight.

Underlying Index. S&P Pan Asia REIT. For information on the underlying index, please refer to the S&P
Property Indices available at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index must satisfy the following to
be eligible for index inclusion:
• Have an FMC of at least US$ 500 million
• Not be domiciled in Japan, Australia, New Zealand, and Pakistan

Index Construction. At each rebalancing, the eligible constituents of the underlying index are selected
and form the index.

Index Additions. Except for spin-offs, no stocks are added to the index between rebalancings. Spin-offs
from current index constituents are added to the index on the same effective date as the underlying index
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing the index is FMC weighted, subject to a single constituent
weight cap of 10% of the total index weight.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday in March, June, September, and December. The rebalancing reference date is after the close
of the last business day of the prior month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 132

S&P Pan Asia Ex Japan REIT Capped Index

Index Objective. The index measures the performance of those constituents that are of members of
both underlying indices, subject to an 8% single constituent weight cap and a 30% single country weight
cap for Australia.

Underlying Indices. S&P Pan Asia Ex-Japan BMI and S&P Global REIT Index. For information on the
S&P Pan Asia Ex-Japan BMI Index and the S&P Global REIT Index, please refer to the S&P Global BMI,
S&P/IFCI Methodology, and the S&P Property Indices Methodology documents, respectively, available at
[Link]/spdji.

Index Eligibility. All constituents that are members of both underlying indices are included in the index.

Index Construction. See Index Eligibility.

Index Additions. Simultaneous additions to both underlying indices are added to the index at the same
time. Except for spin-offs, if a stock is added to an underlying index between rebalancings, the stock is
added to the index with the same AWF as current constituents sharing the same domicile. If the stock
belongs to a newly added country, the stock is added with the largest Additional Weight Factor (AWF)
currently represented in the index and will be capped at the next rebalancing, if necessary. Spin-offs are
added with the same AWF as the parent.

Index Deletions. Constituents removed from any of the underlying indices are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index employs a capped market capitalization weighting scheme. At each
rebalancing, individual constituents are capped at 8%, and a country cap weight of 30% is applied to
Australia.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday in March, June, September, and December. The reference date for prices used for the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Currency of Calculation. The index is calculated in U.S. dollars and Japanese yen.

S&P Dow Jones Indices: S&P Custom Indices Methodology 133

S&P Emerging Asia Pacific Plus Ex-CN, IN, PK LargeMidCap (USD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those domiciled in China, India, and Pakistan.

Underlying Index. S&P Emerging Asia Pacific Plus LargeMidCap (USD). For information on the
underlying index, please refer to the S&P Global BMI, S&P/IFCI Index Methodology at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion, excluding
companies domiciled in China, India, and Pakistan.

Index Construction. See Index Eligibility.

Index Additions and Deletions. Constituent changes to the underlying index are applied simultaneously
to the index.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 134

S&P China & Hong Kong 20% Capped Shariah Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index
domiciled in Hong Kong and China, excluding those constituents listed on any U.S. exchange, as well as
the Shanghai & Shenzhen Stock Exchanges, with constituent weights subject to a 20% weight cap.

Underlying Index. S&P Global BMI Shariah. For information on the underlying index, please refer to the
S&P Global BMI, S&P/IFCI Methodology and S&P Shariah Indices Methodology available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index domiciled in Hong Kong and China are eligible for
index inclusion, excluding those constituents listed on any U.S. exchange, as well as the Shanghai &
Shenzhen Stock Exchanges.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously at the addition’s uncapped float-adjusted market capitalization weight. Spin-offs from
current index constituents are added to the index on the same effective date as the underlying indices
and are then removed from the index after one day of regular way trading, regardless of Shariah
compliance.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, each constituent’s weight is capped at 20%.

Rebalancing. Updates due to changes in Shariah compliance are applied once a month at the open of
trading of the Monday following third Friday of each month. Index constituents are also rebalanced and
capped, if necessary, on a quarterly basis, effective prior to the open of the Monday following the third
Friday in March, June, September, and December. The reference date for prices used for the weighting
process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars, Hong Kong dollars, and Malaysian
ringgit.

S&P Dow Jones Indices: S&P Custom Indices Methodology 135

S&P China Hong Kong-Listed Shariah Liquid 35/20 Capped Index

Index Objective. The index measures the performance of a target of 30 Shariah-compliant constituents
of the underlying indices listed in Hong Kong that have no more than 10 non-trading days over the
previous quarter and a six-month average daily value traded (6M ADVT) of at least US$ 1 million. The
index is FMC weighted, subject to the 33/19 capping scheme defined below.

Underlying Index. S&P China BMI Shariah and S&P China-Hong Kong Greater Bay Area Index. For
information on the underlying indices, please refer to the S&P Shariah Methodology and S&P China
Methodology, respectively, available at [Link]/spdji/.

Index Eligibility. At each rebalancing, constituents of the underlying index that meet the following
criteria are eligible for index inclusion:
• Be Shariah compliant.
• Be listed on the Hong Kong Stock Exchange.
• Have no more than 10 non-trading days over the previous quarter.
• Have a 6M ADVT of at least US$ 1 million.

Index Construction. At each rebalancing, rank the eligible stocks in the underlying indices by 6M ADVT
and select the largest 30 stocks for index inclusion, subject to the following selection buffer:
1. Automatically select all stocks ranked in the top 24.
2. Select current constituents ranked in the top 36 until the target constituent count is reached.
3. If after Step 2 the target constituent count is still not met, select the largest non-constituent. This
process continues iteratively until the target constituent count of 30 is met.
4. If fewer than 30 stocks are eligible, all eligible stocks are selected, and the target constituent
count is not met.

Constituent Weightings. At each rebalancing, the index is FMC weighted, subject to the following
constraints:
• The weight of the largest constituent cannot exceed 33%
• No other single constituent’s weight can exceed 19%

If either constraint is breached, cap the constituent(s) and proportionally redistribute any excess weight to
uncapped constituents. The process continues iteratively until both constraints are satisfied.

Index Additions. Except for eligible spin-offs and the replacement rule in Index Deletions, no additions
are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment). When possible, all deletions from the underlying indices are deleted from the index on the
same day.

Index Deletions. Except for constituents removed from the underlying indices by the Monthly Shariah
Review (see the underlying index methodology), constituents removed from the Underlying Index are
removed from the index simultaneously. If a constituent is deleted between rebalancings, the next most
liquid stock, by 6M ADVT as of the prior quarterly rebalancing, is added as a replacement in order to
maintain a target constituent count of 30. Constituents added under the replacement rule are added at the
stock’s FMC weight.

S&P Dow Jones Indices: S&P Custom Indices Methodology 136

Monthly Shariah Review Removal. Constituents removed from the underlying indices as part of the
monthly Shariah review are retained in the index until the subsequent rebalancing.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December using a rebalancing reference date of the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Hong Kong dollars, and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=” & “HKD=”, are taken daily at 9:00 AM GMT
Time and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 137

S&P U.S., UK, Japan, & China BMI Shariah (Custom)

Index Objective. The index measures the performance of the constituents of the underlying indices
domiciled in the U.S., U.K., Japan, and China (ADR and H Shares).

Underlying Indices. S&P Global BMI Shariah Index. For information on the underlying indices, please
refer to the S&P Shariah Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying indices domiciled in the U.S., U.K., Japan, and China
(ADR and H Shares) are eligible for index inclusion.

Index Construction. At each rebalancing, the eligible constituents of the underlying indices are selected
and form the index.

Index Additions. Additions to the underlying indices that meet the eligibility criteria are added to the
index simultaneously. Spin-offs from current index constituents are added to the index on the same
effective date as the underlying index and are then removed from the index after one day of regular way
trading, regardless of Shariah compliance.

Index Deletions. Constituents removed from the underlying indices are removed from the index
simultaneously.

Constituent Weighting. The index is float-adjusted market capitalization weighted.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. Updates due to changes in compliance are
applied once a month at the open of trading of the Monday following the third Friday of each month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 138

S&P Pan Asia Ex-JP, AU, NZ, IN, PK BMI Shariah (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those domiciled in India & Pakistan, subject to a 10% weight cap.

Underlying Index. S&P Pan Asia X Japan X AU X NZ BMI Shariah. For information on the underlying
index, please refer to the S&P Global BMI, S&P/IFCI Methodology and S&P Shariah Indices Methodology
available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding those constituents domiciled in India
and Pakistan, are eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that satisfy the
criteria as detailed in Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously at the addition’s float-adjusted market capitalization. Spin-offs from current index
constituents are added to the index on the same effective date as the underlying indices and are then
removed from the index after one day of regular way trading, regardless of Shariah compliance.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, constituents’ weights are capped at 10% of the index.

Rebalancing. Updates due to changes in Shariah compliance are applied once a month at the open of
trading of the Monday following the third Friday of each month. Index constituents are also rebalanced
and capped, if necessary, on a quarterly basis, effective prior to the open of the Monday following the
third Friday in March, June, September, and December. The reference date for prices used for the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Malaysian ringgit.

S&P Dow Jones Indices: S&P Custom Indices Methodology 139

S&P Pan Asia Ex-JANZ, IN, PK BMI Shariah Top 100 Index (Custom)

Index Objective. The index measures the performance of the 100 largest constituents, as ranked by
total market capitalization, of the underlying index, excluding those domiciled in India, Pakistan, and those
constituents listed in the U.S. In addition, individual constituents’ weights are subject to a 10% cap.

Underlying Index. S&P Pan Asia Ex Japan X AU X NZ BMI Shariah. For information on the underlying
index, please refer to the S&P Global BMI, S&P/IFCI Methodology and S&P Shariah Indices Methodology
available at [Link]/spdji.

Index Eligibility. The index is composed of the constituents of the underlying index, excluding any
stocks domiciled in India, Pakistan, and those listed in the U.S.

Index Construction. At each rebalancing, the constituents of the underlying index that meet the Index
Eligibility criteria are ranked based on total market capitalization. The 100 largest constituents are
selected and form the index.

Index Additions. With the exception of spin-offs, additions to the indices are made only at the monthly
rebalancing. Spin-offs from current index constituents are added to the index on the same effective date
as the underlying index and are then removed from the index after one day of regular way trading,
regardless of Shariah compliance.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted. At each

rebalancing, constituents’ weights are capped at 10% of the index.

Rebalancing. The index is rebalanced and reconstituted monthly, effective prior to the open of the
Monday following the third Friday of each month. The reference date for prices used for the weighting
process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Malaysian ringgit.

S&P Dow Jones Indices: S&P Custom Indices Methodology 140

S&P Indonesia LargeMidCap 10% Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a single constituent weight cap of 10% of the total index weight.

Underlying Index. S&P Indonesia LargeMidCap Index. For information on the underlying index, please
refer to the S&P Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion.

Index Additions. Additions to the underlying index are added to the index simultaneously at their
uncapped float-adjusted market capitalization weight.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is capped market capitalization weighted. At each rebalancing,
constituents’ weights are capped at 10% of the index. There is no capping for intra-quarter composition
changes.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective after the close of the third Friday of March, June,
September, and December. The reference date for prices used for the weighting process is the close of
the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars and Malaysian ringgit.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 141

S&P Germany BMI Liquid 35/20 Capped Index (Custom)

Index Objective. The index measures the performance of a target of 30 of the most liquid constituents of
the underlying index listed in Germany that have no more than 10 non-trading days over the previous
quarter and a six-month average daily value traded (6M ADVT) of at least US$ 1 million. The index is
market capitalization weighted, with constituents’ FMC weights subject to the 33/19 capping scheme
defined below.

Underlying Index. S&P Germany BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji/.

Index Eligibility. At each rebalancing, constituents of the underlying index that meet the following
criteria are eligible for index inclusion:
• Be listed in Germany.
• Have no more than 10 non-trading days over the previous quarter.
• Have a 6M ADVT of at least US$ 1 million.

Index Construction. At each rebalancing, rank the eligible stocks in descending order by 6M ADVT and
select the 30 largest stocks, subject to the following selection buffer:
1. Automatically select the highest ranked 24 stocks.
2. Select current constituents ranked in the top 36 until the target constituent count is reached.
3. If after step 2 the target constituent count is still not met, select the largest non-constituent. This
process continues iteratively until the target constituent count of 30 is met.
4. If fewer than 30 stocks are eligible, select all stocks, and the target constituent count is not met.

Index Additions. Except for eligible spin-offs and the replacement rule in Index Deletions, no additions
are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment). Where applicable, all deletions from the underlying index are deleted from the index on the
same day.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. If a constituent is deleted between rebalancings, the next largest stock, by 6M ADVT as
of the prior quarterly rebalancing, is added simultaneously as a replacement to maintain a target
constituent count of 30. Constituents added under the replacement rule are added at the stock’s FMC
weight.

Constituent Weighting. At each rebalancing, the index is FMC weighted, subject to the following
constraints capping the weight of the largest constituents, if necessary:
• Cap the largest constituent’s weight at 33%
• Cap the weight of all other constituents at 19%

Any excess weight due to capping is proportionally redistributed to uncapped constituents. The process
continues iteratively until both constraints are satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of

S&P Dow Jones Indices: S&P Custom Indices Methodology 142

the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Euros and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=” & “EUR=”, are taken daily at 9:00 AM GMT
Time and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 143

S&P Germany BMI Shariah Liquid 35/20 Capped Index (Custom)

Index Objective. The index measures the performance of 30 of the most liquid constituents of the
underlying index listed in Germany that have no more than 10 non-trading days over the previous quarter
and a six-month average daily value traded (6M ADVT) of at least US$ 1 million. The index is market
capitalization weighted, with constituents’ FMC weights subject to the 33/19 capping scheme defined
below.

Underlying Index. S&P Germany BMI Shariah. For information on the underlying index, please refer to
the S&P Shariah Methodology at [Link]/spdji/.

Index Eligibility. At each rebalancing, constituents of the underlying index that meet the following
criteria are eligible for index inclusion:
• Be listed in Germany.
• Have no more than 10 non-trading days over the previous quarter.
• Have a 6M ADVT of at least US$ 1 million.

Index Construction. At each rebalancing, rank the eligible stocks in descending order by 6M ADVT and
select the 30 largest stocks, subject to the following selection buffer:
1. Automatically select the highest ranked 24 stocks.
2. Select current constituents ranked in the top 36 until the target constituent count is reached.
3. If after step 2 the target constituent count is still not met, select the largest non-constituent. This
process continues iteratively until the target constituent count of 30 is met.
4. If fewer than 30 stocks are eligible, select all stocks, and the target constituent count is not met.

Index Additions. Except for eligible spin-offs and the replacement rule in Index Deletions, no additions
are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment). Where applicable, all deletions from the underlying index are deleted from the index on the
same day.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. If a constituent is deleted between rebalancings, the next largest stock, by 6M ADVT as
of the prior quarterly rebalancing, is added simultaneously as a replacement to maintain a target
constituent count of 30. Constituents added under the replacement rule are added at the stock’s FMC
weight.

Monthly Shariah Review Removal. Constituents removed from the underlying index as part of the
monthly Shariah review remain in the index until the subsequent rebalancing.

Constituent Weighting. At each rebalancing, the index is FMC weighted, subject to the following
constraints capping the weight of the largest constituents, if necessary:
• Cap the largest constituent’s weight at 33%
• Cap the weight of all other constituents at 19%
Any excess weight due to capping is proportionally redistributed to uncapped constituents. The process
continues iteratively until both constraints are satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 144

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Euros, and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=” & “EUR=”, are taken daily at 9:00 AM GMT
Time and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 145

S&P Japan BMI Liquid 35/20 Capped Index (Custom)

Index Objective. The index measures the performance of 30 of the most liquid constituents of the
underlying index listed in Japan that have no more than 10 non-trading days over the previous quarter
and a six-month average daily value traded (6M ADVT) of at least US$ 1 million. The index is market
capitalization weighted, with constituents’ FMC weights subject to the 33/19 capping scheme defined
below.

Underlying index. S&P Japan BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Methodology at [Link]/spdji/.

Index Eligibility. At each rebalancing, constituents of the underlying index that meet the following
criteria are eligible for index inclusion:
• Be listed in Japan.
• Have no more than 10 non-trading days over the previous quarter.
• Have a 6M ADVT of at least US$ 1 million.

Index Construction. At each rebalancing, rank the eligible stocks in descending order by 6M ADVT and
select the 30 highest ranked stocks, subject to the following selection buffer:
1. Automatically select the 24 highest ranked stocks.
2. Select current constituents ranked in the top 36 until the target constituent count is met.
3. If after step 2 the target constituent count is still not met, select the largest non-constituent. This
process continues iteratively until the target constituent count of 30 is met.
4. If fewer than 30 stocks are eligible, select all stocks, and the target constituent count is not met.

Index Additions. Except for eligible spin-offs and the replacement rule in Index Deletions, no additions
are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment). Where applicable, all deletions from the underlying index are deleted from the index on the
same day.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. If a constituent is deleted between rebalancings, the next most liquid stock by 6M ADVT
as of the prior quarterly rebalancing is added simultaneously as a replacement to maintain a target
constituent count of 30. Constituents added under the replacement rule are added at the stock’s FMC
weight.

Constituent Weighting. At each rebalancing, the index is capped market capitalization weighted, with
constituents’ FMC weights capped by the following constraints, if necessary:
• If the largest constituent’s weight exceeds 33%, that constituent is capped at 33%.
• If the weight of any other constituent is greater than 19%, that constituent is capped at 19%.
Any excess weight due to capping is proportionally redistributed to uncapped constituents. The process
continues iteratively until both constraints are satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of

S&P Dow Jones Indices: S&P Custom Indices Methodology 146

the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Japanese yen, and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=” & “JPY=”, are taken daily at 9:00 AM GMT
Time and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 147

S&P Japan BMI Shariah Liquid 35/20 Capped Index (Custom)

Index Objective. The index measures the performance of 30 of the most liquid constituents of the
underlying index listed in Japan that have no more than 10 non-trading days over the previous quarter
and a six-month average daily value traded (6M ADVT) of at least US$ 1 million. The index is market
capitalization weighted, with constituents’ FMC weights subject to the 33/19 capping scheme defined
below.

Underlying Index. S&P Japan BMI Shariah Index. For information on the underlying index, please refer
to the S&P Global BMI, S&P/IFCI Methodology at [Link]/spdji/.

Index Eligibility. At each rebalancing, constituents of the underlying index that meet the following
criteria are eligible for index inclusion:
• Be listed in Japan.
• Have no more than 10 non-trading days over the previous quarter.
• Have a 6M ADVT of at least US$ 1 million.

Index Construction. At each rebalancing, rank the eligible stocks in descending order by 6M ADVT and
select the 30 highest ranked stocks, subject to the following selection buffer:
1. Automatically select the 24 highest ranked stocks.
2. Select current constituents ranked in the top 36 until the target constituent count is met.
3. If after step 2 the target constituent count is still not met, select the largest non-constituent. This
process continues iteratively until the target constituent count of 30 is met.
4. If fewer than 30 stocks are eligible, select all stocks, and the target constituent count is not met.

Index Additions. Except for eligible spin-offs and the replacement rule in Index Deletions, no additions
are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment). Where applicable, all deletions from the underlying index are deleted from the index on the
same day.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. If a constituent is deleted between rebalancings, the next most liquid stock by 6M ADVT
as of the prior quarterly rebalancing is added simultaneously as a replacement to maintain a target
constituent count of 30. Constituents added under the replacement rule are added at the stock’s FMC
weight.

Monthly Shariah Review Removal. Constituents removed from the underlying index as part of the
monthly Shariah review are removed at the subsequent rebalancing.

Constituent Weighting. At each rebalancing, the index is FMC weighted, subject to the following
constraints capping the weight of the largest constituents, if necessary:
• Cap the largest constituent’s weight at 33%.
• Cap the weight of all other constituents at 19%.

Any excess weight due to capping is proportionally redistributed to uncapped constituents. The process
continues iteratively until both constraints are satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 148

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Japanese yen, and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=” & “JPY=”, are taken daily at 9:00 AM GMT
Time and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 149

S&P Pan Asia Ex-JANZ BMI (Asia Close) (USD)

Index Objective. The index measures the performance of the constituents of the underlying index, S&P
Pan Asia Ex-JANZ BMI (USD).

Underlying Index. S&P Pan Asia Ex-JANZ BMI (USD). For information on the underlying index, please
refer to the S&P Global BMI Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are listed within the Pan Asia region are
eligible for index inclusion.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market cap weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in USD, using spot exchange rates taken at 4:17 PM
Sydney Time as supplied by WMR.

In addition, GICS Sector and Industry Group versions of the index also calculate.

S&P Dow Jones Indices: S&P Custom Indices Methodology 150

S&P Global 1200 Information Technology and Interactive Media & Services Index

Index Objective. The index measures the performance of the constituents of the underlying index that
are part of the GICS Information Technology (Code: 45) Sector and Interactive Media & Services (Code:
50203010) Sub-Industry.

Underlying Index. S&P Global 1200. For information on the underlying index, please refer to the S&P
Global 1200 Index Methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index that are classified as
part of the following GICS classifications:

GICS Level GICS Code Description

Sector 45 Information Technology
Sub-Industry 50203010 Interactive Media & Services

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 151

S&P Global 1200 ex-Emerging Markets Index

Index Objective. The index measures the performance of the underlying index, excluding those
constituents domiciled in countries designated as Emerging Markets. 44

Underlying Index. S&P Global 1200 Index. For information on the underlying index, please refer to the
S&P Global 1200 Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding those domiciled in countries designated
as Emerging Markets, are eligible for index inclusion. If a country or stock changes domicile to become
ineligible the stock or country is dropped on the effective date of the change.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

44
For information on the classification of countries please refer to S&P Dow Jones Indices’ Country Classification Methodology
available at [Link]/spdji.

S&P Dow Jones Indices: S&P Custom Indices Methodology 152

S&P Global 1200 Ex-Emerging Markets and Ex-Real Estate (Sector) Index (USD)

Index Objective. The index measures the performance of constituents of the S&P Global 1200,
excluding those constituents classified as “Emerging Markets”, and those classified as part of the GICS
Real Estate Sector (Code: 60).

Underlying Index. S&P Global 1200 Index. For information on the underlying index, please refer to the
S&P Global 1200 Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index are selected and form the
index, excluding those constituents classified as “Emerging Market” or as part of the GICS Real Estate
Sector.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the underlying index.

Constituent Weightings. At each rebalancing, the index is FMC weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 153

S&P Global 1200 ESG Low Carbon Index (USD) (Custom)

Index Objective. The index measures the performance of the underlying index, excluding constituents
classified as part of the GICS Industry Groups defined as ‘high impact’ by the S&P Carbon Global
Standard at each rebalancing.

For more information on ‘high impact’ industry groups, and the S&P Carbon Global Standard, please refer
to the S&P Global Carbon Efficient Index Series Methodology available at [Link]/spdji.

Underlying Index. S&P Global 1200 ESG Index. For information on the underlying index, please refer to
the S&P ESG Index Series Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index are selected and form the
index, excluding those constituents classified as part of the ‘high impact’ GICS industry groups, as
calculated in June for the S&P Global Carbon Efficient Index Series.

Index Construction. See Index Eligibility.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification which impact

eligibility are made to the index at the subsequent rebalancing.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Additions. Except for spin-offs, index additions are generally made only during rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars and Malaysian ringgit.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

Rebalancing. The indices rebalance annually, effective after the close of the last business day of June.45
The rebalancing reference date is after the close of the last business day of May.46

45
On September 18, 2020, an extraordinary rebalancing took place, in line with the underlying index.
46
For history prior to 31/05/2024,the rebalancing effective date was after the close of the last business day of April. The rebalancing
reference date was after the close of the last business day of March.

S&P Dow Jones Indices: S&P Custom Indices Methodology 154

S&P Global Infrastructure and S&P Global 1200 Utilities (Sector) Capped 50/50 Blend Index (USD)
NTR (Custom)

Index Objective. The index measures the performance of the component indices, with component
indices weighted according to the scheme as defined below.

Underlying Indices. Please refer to the table below.

Index Underlying Indices

Name Index Name Index Code Weight
S&P Global Infrastructure
SPGTINNT 50%
S&P Global Infrastructure and S&P Index (Net TR)
Global 1200 Utilities (Sector) Capped S&P Global 1200 Utilities
50/50 Blend Index (USD) NTR (Custom) (Sector) Capped Index SPG55CUN 50%
(USD) NTR

For information on the component indices, please refer to the S&P Thematic Indices and the S&P Global
1200 Methodologies at [Link]/spdji/.

Index Construction. At each rebalancing, the index is composed of the respective component indices.

Index Weighting. At each rebalancing, the weight of each component index resets to the values in the
table above.

Index Calculation. For information on the calculation of the indices, please refer to the Weighted Return
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatments follow the component
indices.

Rebalancing. The index rebalances monthly, effective after the close of the last trading day of the
month.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 155

S&P 1000 Ex-Real Estate (Sector) Index (USD)

Index Objective. The index measures the performance of the S&P 1000, excluding those constituents
classified as part of the GICS Real Estate Sector (Code: 60).

Underlying Index. S&P 1000. For information on the underlying index, please refer to the S&P U.S.
Indices Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index are eligible for index
inclusion, excluding those constituents classified as part of the GICS Real Estate Sector (Code: 60).

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification follow the timing of
the underlying index.

Constituent Weightings. At each rebalancing, the index is FMC weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 156

S&P Canadian Custom Midcap Index

Index Objective. The index measures the performance of constituents of the underlying index, excluding
the top and bottom 25% as sorted by float-adjusted market capitalization.

Underlying Index. S&P/TSX Composite Index. For information on the underlying index, please refer to
the S&P/TSX Canadian Indices Methodology available at [Link]/spdji.

Index Eligibility. Index constituents are drawn from the underlying index.

Index Construction. At each rebalancing, the constituents of the underlying index are sorted by float-
adjusted market capitalization. The top and bottom 25%, by float-adjusted market capitalization, are
excluded. The remaining constituents are selected and form the index.

Index Additions. Spin-offs added to the underlying index are added to the index on the same date.
Spin-offs added to the index are evaluated for eligibility at the subsequent rebalancing. No other additions
are made to the index between rebalancings. \

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective after the close of the third Friday of March,
June, September, and December. The reference date for prices used in the rebalancing is the close of
the Thursday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in Canadian and U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 157

S&P/TSX Composite Financials, Real Estate, Utilities, and Comm Svcs Index

Index Objective. The index47 measures the performance of the constituents of the Financials (GICS:
40), Real Estate (GICS: 60), Utilities (GICS: 55), and Communication Services (GICS: 50) sectors of the
underlying index.

Underlying Index. S&P/TSX Composite. For information on the underlying index, please refer to the
S&P/TSX Canadian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified as part of the following GICS
classifications are eligible for index inclusion:

GICS Level GICS Code Description

Sector 40 Financials
Sector 50 Communication Services
Sector 55 Utilities
Sector 60 Real Estate

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in Canadian dollars.

47
Prior to the GICS restructuring on 9/24/2018 the index name was the S&P/TSX Composite Financials, Real Estate, Utilities and
Telecommunication Services Index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 158

S&P/TSX Composite Financials, Utilities, and Communication Services Index

Index Objective. The index48 measures the performance of the constituents of the Financials (GICS:
40), Utilities (GICS: 55), and Communication Services (GICS: 50) sectors of the underlying index.

Underlying Index. S&P/TSX Composite. For information on the underlying index, please refer to the
S&P/TSX Canadian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified as part of the following GICS
classifications are eligible for index inclusion:

GICS Level GICS Code Description

Sector 40 Financials
Sector 50 Communication Services
Sector 55 Utilities

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in Canadian dollars.

48
Prior to the GICS restructuring on 9/24/2018 the index name was the S&P/TSX Composite Financials, Utilities and
Telecommunication Services Index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 159

S&P/TSX Information Technology, Industrials, Consumer Staples, Consumer Discretionary, Health
Care Index

Index Objective. The index measures the performance of the constituents of the Information Technology
(GICS: 45), Industrials (GICS: 20), Consumer Staples (GICS: 30), Consumer Discretionary (GICS: 25),
and Health Care (GICS: 35) sectors of the underlying index.

Underlying Index. S&P/TSX Composite Index. For information on the underlying index, please refer to
the S&P/TSX Canadian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified as part of the following GICS
sectors are eligible for index inclusion:

GICS Level GICS Code Description

Sector 20 Industrials
Sector 25 Consumer Discretionary
Sector 30 Consumer Staples
Sector 35 Health Care
Sector 45 Information Technology

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.
Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in Canadian dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 160

S&P/TSX Composite Ex-REITS and Ex-Income Trusts Index

Index Objective. The index measures the performance of the underlying index, excluding all Real Estate
Investment Trusts (REITs) and income trust units49.

Underlying Index. S&P/TSX Composite Index. For information on the underlying index, please refer to
the S&P/TSX Canadian Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index excluding all Real
Estate Investment Trusts (REITs) and income trust units, as classified by the Toronto Stock Exchange
(TSX).

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassifications and Income Trust Unit Changes. Changes as a result of a constituent’s GICS
reclassification and income trust designation which impact eligibility are made to the index at the
subsequent rebalancing.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month.

Currency of Calculation. The index is calculated in Canadian dollars and U.S. dollars.

49
An income trust unit is an exchange traded equity-type investment that is similar to common stock. By owning securities or assets
of an underlying business (or businesses), an income trust is structured to distribute cash flows from those businesses to
unitholders in a tax efficient manner. The Toronto Stock Exchange (TSX) will generally consider the listing of income trusts on an
exceptional circumstances basis. TSX considers all relevant factors in assessing these applicants including objectives and
strategy, nature and size of assets, anticipated operations and financial results, track record and expertise of managers and/or
advisors, and level of investor and market support.

S&P Dow Jones Indices: S&P Custom Indices Methodology 161

S&P/TSX Composite Ex-Energy Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those classified as part of the GICS Energy sector (GICS code: 10).

Underlying Index. S&P/TSX Composite. For information on the underlying index, please refer to the
S&P/TSX Canadian Indices Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, all constituents of the underlying index, except those classified as
part of the GICS Energy Sector, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in Canadian dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 162

S&P/TSX Composite Ex-Energy & Materials (Sector) Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those classified as part of the GICS Energy (GICS code: 10) and Materials (GICS code: 15)
Sectors.

Underlying Index. S&P/TSX Composite. For information on the underlying index, please refer to the
S&P/TSX Canadian Indices Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, all constituents of the underlying index, except those classified as
part of the GICS Energy & Materials Sectors, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes to a constituent’s GICS classification are made simultaneously with
changes in the underlying index.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 163

S&P/TSX Capped 10% Income Trust Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 10% weighting cap.

Underlying Index. S&P/TSX Income Trust Index. For information on the underlying index, please refer
to the S&P/TSX Canadian Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, constituents’ weights are capped at 10% of the index. For intra-rebalance composition
changes, no intra-rebalance capping is performed.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective after the close of the third Friday of March,
June, September and December. The reference date for prices used for the weighting process is the
close of the Thursday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in Canadian dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 164

S&P/TSX Composite ex. 3 Stocks50

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Maple Leaf Foods Inc. (TSX: MFI).

Underlying Index. S&P/TSX Composite Index. For information on the underlying index, please refer to
the S&P/TSX Canadian Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding the
following:
• Maple Leaf Foods Inc. (TSX: MFI).

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in Canadian dollars.

50
Amaya Inc (TSX:AYA) – delisted on May 7, 2020 – and Great Canadian Gaming Corporation (TSX:GC) – delisted on September
23, 2021 – had been previously excluded.

S&P Dow Jones Indices: S&P Custom Indices Methodology 165

S&P/TSX Composite FMR Cut Index

Index Objective. The index measures the performance of the the constituents of the underlying index
classified as part of the GICS Communication Services (Code: 50)51 and Utilities (Code: 55) sectors, the
Oil & Gas Storage & Transportation (Code: 10102040) sub-industry, and any Equity Real Estate
Investment Trusts (REITs) (Code: 6010) and income trust units52, subject to the capping rules detailed
below.

Underlying Index. S&P/TSX Composite Index. For information on the underlying index, please refer to
the S&P/TSX Canadian Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index classified as part of
the Communication Services (GICS: 50) and Utilities (GICS: 55) sectors, the Oil & Gas Storage &
Transportation (GICS: 10102040) sub-industry, and any Real Estate Investment Trusts (REITs) (GICS:
601010) and income trust units.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification which impact

eligibility are made to the index at the effective date of the reclassification.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, constituents’ weights are capped at 10% of the index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective after the close of the third Friday of March,
June, September, and December. The reference date for prices used for the weighting process is the
close of the Thursday prior to the second Friday of the rebalancing month. For intra-rebalance
composition changes, no intra-rebalance capping is performed.

Currency of Calculation. The index is calculated in Canadian and U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

51
On 9/24/2018 the Telecommunication Services sector (GICS: 50) name changed to Communication Services (GICS: 50).
52
An income trust unit is an exchange traded equity-type investment that is similar to common stock. By owning securities or assets
of an underlying business (or businesses), an income trust is structured to distribute cash flows from those businesses to
unitholders in a tax efficient manner. Toronto Stock Exchange (TSX) will generally consider the listing of income trusts on an
exceptional circumstances basis. TSX considers all relevant factors in assessing these applicants including objectives and
strategy, nature and size of assets, anticipated operations and financial results, track record and expertise of managers and/or
advisors, and level of investor and market support.

S&P Dow Jones Indices: S&P Custom Indices Methodology 166

S&P/TSX Composite Custom Exclusion Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding certain sub-industries in the GICS Energy Sector, as defined below.

Underlying Index. S&P/TSX Composite Index. For information on the underlying index, please refer to
the S&P/TSX Canadian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified as part of the sub-industries
detailed below are not eligible for index inclusion. All other constituents of the underlying index are eligible
for index inclusion.
• Oil & Gas Drilling (GICS: 10101010).
• Oil & Gas Equipment & Services (GICS: 10101020).
• Integrated Oil & Gas (GICS: 10102010).
• Oil & Gas Exploration & Production (GICS: 10102020).
• Coal & Consumable Fuels (GICS: 10102050).

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in Canadian dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 167

S&P/TSX Composite Ex Integrated Oil & Gas & Oil & Gas Exploration & Production (CAD)
(Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those constituents classified as part of the GICS sub-industries listed below.

Underlying Index. S&P/TSX Composite. For information on the underlying index, please refer to the
S&P/TSX Canadian Indices Methodology available at [Link]/spdji/.

Index Eligibility. At each rebalancing, the constituents of the underlying index, excluding those
constituents classified as part of the following GICS sub-industries, are eligible for index inclusion:

Excluded GICS Sub-Industries GICS Code

Integrated Oil & Gas Sub-Industry 10102010
Oil & Gas Exploration & Production Sub-Industry 10102020

Index Construction. At each rebalancing, the eligible constituents are selected and form the index.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted,
subject to a single constituent weight cap of 10%.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made. Please note that any intra-quarter additions due to GICS
reclassifications will be added using an AWF of 1.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in Canadian dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 168

S&P/TSX Composite Ex-Resources, Construction, Casinos & Consumer Staples Index (CAD)
(Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those constituents classified as part of the GICS Sector, Industries, and Sub-Industries listed
below.

Underlying Index. S&P/TSX Composite. For information on the underlying index, please refer to the
S&P/TSX Canadian Indices Methodology available at [Link]/spdji/.

Index Eligibility. At each rebalancing, the constituents of the underlying index, excluding those
constituents classified as part of the following GICS, are eligible for index inclusion:

Excluded GICS Sector, Industry, or Sub-Industry Name GICS Code

Consumer Staples Sector 30
Energy Equipment & Services Industry 101010
Integrated Oil & Gas Sub-Industry 10102010
Oil & Gas Exploration & Production Sub-Industry 10102020
Coal & Consumable Fuels Sub-Industry 10102050
Commodity Chemicals Sub-Industry 15101010
Construction Materials Industry 151020
Metals & Mining Industry 151040
Paper & Forest Products Industry 151050
Casinos & Gaming Sub-Industry 25301010

Index Construction. At each rebalancing, the eligible constituents are selected and form the index.

Index Additions. No additions are made to the index intra-rebalancing.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the underlying index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective after the close of the third Friday of March, June,
September, and December. The reference date is 10 business days prior to the first Friday of the
rebalancing month.

Currency of Calculation. The index calculates in Canadian dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 169

S&P/TSX Composite Dividend Ex-Resources, Construction, Casinos, & Consumer Staples Index
(CAD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those constituents classified as part of the GICS Sector, Industries, and Sub-Industries listed
below.

Underlying Index. S&P/TSX Composite Dividend. For information on the underlying index, please refer
to the S&P/TSX Canadian Indices Methodology available at [Link]/spdji/.

Index Eligibility. At each rebalancing, the constituents of the underlying index, excluding those
constituents classified as part of the following GICS, are eligible for index inclusion:

Excluded GICS Sector, Industry, or Sub-Industry Name GICS Code

Consumer Staples Sector 30
Energy Equipment & Services Industry 101010
Integrated Oil & Gas Sub-Industry 10102010
Oil & Gas Exploration & Production Sub-Industry 10102020
Coal & Consumable Fuels Sub-Industry 10102050
Commodity Chemicals Sub-Industry 15101010
Construction Materials Industry 151020
Metals & Mining Industry 151040
Paper & Forest Products Industry 151050
Casinos & Gaming Sub-Industry 25301010

Index Construction. At each rebalancing, the eligible constituents are selected and form the index.

Index Additions. No additions are made to the index intra-rebalancing.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the underlying index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective after the close of the third Friday of March, June,
September, and December. The reference date is 10 business days prior to the first Friday of the
rebalancing month.

Currency of Calculation. The index calculates in Canadian dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 170

S&P/TSX Composite & SmallCap Ex-Resources, Construction, Casinos & Consumer Staples Index
(CAD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying indices,
excluding those constituents that don’t satisfy the float-adjusted market (FMC) capitalization criteria or are
classified as part of the GICS listed below.

Underlying Indices. S&P/TSX Composite and S&P/TSX SmallCap Index. For information on the
underlying index, please refer to the S&P/TSX Canadian Indices Methodology available at
[Link]/spdji/.

Index Eligibility. At each rebalancing, constituents of the underlying indices must satisfy the following to
be eligible for index inclusion:
• Market Capitalization: have a minimum FMC of at least CAD $100 million and a maximum FMC
of less than 0.15% of the aggregate FMC of the S&P/TSX Composite.
• Exclusions: not be classified as part of the GICS listed below:

Excluded GICS GICS Code

Consumer Staples Sector 30
Energy Equipment & Services Industry 101010
Oil & Gas Drilling Sub-Industry 10102010
Oil & Gas Equipment & Services Sub-Industry 10102020
Coal & Consumable Fuels Sub-Industry 10102050
Commodity Chemicals Sub-Industry 15101010
Construction Materials Industry 151020
Metals & Mining Industry 151040
Paper & Forest Products Industry 151050
Casinos & Gaming Sub-Industry 25301010

Index Construction. At each rebalancing, the eligible constituents are selected and form the index.

Index Additions. No additions are made to the index intra-rebalancing.

Index Deletions. Constituents removed from the underlying indices are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the underlying indices.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective after the close of the third Friday of March, June,
September, and December. The reference date is 10 business days prior to the first Friday of the
rebalancing month.

Currency of Calculation. The index calculates in Canadian dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 171

S&P/TSX Capped Composite Ex-Energy and Utilities

Index Objective. The index measures the performance of constituents of the underlying index, excluding
all companies classified as part of the GICS Energy (Code: 10) and Utilities (Code: 55) Sectors.

Underlying Index. S&P/TSX Capped Composite Index. For information on the underlying index, please
refer to the S&P/TSX Canadian Indices Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index, excluding those classified as
part of the GICS Energy and Utilities Sectors, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the underlying index.

Constituent Weightings. At each rebalancing the index takes the weights of the underlying index
constituents not excluded from the index, while proportionally redistributing the weight of all excluded
underlying index constituents to all index constituents.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in Canadian and U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 172

S&P/TSX Composite Dividend Ex-Energy & Materials and Incl-Oil & Gas Refining & Marketing and
Oil & Gas Storage & Transportation Index (CAD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding the GICS Sectors defined below.

Underlying Index. S&P/TSX Composite Dividend Index. For information on the underlying index, please
refer to the S&P/TSX Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index classified as part of the GICS
Energy (Code: 10) and Materials (Code: 15) Sectors are ineligible for index inclusion, while constituents
of the GICS Oil & Gas Refining & Marketing (Code: 10102030) and Oil & Gas Storage & Transportation
(Code: 10102040) Sub-industries are eligible.

Index Construction. At each rebalancing, select the eligible constituents of the underlying index to form
the index.

Index Additions. Additions to the underlying index that satisfy the eligibility criteria are added to the
index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. An index constituent may be added to the index or removed from the index
when a GICS reclassification is made.

Constituent Weightings. The index is FMC weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The indices calculate in Canadian dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 173

S&P/TSX Composite Dividend and S&P/TSX Composite Dividend Ex-Energy & Materials and Incl-
Oil & Gas Refining & Marketing and Oil & Gas Storage & Transportation 66.67/33.33 Blend Index
(CAD) (Custom)

Index Objective. The index measures the performance of the underlying indices with a 66.67% weight in
the S&P/TSX Composite Dividend TR Index and 33.33% weight in the S&P/TSX Composite Dividend TR
Index, ex Energy & Materials, while including Oil & Gas Refining & Marketing and Oil & Gas Storage &
Transportation Sub industries.

Underlying Index. Please refer to the table below. For information on the underlying indices, please
refer to the S&P/TSX Indices Methodology available at [Link]/spdji.

Index Name Underlying Index Index Code Weight

S&P/TSX Composite
TXDCTR 66.67%
Dividend TR Index
S&P/TSX Composite Dividend and
S&P/TSX Composite
S&P/TSX Composite Dividend Ex-Energy
Dividend TR Index, ex
& Materials and Incl-Oil & Gas Refining &
Energy & Materials, while
Marketing and Oil & Gas Storage &
including Oil & Gas Refining SPCDEPCT 33.33%
Transportation 66.67/33.33 Blend Index
& Marketing and Oil & Gas
(CAD) (Custom)
Storage & Transportation
Sub industries

Index Construction. At each rebalancing, the index is composed of the respective component indices.

Index Weighting. At each rebalancing, the weight of each component index resets to the values in the
table above.

Index Calculation. For more information on the index calculation, please refer to the Weighted Return
section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index rebalances monthly, effective at the close of the last business day of the month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Currency of Calculation. The indices calculate in Canadian dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 174

S&P Netherlands Customized Non-Property Less Than 1B Euro Index

Index Objective. The index measures the performance of the non-property constituents of the
underlying index listed on the Amsterdam Stock Exchange with float-adjusted market capitalizations less
than EUR €1 billion that are not classified as part of the Real Estate (GICS: 60) sector.

Underlying Index. S&P Netherlands BMI. For information on the underlying index, please refer to the
S&P Global BMI, S&P/IFCI Methodology at [Link]/spdji.

Index Eligibility. All constituents of the underlying index listed on the Amsterdam Stock Exchange and
with total market capitalizations less than EUR €1 billion that are not classified as part of the Real Estate
(GICS: 60) sector are eligible.

Index Construction. At each rebalancing, the index is comprised of the constituents of the underlying
index that satisfy the criteria as detailed in Index Eligibility.

Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Deletions. Constituents removed from the underlying index are removed from the index simultaneously.
In addition, any constituent with a total market capitalization over EUR €2 billion at any month-end is
removed from the index on the next business day.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the underlying index.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. The reference
date for prices used in the weighting process is the open of the upcoming rebalancing effective date.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and euros.

S&P Dow Jones Indices: S&P Custom Indices Methodology 175

S&P Saudi Arabia Shariah Dividend Capped Rebased Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 15% weight cap and excluding those with low dividend yields and liquidity, as defined below.

Underlying Index. S&P Saudi Arabia Shariah Index. For information on the underlying index, please
refer to the S&P Pan Arab Indices and S&P Shariah Indices Methodologies available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index must have the following in order to qualify for
index inclusion:
• A trailing 12-month dividend yield of at least 2%
• A three-month average daily value traded of at least US$ 250,000.

Index Additions. Eligible additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index, except for monthly Shariah
compliance, are removed from the index simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, constituents’ weights are capped at 15% of the index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars and Saudi Arabian riyals.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 176

S&P GCC Conventional Dividend Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 15% weight cap and excluding those with low dividend yields and liquidity, as defined below.

Underlying Index. S&P GCC Composite Index. For information on the underlying index, please refer to
the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must satisfy the following criteria in order to qualify
for index inclusion:
• A trailing 12-month dividend yield of at least 2%.
• A three-month average daily value traded of at least US$ 250,000.

Index Construction. At each rebalancing, the index is comprised of the constituents of the underlying
index that meet the Index Eligibility criteria.

Index Additions. Except for spin-offs, no additions are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment).

Index Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent rebalancing.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, constituents’ weights are capped at 15% of the index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. Index composition is reconstituted annually, effective prior to the open of the Monday
following the third Friday of December. The reconstitution reference date is the close of the last business
day of the previous month. Index constituents are also rebalanced and capped, if necessary, on a
quarterly basis, effective at the open of the Monday following the third Friday of March, June, September,
and December. The reference date for prices used for the weighting process is the close of the
Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 177

S&P Saudi Arabia Conventional Dividend Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 15% weight cap and excluding those with low dividend yields and liquidity, as defined below.

Underlying Index. S&P Saudi Arabia price index in USD. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, a constituent of the underlying index must have the following in
order to qualify for index inclusion:
• A trailing 12-month dividend yield of at least 2%; and
• A three-month average daily value traded of at least US$ 250,000.

Index Additions. Except for spin-offs, no additions are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment).
Index Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent rebalancing.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, constituents’ weights are capped at 15% of the index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. Index composition is reconstituted annually, effective prior to the open of the Monday
following the third Friday of December. The reconstitution reference date is the close of the last business
day of the previous month. Index constituents are also rebalanced and capped, if necessary, on a
quarterly basis, effective at the open of the Monday following the third Friday of March, June, September,
and December. The reference date for prices used for the weighting process is the close of the
Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars and Saudi Arabian riyals.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 178

S&P Saudi Arabia Shariah Dividend Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 15% weight cap and excluding those with low dividend yields and liquidity, as defined below.

Underlying Index. S&P Saudi Arabia Shariah Index. For information on the underlying index, please
refer to the S&P Pan Arab Indices and S&P Shariah Indices Methodologies available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index must have the following in order to qualify for
index inclusion:
• A trailing 12-month dividend yield of at least 2%; and
• A three-month average daily value traded of at least US$ 250,000.

Index Construction. At each rebalancing, the index is comprised of the constituents of the underlying
index that meet the Index Eligibility criteria.

Index Additions. Except for eligible spin-offs no additions are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment).

Index Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent rebalancing.

Constituent Weightings. At each rebalancing index is float-adjusted market capitalization weighted,

subject to a single constituent maximum weight cap of 15% of the total index weight.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. Index composition is reconstituted annually, effective prior to the open of the Monday
following the third Friday of December. The reconstitution reference date is the close of the last business
day of the previous month. Index constituents are also rebalanced and capped, if necessary, on a
quarterly basis, effective at the open of the Monday following the third Friday of March, June, September,
and December. The reference date for prices used for the weighting process is the close of the
Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 179

S&P Saudi Arabia Shariah Liquid 35/20 Capped Index (Custom)

Index Objective. The index measures the performance of 30 of the most liquid constituents of the
underlying index listed on the Saudi Arabia Exchange that have had no more than 10 non-trading days
over the previous quarter. Constituents are float-adjusted market capitalization weighted, subject to the
constraints defined below.

Underlying Indices. S&P Saudi Arabia Shariah. For information on the underlying index, please refer to
the S&P Shariah Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that meet the following criteria are eligible for
index inclusion:
• Be locally listed on the Saudi Arabia Exchange
• Have no more than 10 non-trading days over the previous quarter
• Have a six-month average daily value traded (6M ADVT) of at least US$250,000.

Index Construction. At each rebalancing the top 30 eligible stocks, as ranked by 6M ADVT, are
selected to form the index, subject to the buffer to reduce turnover. All companies ranked within the top
24 are automatically selected. Current constituents ranked within the top 36 are selected until the target
stock count of 30 is reached. If after this step the target stock count is not met, the largest non-
constituents by 6M ADVT are selected until the target count is reached. Eligible stocks not selected at
each rebalancing form the reserve list.

Index Additions. Except for eligible spin-offs, and the replacement rule in Index Deletions, no additions
are made between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously, except for Monthly Shariah compliance, which will be removed at the next rebalance. If a
constituent is deleted between rebalancings, the next largest stock, by 6M ADVT, from the reserve list is
added as a replacement in order to maintain a constituent count of 30. Constituents added under the
replacement rule are added at the stock’s float-adjusted market capitalization weight.

Constituent Weighting. The index is FMC weighted, subject to a 33/19 weight capping scheme.53 At
each rebalancing:
• If the largest stock’s weight exceeds 33% cap the stock’s weight at 33%.
• If the weight of any other stock exceeds 19%, cap the stock’s weight at 19%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Saudi Arabia riyal, and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=”, are taken daily at 9:00 AM GMT and used
in the calculation of the index.

53
Prior to March 21, 2022, the index was weighted by float-adjusted market capitalization, subject to a 35/20 weight capping
scheme. The weighting scheme employed buffers of 2% and 1%, respectively, to reduce the likelihood weight cap breaches. At
each rebalancing, if the largest stock’s weight exceeded 35%, it was capped at 33% and if the weight of any other stock was
greater than 20%, it was capped at 19%.

S&P Dow Jones Indices: S&P Custom Indices Methodology 180

S&P Saudi Arabia Domestic Shariah Ex-Saudi Aramco Index (USD) (Custom)

Index Objective. The index measures the performance of the companies in the underlying index,
excluding Saudi Arabian Oil Company (Saudi ARAMCO).

Underlying Index. S&P Saudi Arabia Domestic Shariah Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding Saudi ARAMCO (XSAU: 2222), are
eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index.

Constituent Weighting. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 181

S&P Saudi Arabia Domestic Shariah Ex-RJHI Index (SAR) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Al Rajhi Banking & Investment Corp (XSAU: 1120).

Underlying Index. S&P Saudi Arabia Domestic Shariah Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index, excluding Al Rajhi Banking &
Investment Corp (XSAU: 1120), are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weighting. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in Saudi Arabia riyal.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 182

S&P Saudi Arabia Domestic Ex-Saudi Aramco Index (USD) (Custom)

Index Objective. The index measures the performance of the companies in the underlying index,
excluding Saudi Arabian Oil Company (Saudi ARAMCO).

Underlying Index. S&P Saudi Arabia Domestic Index. For information on the underlying index, please
refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding Saudi ARAMCO (XSAU: 2222), are
eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 183

S&P Saudi Arabia Domestic Shariah Materials Capped 20% Index

Index Objective. The index measures the performance the constituents of the underlying index
classified as part of the GICS Materials sector (Code: 15), subject to a 20% weight cap.

Underlying Index. S&P Saudi Arabia Domestic Shariah Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices and S&P Shariah Indices Methodologies available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index classified as part of the GICS Materials sector
(Code: 15) are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the effective date of the reclassification.

Constituent Weightings. The index is weighted by float-adjusted market capitalization, subject to a 20%
weight cap. For intra-rebalancing composition changes, no weight capping is performed.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used for the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Currency of Calculation. The index is calculated in Saudi Arabian riyals and U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 184

S&P Saudi Arabia Domestic Ex-Health Care Equipment & Services and Insurance Index (Custom)

Index Objective. The index measures the performance of the underlying index, excluding those
constituents classified as part of the GICS Health Care Equipment & Services (GICS: 3510) and
Insurance (GICS: 4030) Industry Groups.

Underlying Index. S&P Saudi Arabia Domestic Price Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding those classified as part of the GICS
Health Care Equipment & Services and Insurance Industry Groups.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the effective date of the reclassification.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Saudi Arabia riyal.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 185

S&P Saudi Arabia Domestic Ex-Banks (Industry) Shariah

Index Objective. The index measures the performance of the underlying index, excluding those
constituents classified as part of the GICS Banks Industry Group (Code: 401010).

Underlying Index. S&P Saudi Arabia Shariah Domestic Index. For information on the underlying index,
please refer to the S&P Shariah Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, the index measures the performance of the constituents of the
underlying index, excluding those classified as part of the GICS Banks Industry (Code: 401010).

Index Construction. At each rebalancing the eligible constituents are selected and form the index.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the effective date of the reclassification.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Saudi Arabian riyals.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 186

S&P Saudi Arabia Domestic Equity with Shariah-Screened Financials Index (Custom) (SAR)

Index Objective. The index measures the performance of the underlying index, excluding non-Shariah-
compliant constituents classified as part of the GICS Financials Sector (Code: 40).

Underlying Index. S&P Saudi Arabia Domestic Index. For information on the underlying index, please
refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index are eligible, excluding
non-Shariah-compliant constituents classified as part of the GICS Financial Sector.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS & Shariah Compliance Reclassifications. Constituents whose GICS or Shariah-compliance

change such that they no longer satisfy the eligibility criteria are removed from the index on the effective
date of the change.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in Saudi Arabian riyal.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 187

S&P Saudi Arabia Domestic Ex-Banks (Industry) (SAR) Index

Index Objective. The index measures the performance of the underlying index, excluding those
constituents classified as part of the GICS Banks Industry (Code: 401010).

Underlying Index. S&P Saudi Arabia Domestic Index. For information on the underlying index, please
refer to the S&P Pan Arab Indices Methodology at [Link]/spdji/.

Index Eligibility. At each rebalancing, constituents of the underlying index, excluding those classified as
part of the GICS Banks Industry (Code: 401010), are eligible for index inclusion.

Constituent Weightings. At each rebalancing, the index is FMC weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the effective date of the reclassification.

Currency of Calculation. The index calculates in Saudi Arabian riyals.

S&P Dow Jones Indices: S&P Custom Indices Methodology 188

S&P 500 U.S. Shariah Top 30 35/20 Capped Index (Custom)

Index Objective. The index measures the performance of 30 of the largest constituents of the underlying
index, excluding those with low liquidity and employing the alternative weighting scheme defined below.

Underlying Index. S&P 500 Shariah Index. For information on the underlying index, please refer to the
S&P Shariah Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index that meet the following
criteria are eligible for index inclusion:
• Have no more than 10 non-trading days over the previous quarter.
• Have a six-month average daily value traded (6M ADVT) of at least US$ 100 million.

Index Construction. At each rebalancing, rank the eligible stocks in the underlying index by float-
adjusted market capitalization (FMC), selecting the top 30 for index inclusion, subject to the following
selection buffer:
1. All stocks ranked in the top 24 are automatically selected.
2. Current constituents ranked in the top 36 are selected until the target constituent count is
reached.
3. If after step 2 the target constituent count is still not met, the largest non-constituent, by FMC, is
selected and added to the index. This process continues iteratively until the target constituent
count of 30 is met.

Index Additions. Except for eligible spin-offs and the replacement rule below, no additions are made
between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment), regardless of Shariah compliance. Where applicable, all deletions from the Underlying Index
are deleted from the index on the same day.

Index Deletions. Except for constituents removed from the underlying index by the Monthly Shariah
Review constituents removed from the underlying index are removed from the index simultaneously. If a
constituent is deleted between rebalancings, the next largest stock, by FMC, is added as a replacement
in order to maintain a constituent count of 30. Constituents added under the replacement rule are added
at the stock’s float-adjusted market capitalization weight.

Monthly Shariah Review Removal. Constituents removed from the underlying index as part of the
monthly Shariah review are retained in the index until the subsequent rebalancing.

Constituent Weighting. At each rebalancing, the index is capped market capitalization weighted, with
constituents’ FMC weights capped by the following constraints, if necessary:
• If the largest constituent’s weight exceeds 33%, that constituent is capped at 33%.
• If the weight of any other constituent is greater than 19%, that constituent is capped at 19%.
Any excess weight due to capping is proportionally redistributed to uncapped constituents. The process
continues iteratively until both constraints are satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

S&P Dow Jones Indices: S&P Custom Indices Methodology 189

Currency of Calculation. The index calculates in U.S. dollars and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=”, are taken daily at 9:00 AM London Time
and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 190

S&P High Yield Dividend Aristocrats U.S. Shariah Top 30 35/20 Capped Index (Custom)

Index Objective. The index measures the performance of 30 of the largest constituents of the underlying
index, excluding those with low liquidity and employing the alternative weighting scheme defined below.54

Underlying Index. S&P High Yield Dividend Aristocrats Shariah Index. For information on the Underlying
Index, please refer to the S&P Shariah Methodology available at [Link]/spdji .

Index Eligibility. At each rebalancing, constituents of the underlying index that meet the following
criteria are eligible for index inclusion:
• Have no more than 10 non-trading days over the previous quarter.
• Have a six-month average daily value traded (6M ADVT) of at least US$ 100 million55.

Index Construction. At each rebalancing, rank the eligible stocks in the underlying index by float-
adjusted market capitalization (FMC), selecting the top 30 for index inclusion, subject to the following
selection buffer:
1. All stocks ranked in the top 24 are automatically selected.
2. Current constituents ranked in the top 36 are selected until the target constituent count is
reached.
3. If after step 2 the target constituent count is still not met, the largest non-constituent, by FMC, is
selected and added to the index. This process continues iteratively until the target constituent
count of 30 is met.

Index Additions. Except for eligible spin-offs, and the replacement rule below, no additions are made
between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment), regardless of Shariah compliance. Where applicable, all deletions from the Underlying Index
are deleted from the index on the same day.

Index Deletions. Except for constituents removed from the Underlying Index by the Monthly Shariah
Review constituents removed from the Underlying Index are removed from the index simultaneously. If a
constituent is deleted between rebalancings, the next largest stock, by FMC, is added as a replacement
in order to maintain a constituent count of 30. Constituents added under the replacement rule are added
at the stock’s float-adjusted market capitalization weight.

Monthly Shariah Review Removal. Constituents removed from the underlying index as part of the
monthly Shariah review are retained in the index until the subsequent rebalancing.

Constituent Weighting. At each rebalancing, the index is capped market capitalization weighted, with
constituents’ FMC weights capped by the following constraints, if necessary:
• If the largest constituent’s weight exceeds 33%, that constituent is capped at 33%.
• If the weight of any other constituent is greater than 19%, that constituent is capped at 19%.
Any excess weight due to capping is proportionally redistributed to uncapped constituents. The process
continues iteratively until both constraints are satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

54
For history prior to 12/19/2011, there was no minimum target constituent count, and the index had fewer than 30 constituents.
55
For history prior to 03/24/2014, there was no minimum 6M ADVT eligibility requirement.

S&P Dow Jones Indices: S&P Custom Indices Methodology 191

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=”, are taken daily at 9:00 AM London Time
and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 192

S&P Singapore LargeMidCap 10% Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a single constituent weight cap of 10% of the total index weight.

Underlying Index. S&P Singapore LargeMidCap Index. For information on the underlying index, please
refer to the S&P Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Additions. Additions to the underlying index are added to the index simultaneously at their
uncapped float-adjusted market capitalization weight.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is capped market capitalization weighted. At each rebalancing,
constituents’ weights are capped at 10% of the index. For intra-quarter composition changes, no intra-
quarter capping is performed.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective after the close of the third Friday of March,
June, September, and December. The reference date for prices used for the weighting process is the
close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in Singapore dollars and Malaysian ringgit.

S&P Dow Jones Indices: S&P Custom Indices Methodology 193

S&P UAE Domestic Shariah Liquid 35/20 Capped Index

Index Objective. The index measures the performance of 30 of the most liquid constituents of the
underlying index and employs an alternative weighting scheme as defined below.

Underlying Index. S&P UAE Domestic Shariah. For information on the underlying index, please refer to
the S&P Shariah Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that meet the following criteria are eligible for
index inclusion:
• Be locally listed on the Abu Dhabi Securities Exchange, Dubai Financial Market, or Dubai
International Financial Exchange56; and
• Have no more than 10 non-trading days over the previous quarter.57

Index Construction. At each rebalancing, rank the eligible stocks in the underlying index by 6M ADVT,
selecting a target constituent count of 30 stocks for index inclusion, subject to the following selection
buffer:58
1. All stocks ranked in the top 24 are automatically selected.
2. Current constituents ranked in the top 36 are selected until the target constituent count is
reached.
3. If after step 2 the target constituent count is still not met, the largest non-constituent is selected
and added to the index. This process continues iteratively until the target constituent count of 30
is met.
4. If fewer than 30 stocks are eligible, all eligible stocks are selected, and the target constituent
count is not met.

Index Additions. Eligible additions to the underlying index are added to the index simultaneously.

Index Deletions. Except for constituents removed from the underlying index by the Monthly Shariah
Review (see the underlying index methodology), constituents removed from the underlying index are
removed from the index simultaneously. If a constituent is deleted between rebalancings, the next largest
stock, by 6M ADVT as of the prior quarterly rebalancing, is added as a replacement in order to maintain a
target constituent count of 30. Constituents added under the replacement rule are added at the stock’s
FMC weight.59

Constituent Weighting. The index is weighted by float-adjusted market capitalization, subject to a 33/19
weight capping scheme.60 At each rebalancing:
• If the largest stock’s weight exceeds 33%, it will be capped at 33%.
• If the weight of any other stock is greater than 19%, it will be capped at 19%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

56
This rule was implemented in conjunction with the June 2020 quarterly rebalancing, which took effect prior to the market open on
Monday, June 22, 2020.
57
Prior to the market open on Monday, March 18, 2019, stocks needed to have a three-month ADVT of US$ 500,000 or greater for
at least one of the two quarterly periods preceding the rebalancing reference date.
58
Prior to the market open on Monday, December 19, 2022, no target constituent count existed, and the index was comprised of all
constituents of the underlying index that met the Eligibility Criteria.
59
The replacement rule was implemented in conjunction with the December 2022 quarterly rebalancing, which took effect prior to
the market open on Monday, December 19, 2022.
60
Prior to the market open on Monday, March 21, 2022, the index was weighted by float-adjusted market capitalization, subject to a
35/20 weight capping scheme. The weighting scheme employed buffers of 2% and 1%, respectively, to reduce the likelihood
weight cap breaches. At each rebalancing, if the largest stock’s weight exceeded 35%, it was capped at 33% and if the weight of
any other stock was greater than 20%, it was capped at 19%.

S&P Dow Jones Indices: S&P Custom Indices Methodology 194

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=”, are taken daily at 9:00 AM GMT and used
in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 195

S&P UAE Domestic 10% Capped Index (AED)

Index Objective. The index measures the performance of the constituents of the underlying index listed
on the Abu Dhabi Stock Exchange (ADX), the Dubai Financial Markets (DFM), and the Dubai
International Financial Exchange (DIFX). The index is float-adjusted market capitalization weighted,
subject to a 10% single constituent weight cap.

Underlying Index. S&P U.A.E. Domestic Index. For information on the underlying index, please refer to
the S&P Pan Arab Indices Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index listed on the ADX, DFM,
and DIFX are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Except for spin-offs, there are no intra-rebalancing additions. Spin-offs added to the
underlying index are added to the index simultaneously and remain in the index until the subsequent
rebalancing, when the spin-off is evaluated for continued index inclusion.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituents whose exchange listing changes to no longer be on the ADX, DFM, or the
DIFX are removed from the index on the effective date of the change.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted,
subject to a single constituent weight cap of 10%. If any constituent exceeds 10% the excess weight is
proportionally redistributed to the uncapped constituents.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used for the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month. For
intra-rebalancing composition changes, no weight capping is performed.

Currency of Calculation. The index calculated in UAE dirham.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 196

S&P Kuwait Shariah Liquid 35/20 Capped Index (USD) (Custom)

Index Objective. The index measures the performance of the most liquid constituents of the underlying
index listed on the Kuwait Exchange and that have had no more than 10 non-trading days over the
previous quarter. Constituents are float-adjusted market capitalization weighted, subject to the constraints
defined below.

Underlying Indices. S&P Kuwait Shariah. For information on the underlying index, please refer to the
S&P Shariah Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that meet the following criteria are eligible for
index inclusion:
• Be locally listed on the Kuwait Exchange
• Have no more than 10 non-trading days over the previous quarter
• Have a six-month average daily value traded (6M ADVT) of at least US$ 500,000.

Index Construction. At each rebalancing, rank the eligible stocks in the underlying index by 6M ADVT,
selecting a target constituent count of 15 stocks for index inclusion, subject to the following selection
buffer:
1. All stocks ranked in the top 12 are automatically selected.
2. Current constituents ranked in the top 18 are selected until the target constituent count is
reached.
3. If after step 2 the target constituent count is still not met, the largest non-constituent is selected
and added to the index. This process continues iteratively until the target constituent count of 15
is met.
4. If fewer than 15 stocks are eligible, all eligible stocks are selected, and the target constituent
count is not met.

Index Additions. Except for eligible spin-offs, and the replacement rule in Index Deletions, no additions
are made between rebalancings.

Index Deletions. Except for constituents removed from the underlying index by the Monthly Shariah
Review (see the underlying index methodology), constituents removed from the Underlying index are
removed from the index simultaneously. If a constituent is deleted between rebalancings, the next largest
stock, by 6M ADVT as of the prior quarterly rebalancing, is added as a replacement in order to maintain a
target constituent count of 15. Constituents added under the replacement rule are added at the stock’s
FMC weight.

Constituent Weighting. The index is weighted by float-adjusted market capitalization, subject to a 33/19
weight capping scheme.61 At each rebalancing:
• If the largest stock’s weight exceeds 33%, it will be capped at 33%.
• If the weight of any other stock is greater than 19%, it will be capped at 19%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

61
Prior to March 21, 2022, the index was weighted by float-adjusted market capitalization, subject to a 35/20 weight capping
scheme. The weighting scheme employed buffers of 2% and 1%, respectively, to reduce the likelihood weight cap breaches. At
each rebalancing, if the largest stock’s weight exceeded 35%, it was capped at 33% and if the weight of any other stock was
greater than 20%, it was capped at 19%.

S&P Dow Jones Indices: S&P Custom Indices Methodology 197

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Kuwaiti dinar, and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=” & “KWD=”, are taken daily at 9:00 AM
GMT and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 198

S&P UAE BMI Liquid 20/35 Capped Index

Index Objective. The index measures the performance of 30 of the most liquid constituents of the
underlying index meeting the criteria in Index Eligibility. Constituents are float-adjusted market
capitalization weighted, subject to the weight caps defined in Constituent Weighting.

Underlying Index. S&P United Arab Emirates BMI. For information on the underlying index, please refer
to the S&P Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that meet the following criteria are eligible for
index inclusion:
• Be locally listed on the Abu Dhabi Securities Exchange, Dubai Financial Market, or Dubai
International Financial Exchange62;
• Have no more than 10 non-trading days over the previous quarter; and
• Have a three-month average daily value traded volume of at least US$ 500,000 for at least one of
the two quarterly periods preceding the rebalancing reference date.63

Index Construction. At each rebalancing, rank the eligible stocks in the underlying index by 6M ADVT,
selecting a target constituent count of 30 stocks for index inclusion, subject to the following selection
buffer:64
1. All stocks ranked in the top 24 are automatically selected.
2. Current constituents ranked in the top 36 are selected until the target constituent count is
reached.
3. If after step 2 the target constituent count is still not met, the largest non-constituent is selected
and added to the index. This process continues iteratively until the target constituent count of 30
is met.
4. If fewer than 30 stocks are eligible, all eligible stocks are selected, and the target constituent
count is not met.

Index Additions. Eligible additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. If a constituent is deleted between rebalancings, the next largest stock, by 6M ADVT,
from the reserve list is added as a replacement in order to maintain a constituent count of 30.
Constituents added under the replacement rule are added at the stock’s float-adjusted market
capitalization weight.65

Constituent Weighting. The index is weighted by float-adjusted market capitalization, subject to a 33/19
weight capping scheme.66 At each rebalancing:
• If the largest stock’s weight exceeds 33%, it will be capped at 33%.
• If the weight of any other stock is greater than 19%, it will be capped at 19%.

62
This rule was implemented in conjunction with the June 2020 quarterly rebalancing, which took effect prior to the market open on
Monday, June 22, 2020.
63
Prior to the market open on Monday, March 20, 2017, the index did not include the “no more than 10 non-trading days over the
previous quarter” rule as an element of Index Eligibility.
64
Prior to the market open on Monday, December 19, 2022, no target constituent count existed, and the index was comprised of all
constituents of the underlying index that met the Eligibility Criteria.
65
The replacement rule was implemented in conjunction with the December 2022 quarterly rebalancing, which took effect prior to
the market open on Monday, December 19, 2022.
66
Prior to the market open on Monday, March 21, 2022, the index was weighted by float-adjusted market capitalization, subject to a
35/20 weight capping scheme. The weighting scheme employed buffers of 2% and 1%, respectively, to reduce the likelihood
weight cap breaches. At each rebalancing, if the largest stock’s weight exceeded 35%, it was capped at 33% and if the weight of
any other stock was greater than 20%, it was capped at 19%.

S&P Dow Jones Indices: S&P Custom Indices Methodology 199

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=”, are taken daily at 9:00 AM GMT and used
in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 200

S&P Kuwait Domestic Liquid Capped Select Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 10% weight cap and enhanced liquidity and specific company exclusion criteria, as defined
below.

Underlying Index. S&P Kuwait Domestic Index. For information on the underlying index, please refer to
the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, subject to the following criteria, are eligible for
index inclusion:
• Have a 12-month total volume traded-to-free float shares ratio greater than 2%.
• The following companies are excluded from index inclusion:
o Commercial Bank of Kuwait
o Wataniya Telecom.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, constituents’ weights are capped at 10% of the index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars and Kuwaiti dinar.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 201

S&P Kuwait, Saudi Arabia & UAE Composite LargeCap Index

Index Objective. The index measures the performance of the constituents of the underlying index
domiciled in Saudi Arabia, Kuwait, and the United Arab Emirates (UAE).

Underlying Index. S&P GCC Composite LargeCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index domiciled in Saudi Arabia, Kuwait and the UAE
are eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 202

S&P GCC Composite LargeCap Ex Qatar Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Qatar-domiciled stocks.

Underlying Index. S&P GCC Composite LargeCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding Qatar-domiciled stocks, are eligible for
index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month.

Currency of Calculation. The index is calculated in U.S. dollars and Qatari riyals.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 203

S&P GCC Composite LargeCap Ex-Saudi Aramco Index (USD) (Custom)

Index Objective. The index measures the performance of the companies in the underlying index,
excluding Saudi Arabian Oil Company (Saudi ARAMCO).

Underlying Index. S&P GCC Composite LargeCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding Saudi ARAMCO (XSAU: 2222), are
eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Saudi Arabian riyals.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 204

S&P GCC Composite Ex-Saudi Aramco & Qatar Index (USD) (Custom)

Index Objective. The index measures the performance of the underlying index, excluding Saudi Arabian
Oil Company (Saudi ARAMCO) and stocks domiciled and listed in Qatar.

Underlying Index. S&P GCC Composite Index. For information on the underlying index, please refer to
the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying Index, excluding Saudi
ARAMCO and stocks domiciled and listed in Qatar.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 205

S&P GCC Composite Shariah Ex-Saudi Aramco Index (SAR) (Custom)

Index Objective. The index measures the performance of the companies in the underlying index,
excluding Saudi Arabian Oil Company (Saudi ARAMCO) (Code: XSAU: 2222).

Underlying Index. S&P GCC Composite Shariah Index. For information on the underlying index, please
refer to S&P Shariah Indices Methodology, available at [Link]/spdji/.

Index Eligibility. At each rebalancing, constituents of the underlying index, excluding Saudi ARAMCO,
are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weighting. The index is FMC weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in Saudi Arabia riyals and U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 206

S&P GCC Ex-Kuwait Composite Index (USD)

Index Objective. The index measures the performance of the underlying index, excluding Kuwait listed
stocks.

Underlying Index. S&P GCC Composite Index. For information on the underlying index, please refer to
the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing constituents of the underlying index, excluding Kuwait listed
stocks, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Deletions. Constituents removed from the underlying index are removed from the index simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 207

S&P GCC Composite Ex Oman Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Oman domiciled and listed stocks. The index is weighted by float-adjusted market
capitalization.

Underlying Index. S&P GCC Composite Index. For information on the underlying index, please refer to
the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding Oman domiciled and listed stocks, are
eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The rebalancing reference date for the index is the open of
the upcoming rebalancing effective date.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 208

S&P GCC LargeCap Custom Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to single constituent and single country weight caps of 15% and 50%.

Underlying Index. S&P GCC Composite LargeCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Additions. Except for spin-offs that meet the eligibility criteria, additions to the index are made
only at each rebalancing.

Index Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent annual rebalancing.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted,
subject to the following constraints:
• A single constituent weight cap of 15%
• A single country’s weight cap of 50%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Rebalancing. The index is rebalanced annually, effective prior to the open of the Monday following the
third Friday of December. Index constituents are also capped, if necessary, on a monthly basis, effective
on the Monday after the third Friday. The reference date for prices used in the weighting process is the
close of the Wednesday prior to the second Friday of every month. No reweighting is performed for any
composition change between rebalancings.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The indices use the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 209

S&P GCC LargeMid Energy Custom Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index
classified as part of certain GICS Sub-Industries, and the specific stocks, defined in the tables in Index
Eligibility. Constituents are weighted by float-adjusted market capitalization, subject to a single constituent
weight cap of 20% and a single country weight cap of 60%.

Underlying Index. S&P GCC Composite LargeMidCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified as part of the following GICS
Sub-Industries are eligible for index inclusion:

GICS Level GICS Code GICS Title

Sub-Industry 10102050 Coal & Consumable Fuels
Sub-Industry 10102040 Oil & Gas Storage & Transportation
Sub-Industry 10102030 Oil & Gas Refining & Marketing
Sub-Industry 10102020 Oil & Gas Exploration & Production
Sub-Industry 10102010 Integrated Oil & Gas
Sub-Industry 10101020 Oil & Gas Equipment & Services
Sub-Industry 10101010 Oil & Gas Drilling
Sub-Industry 55101010 Electric Utilities
Sub-Industry 55102010 Gas Utilities
Sub-Industry 55103010 Multi-Utilities
Sub-Industry 15101020 Diversified Chemicals
Sub-Industry 15101010 Commodity Chemicals
Sub-Industry 25504050 Automotive Retail

If any of the companies in the below table are constituents of the underlying index, as of the universe
reference date, they are included in the index regardless of their GICS classification:

Company Name Ticker

Saudi National Petrochemical Co 2002
Saudi Arabian Fertilizer Company 2020
National Industrialization Company 2060
Industries Qatar IQCD

Index Construction. See Index Eligibility.

Index Additions. Except for spin-offs that meet the eligibility criteria, additions to the index are made only
at each rebalancing.

Index Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent rebalancing.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, each constituent’s weight is capped at 20% and each country’s weight is capped at 60% of
the total index weight.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced annually, effective prior to the open of the Monday following the
third Friday of December. Index constituents are also capped, if necessary, on a monthly basis, effective
on the Monday after the third Friday. The reference date for prices used in the weighting process is the

S&P Dow Jones Indices: S&P Custom Indices Methodology 210

close of the Wednesday prior to the second Friday of every month. No reweighting is performed for any
composition change between rebalancings.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 211

S&P GCC Dividend-Focused LargeMidCap Index (Custom)

Index Objective. The index measures the performance of constituents of the underlying index that meet
the criteria detailed below in Index Eligibility. Index constituent weights take into account dividend yield as
well as float-adjusted market capitalization, as described below in Constituent Weightings.

Underlying Index. S&P GCC Composite LargeMidCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must meet the following criteria to be eligible for
index inclusion:
• Have positive earnings per share (EPS) for the most recently completed fiscal year as of the
rebalancing reference date.
• Have paid cash dividends in each of the two previous annual periods ending on the rebalancing
reference date.
• Have a six-month median daily value traded (MDVT) of at least US$ 1 million in all three
consecutive six-month periods prior to the rebalancing reference date. Current constituents that
have six-month MDVTs of less than US$ 500,000 in all three consecutive six-month periods prior
to the rebalancing reference date are removed.

Index Construction. At each rebalancing, the index is composed of the constituents of the underlying
index that satisfy the criteria as detailed in Index Eligibility.

Index Additions. Except for spin-offs, no additions are made to the index between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index at the
following quarterly rebalancing.

Constituent Weightings. At each rebalancing, constituents are weighted 40% by indicated annual
dividend yields, and 60% by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective at the open of the Monday following the third
Friday of March, June, September, and December. The rebalancing reference date for eligibility
screening and weighting is the close of the last business day of the previous month. Index share amounts
are calculated and assigned to each stock to arrive at the weights determined on the price reference date
(i.e., Wednesday prior to the second Friday of the rebalancing month). Since index shares are assigned
based on prices prior to the rebalancing, the actual weight of each stock at the rebalancing differs from
these weights due to market movements.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 212

S&P GCC Shariah Dividend Yield (Custom) Index

Index Objective. The index67 measures the performance of the constituents of the underlying index,
excluding those with low dividend yield and subject to a 10% weight cap.

Underlying Index. S&P GCC Composite Shariah. For information on the underlying index, please refer
to the S&P Pan Arab Indices Methodology available [Link]/spdji.

Index Eligibility. Constituents of the underlying index must have a 12-month trailing dividend yield equal
to or greater than the average 12 months trailing dividend yield of the underlying index to be eligible for
index inclusion. The average trailing dividend is defined as the arithmetic mean, which is the sum of 12
months trailing dividend yields of all constituents in the universe divided by the constituent count.

Index Construction. At each rebalancing, the index is comprised of the constituents of the underlying
index that satisfy the criteria detailed in Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
at the following semi-annual rebalancing.

Index Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent semi-annual rebalancing.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. Constituents’

weights are capped at 10% on a quarterly basis in January, April, July, and October, effective at the open
of the Monday following the third Friday of each capping month. The reference date for prices used in the
weighting process is the close of the Wednesday prior to the second Friday of the respective capping
month.

Rebalancing. The index is rebalanced semi-annually, effective at the open of the Monday following the
third Friday of January and July. The rebalancing reference date is the close of the last business day of
December and June.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

67
Prior to September 25, 2017, the index name was S&P GCC Composite Shariah Dividend Yield 10% Index (Custom).

S&P Dow Jones Indices: S&P Custom Indices Methodology 213

S&P GCC Composite Shariah LargeCap Ex Qatar Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Qatar-domiciled stocks.

Underlying Index. S&P GCC Composite Shariah LargeCap Index. For information on the underlying
index, please refer to the S&P Pan Arab Indices and S&P Shariah Indices Methodologies available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding Qatar-domiciled stocks, are eligible for
index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month.

Currency of Calculation. The index is calculated in U.S. dollars and Qatari riyals.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 214

S&P GCC Composite Shariah LargeCap Ex-Bahrain, Oman, Qatar 15% Capped Index (USD) NTR

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those domiciled in Bahrain, Oman, and Qatar. The index is float-adjusted market capitalization
weighted, subject to a single company weight cap of 15% of the total index weight.

Underlying Index. S&P GCC Composite Shariah LargeCap Index. For information on the underlying
index, please refer to the S&P Shariah Methodology available [Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index, excluding those
domiciled in Bahrain, Oman, and Qatar, are eligible for index inclusion.

Index Construction. At each rebalancing, the eligible constituents are selected and form the index.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted,
subject to a single company weight cap of 15% of the total index weight.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used for the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 215

S&P GCC Composite Shariah LargeMidCap Liquid Index

Index Objective. The index measures the performance of the constituents of the underlying index
meeting the liquidity criteria in Index Eligibility.

Underlying Index. S&P GCC Composite Shariah LargeMidCap Index. For information on the underlying
index, please refer to the S&P Shariah Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must meet the following criteria in order to be
eligible for index inclusion:
• Have a six-month median value traded of at least US$ 1 million in all three consecutive six-month
periods prior to the rebalancing reference date. Current constituents with a six-month median
value traded of less than US$ 500,000 in all three consecutive six-month periods prior to the
rebalancing reference date are removed.

Index Construction. At each rebalancing, the constituents of the underlying index that satisfy the criteria
detailed in Index Eligibility are selected and form the index.

Index Additions. With the exception of eligible spin offs, no additions are made to the index between
rebalancings.

Index Deletions. Constituents removed from the underlying index, except for monthly Shariah
compliance, are removed from the index simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date for eligibility
screening is the close of the last business day of the previous month.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 216

S&P GCC Composite Shariah High Dividend 15% Capped Index (USD) (Custom)

Index Objective. The index measures the performance of at least 20 constituents from the underlying
index listed in a Gulf Cooperation Council (“GCC”) country that have dividend yields of greater than or
equal to 130% higher than the average dividend yield of the underlying index, subject to a single
constituent weight cap of 15%.

Underlying Index. S&P GCC Composite Shariah Index. For information on the underlying index, please
refer to the S&P Shariah Indices Methodology available at [Link]/spdji/.

Index Eligibility. At each rebalancing reference date, constituents of the underlying index must satisfy
the following to be eligible for index inclusion:
• Be listed in a GCC country: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, or the UAE.
• Have a three-month average daily value traded (ADVT) of at least US$ 250,000.
• Have a trailing 12-month dividend yield of a minimum of 2% that is also greater than or equal to
130% of the average dividend yield of the underlying index.

Index Construction. At each reconstitution, select the eligible constituents of the underlying index and
form the index. If fewer than 20 stocks are eligible, select stocks from the underlying index that satisfy the
ADVT and listing criteria, in descending order by dividend yield, until the target constituent count is met.

Additions. Except for spin-offs, there are no intra-rebalancing additions.

Spin-offs. Spin-offs are added to the index simultaneously and remain in the index until the subsequent
annual rebalancing when the spin-off is evaluated for continued index inclusion. If the spin-off is not
Shariah-compliant, the stock is dropped at the subsequent quarterly review.

Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent annual rebalancing. Constituents whose listing changes to no longer be in a GCC country are
removed from the index on the effective date of the change.

Quarterly Shariah Review. Constituents are reviewed for Shariah compliance quarterly, with any
removals effective with the reweightings.

Constituent Weightings. At each quarterly rebalancing, the index is float-adjusted market capitalization
weighted, subject to a single constituent weight cap of 15% of the total index weight. Any excess weight is
proportionally redistributed to the uncapped constituents until no company exceeds the cap.

Reconstitution/Reweighting. The index reconstitutes annually, effective prior to the open of the
Monday following the third Friday of December. The reconstitution reference date is the close of the last
business day of the previous month.

Index constituents are also reweighted quarterly, if required due to any Shariah review removals, effective
at the open of the Monday following the third Friday of March, June, and September. The reference date
for prices used for the weighting process is the close of the Wednesday prior to the second Friday of the
rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

Index Maintenance. Except for the rules stated above, all index adjustments and corporate action
treatments follow the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 217

S&P GCC Shariah Large Mid Custom Capped Index

Index Objective. The index measures the float-adjusted market capitalization weighted performance of
the constituents of the underlying index, subject to 15% individual and 50% country weight caps.

Underlying Index. S&P GCC Composite Shariah LargeMidCap Index. For information on the underlying
index, please refer to the S&P Pan Arab Indices and S&P Shariah Indices Methodologies available at
[Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Additions. Except for spin-offs that meet the eligibility criteria, additions to the index are made only at
each rebalancing.

Index Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent rebalancing.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, each constituent’s weight is capped at 15% and each country’s weight is capped at 50% of
the total index weight.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced annually, effective prior to the open of the Monday following the
third Friday of December. Index constituents are also capped, if necessary, on a monthly basis, effective
on the Monday after the third Friday. The reference date for prices used in the weighting process is the
close of the Wednesday prior to the second Friday of every month. No reweighting is performed for any
composition change between rebalancings.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 218

S&P Emerging Ex-GCC BMI Top 100 Shariah Capped Index (USD) (Custom)

Index Objective. The index measures the performance of 100 of the largest constituents of the
underlying index excluding those domiciled in Gulf Cooperation Council (GCC) countries. In addition,
index constituents are subject to specific country and single stock weight caps as defined below.

Underlying Index. S&P Emerging BMI Shariah (USD) Index. For information on the underlying index,
please refer to the S&P Shariah Indices Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding those domiciled in member countries of
the GCC, are eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that satisfy the
criteria as detailed in Index Eligibility. At each rebalancing, eligible constituents are ranked by float-
adjusted market capitalization. The 100 largest companies are selected and form the index, subject to a
buffer to reduce index turnover. All securities ranked within the top 90 are automatically selected. Current
constituents ranked within the top 110 are selected until the target count of 100 is reached. If after this
step the target count is not met, the largest non-constituents by float-adjusted market capitalization are
selected until the target count is reached.

Multiple Share Classes. Each company is represented once by the Designated Listing. For more
information regarding the treatment of multiple share classes, please refer to Approach B within the
Multiple Share Classes section of S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

Index Additions. No additions are made to the index between rebalancings, including spin-offs.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization, subject to the
following capping rules:
1. The weight of each country matches the proportional weight of the country in the underlying
index.
2. The aggregated weight of each country in the index is capped at 30%. If any country exceeds
30% the excess weight is proportionally redistributed to all those countries weighing less than
30%.
3. Individual constituents are capped at 10%. If any constituent exceeds 10% the excess weight is
proportionally redistributed to all the remaining uncapped constituents within the country.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 219

S&P GCC Composite LargeMidCap Ex Saudi Arabia Liquid Index, S&P Custom GCC Composite
LargeMidcap Index, S&P Custom GCC Composite LargeMidCap with Saudi Arabia Capped at 55%
Index

Index Objective. Each index measures the performance of the constituents of the underlying index that
meet the criteria detailed below in Index Eligibility. Each index is float-adjusted market capitalization
weighted, subject to the rules defined in Constituent Weightings.

Underlying Index. S&P GCC Composite LargeMidCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must meet the following criteria in order to be
eligible for index inclusion:
• Liquidity. Have a six-month median value traded of at least US$ 1 million in all three consecutive
six-month periods prior to the rebalancing reference date. Current constituents with a six-month
median value traded of less than US$ 500,000 in all three consecutive six-month periods prior to the
rebalancing reference date are removed.
• Domicile. For the S&P GCC Composite LargeMidCap Ex Saudi Arabia Liquid Index, constituents
domiciled in Saudi Arabia are ineligible.

Index Construction. At each rebalancing, the constituents of the underlying index that satisfy the criteria
detailed in Index Eligibility are selected and form each of the indices.

Index Additions. With the exception of eligible spin offs, no additions are made to an index between
rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the indices
simultaneously.

Constituent Weightings. The indices are weighted as follows:

• S&P GCC Composite LargeMidCap Ex Saudi Arabia Liquid Index and S&P Custom GCC
Composite LargeMidcap Index. The indices are weighted by float-adjusted market capitalization.
• S&P Custom GCC Composite LargeMidCap with Saudi Arabia Capped at 55% Index. The index
is weighted by float-adjusted market capitalization. The combined weight of all Saudi Arabian
constituents is capped at 55%. Any excess weight is proportionally redistributed to all non-Saudi
Arabian companies.

Rebalancing. The indices are rebalanced quarterly, effective prior to the open of the Monday following
the third Friday of March, June, September, and December. The rebalancing reference date for eligibility
screening is the close of the last business day of the previous month.

S&P Custom GCC Composite LargeMidCap with Saudi Arabia Capped at 55% Index. In addition to
the rebalancing, constituents are capped, if necessary, on a monthly basis, effective prior to the open of
the Monday following the third Friday of each month. The reference date for prices used in the weighting
process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The indices are calculated in U.S. dollars.

Exchange Rate. The indices use the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 220

S&P Custom Pan Arab Composite LargeMidcap Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those with low liquidity as defined below.

Underlying Index. S&P Pan Arab Composite LargeMidCap Index. For information on the underlying
index, please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must meet the following criteria in order to be
eligible for index inclusion:
• Have a six-month median value traded of at least US$ 1 million in all three consecutive six-month
periods prior to the rebalancing reference date. Current constituents with a six-month median
value traded of less than US$ 500,000 in all three consecutive six-month periods prior to the
rebalancing reference date are removed.

Index Construction. At each rebalancing, the constituents of the underlying index that satisfy the criteria
detailed in Index Eligibility are selected and form the index.

Index Additions. With the exception of eligible spin offs, no additions are made to the index between
rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date for eligibility
screening is the close of the last business day of the previous month.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 221

S&P Pan Arab Composite LargeMidCap Capped 10/40 Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to weight caps limiting single stock weights to 10% and capping the aggregate weight of all stocks
with a weight greater than or equal to 5% of the index to no more than 40% of the total.

Underlying Index. S&P Pan Arab Composite LargeMidCap Index. For information on the underlying
index, please refer to the S&P Pan Arab Indices Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization, subject to the
5/10/40 weight capping described above.

At each rebalancing, constituents’ weights are first sorted in descending order, by FMC, and capped at
10% of the index with any excess weight proportionally redistributed to all other uncapped index
constituents. This process repeats iteratively until no constituent’s weight exceeds 10%.

Next the total weight of all constituents with a weight greater than 5% is calculated. If the aggregate
weight is above 40% of the index, the constituent with the lowest weight within this group is capped to the
greater of 5%, or the weight which would result in an aggregate weight of 40% for the group. Any excess
weight is proportionally redistributed to all other index constituents that have a weighting below 5%,
subject to none of these constituents’ weights breaching 5%. This process is repeated iteratively until the
sum of the weight of constituents with a weight above 5% is not above 40%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. Index constituents are rebalanced and capped, if necessary, on a quarterly basis, effective
at the open of the Monday following the third Friday of March, June, September, and December. The
reference date for prices used in the weighting process is the close of the Wednesday prior to the second
Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 222

S&P Pan Arab Composite LargeMidCap Dividend Focused 10/40 Capped Index (Custom) and S&P
Pan Arab Composite LargeMidCap Dividend Focused 10/40 Capped Shariah Index (Custom)

Index Objective. Each index measures the performance of the constituents of the underlying index that
have increasing or stable dividend payments, excluding those with low liquidity or non-positive earnings
per share, and subject to caps limiting single stock and country weights, as defined below.

Underlying Index. S&P Pan Arab Composite LargeMidCap Index. For information on the underlying
index, please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must meet the following criteria to be eligible for
index inclusion:
• Have positive earnings per share (EPS) for the most recently completed fiscal year as of the
rebalancing reference date
• Have increasing or stable cash dividend payments in the previous 12-month period ending on the
rebalancing reference date68
• Have a 12-month median daily value traded (MDVT) of at least US$ 1 million as of the
rebalancing reference date (current constituents US$ 500,000)
• Must be Shariah-compliant to be eligible for inclusion to the S&P Pan Arab Composite
LargeMidCap Dividend Focused 10/40 Capped Shariah Index (Custom).

Index Construction. At each rebalancing, each index is composed of the constituents of the respective
underlying index that satisfy the criteria as detailed in Index Eligibility.

Index Additions. Except for spin-offs, no additions are made to the indices between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the indices at the
following annual rebalancing.

Constituent Weightings. Index constituents are weighted by their float-adjusted market capitalization
(FMC), subject to the 5/10/40 weight capping scheme described below.
1. At each rebalancing, constituents’ weights are first sorted in descending order, by FMC, and
capped at 10% of the total index weight.
2. Any excess weight is proportionally redistributed to all other uncapped index constituents. This
process repeats iteratively until no constituent’s weight exceeds 10%.
3. Next, the total weight of all constituents with a weight greater than 5% is calculated. If the
aggregate weight is above 40% of the index, the constituent with the lowest weight within this
group is capped to the greater of 5%, or the weight which would result in an aggregate weight of
40% for the group.
4. Any excess weight is proportionally redistributed to all other index constituents that have a
weighting below 5%, subject to none of these constituents’ weights breaching 5%. This process is
repeated iteratively until the sum of the weight of constituents with a weight above 5% is not
above 40%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The indices are rebalanced annually, effective at the open of the Monday following the
third Friday of December. The rebalancing reference date for eligibility screening is the close of the last
business day of the previous month. Index constituents are also rebalanced and capped, if necessary, on

68
For history prior to 12/18/2023, the index required constituents to have increasing or stable cash dividend payments in each of the
two previous 12-month periods ending on the rebalancing reference date.

S&P Dow Jones Indices: S&P Custom Indices Methodology 223

a quarterly basis, effective at the open of the Monday following the third Friday of March, June,
September, and December. The reference date for prices used in the weighting process is the close of
the Wednesday prior to the second Friday of the rebalancing month. Updates due to changes in Shariah
compliance are applied once a month at the open of trading of the Monday following the third Friday of
each month. For intra-rebalancing composition changes, no intra-rebalancing capping is performed.

Monthly Dividend Review. If S&P Dow Jones Indices determines an index constituent has eliminated or
suspended its dividend payments for the year, the impacted constituent(s) may, at the discretion of the
Index Committee, be removed from an index effective prior to the open of the first business day of the
following month.

Currency of Calculation. The indices are calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 224

S&P GCC Composite LargeMidCap Dividend Focused Index (Custom)

Index Objective. The index measures the performance of constituents of the underlying index that have
increasing or stable dividend payments, and that meet the criteria detailed below in Index Eligibility.

Underlying Index. S&P GCC Composite LargeMidCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must meet the following criteria to be eligible for
index inclusion:
• Have positive EPS for the most recently completed fiscal year as of the rebalancing reference
date.
• Have increasing or stable cash dividend payments in each of the two previous 12-month periods
ending on the rebalancing reference date.
• Have a six-month median daily value traded (MDVT) of at least US$ 1 million in all three
consecutive six-month periods prior to the rebalancing reference date. Current constituents that
have six-month MDVTs of less than US$ 500,000 in all three consecutive six-month periods prior
to the rebalancing reference date are removed.

Index Construction. At each rebalancing, the index is composed of the constituents of the underlying
index that satisfy the criteria as detailed in Index Eligibility.

Index Additions. Except for spin-offs that meet the criteria in Index Eligibility, no additions are made to
the index between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index at the
following quarterly rebalancing.

Constituent Weightings. At each rebalancing, constituents are weighted by indicated annual dividend
yield.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective at the open of the Monday following the third
Friday of March, June, September, and December. The rebalancing reference date for eligibility
screening is the close of the last business day of the previous month. The reference date for prices used
in the weighting process is the close of the Wednesday prior to the second Friday of the rebalancing
month.

Currency of Calculation. The index is calculated in U.S. dollars and UAE dirham.

S&P Dow Jones Indices: S&P Custom Indices Methodology 225

S&P GCC Composite LargeMidCap Ex Kuwait Index

Index Objective. The index measures the performance of the underlying index, excluding stocks
domiciled in Kuwait.

Underlying Index. S&P GCC Composite LargeMidCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying Index, excluding any
stocks domiciled in Kuwait.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 226

S&P GCC Composite LargeMidCap Kuwait Floor Capped Index (USD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to an alternative weighting scheme capping single constituent weights at 20% and setting a
minimum weight for Kuwait domiciled constituents, as defined in Constituent Weightings.

Underlying Index. S&P GCC Composite LargeMidCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index are eligible for and form
the index.

Index Construction. See Index Eligibility.

Index Additions. Except for spin-offs, no additions are made to the index intra-rebalancing. Spinoffs are added
to the index on the ex-date, provided the spin-off remains a constituent of the underlying index. If the spin-off is
dropped from the underlying index the spin-off is dropped from the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted,
subject to a single constituent weight cap of 20%. In addition, if the combined weight of Kuwait domiciled
constituents is less than 45% of the total index weight, then the weight of Kuwait domiciled stocks is set to
45%. Any excess weight resulting from either of the weight caps is proportionally redistributed to
uncapped constituents.

Rebalancing. The index rebalances annually, effective prior to the open of the Monday following the
third Friday of December. Index constituents are also reweighted on a quarterly basis, effective prior to
the open of the Monday following the third Friday of March, June, September, and December. The
reference date for prices used in the weighting process is the close of the Wednesday prior to the second
Friday of the rebalancing month. No reweighting is performed for any composition change between
rebalancings.

Currency of Calculation. The index calculates in U.S. dollars and Kuwaiti dinar.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 227

S&P GCC Ex-Kuwait Composite LargeMidCap Ex-Saudi Aramco (USD) (Custom)

Index Objective. The index measures the performance of the underlying index, excluding stocks
domiciled in Kuwait and the Saudi Arabian Oil Company (Saudi ARAMCO).

Underlying Index. S&P GCC Composite LargeMidCap Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying Index, excluding any
stocks domiciled in Kuwait and Saudi ARAMCO (XSAU: 2222).

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Kuwaiti dinar.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 228

S&P GCC Composite Ex-ARAMCO Index (USD) (Custom)

Index Objective. The index measures the performance of the companies in the underlying index,
excluding Saudi Arabian Oil Company (Saudi ARAMCO).

Underlying Index. S&P GCC Composite Index. For information on the underlying index, please refer to
the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying Index, excluding Saudi
ARAMCO (XSAU: 2222).

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 229

S&P GCC Shariah Dividend Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 15% weight cap and excluding those with low dividend yields and liquidity, as defined below.

Underlying Index. S&P GCC Composite Shariah Index. For information on the underlying index, please
refer to the S&P Pan Arab Indices and S&P Shariah Indices Methodologies available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index must satisfy the following criteria in order to qualify
for index inclusion:
• A trailing 12-month dividend yield of at least 2%
• A three-month average daily value traded of at least US$ 250,000.

Index Additions. Except for spin-offs no additions are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment).

Index Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent rebalancing.

Constituent Weightings. At each rebalancing index is float-adjusted market capitalization weighted,

subject to a single constituent maximum weight cap of 15% of the total index weight.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. Index composition is reconstituted annually, effective prior to the open of the Monday
following the third Friday of December. The reconstitution reference date is the close of the last business
day of the previous month. Index constituents are also rebalanced and capped, if necessary, on a
quarterly basis, effective at the open of the Monday following the third Friday of March, June, September,
and December. The reference date for prices used for the weighting process is the close of the
Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 230

S&P GCC Composite Shariah 10% Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 10% weighting cap.

Underlying Index. S&P GCC Composite Shariah Index. For information on the underlying index, please
refer to the S&P Shariah Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization, subject to a

single constituent weight cap of 10% applied at each rebalancing.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used in the weighting process
is the close of the Wednesday prior to the second Friday of the respective capping month. For intra-
rebalancing composition changes, no weight capping is performed.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 231

S&P GCC Composite Shariah LargeMidCap 4.5/9/35 Capped Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index using
a capped market capitalization weighting scheme, as defined below in Constituent Weightings.

Underlying Index. S&P GCC Composite Shariah LargeMidCap Index. For information on the underlying
index, please refer to the S&P Pan Arab Indices and S&P Shariah Indices Methodologies available at
[Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization, subject to caps
on stocks in accordance with a 4.5/9/35 weighting scheme. At each rebalancing:
• No single stock’s weight can exceed 9%.
• The aggregate weight of all stocks with a weight greater than 4.5% cannot exceed 35%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used for the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars and UAE dirham.

S&P Dow Jones Indices: S&P Custom Indices Methodology 232

S&P GCC Composite High Dividend 10% Capped Index (USD) (Custom)

Index Objective. The index measures the performance of at least 20 of the Gulf Cooperation Country
(GCC) listed constituents of the underlying index that have dividend yields of greater than or equal to
130% higher than the average dividend yield of the underlying index, as defined in Index Eligibility,
subject to a single constituent weight cap of 10%.

Underlying Index. S&P GCC Composite Index. For information on the underlying index, please refer to
the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing reference date, constituents of the underlying index must satisfy
the following to be eligible for index inclusion:
• Be listed in a GCC country (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE).
• Have a three-month average daily value traded (ADVT) of at least US$ 250,000.
• Have a trailing 12-month dividend yield of at least 2% and be greater than or equal to 130% of the
average dividend yield of the underlying index.

If after applying the eligibility factors fewer than 20 stocks are eligible for index inclusion, stocks in the
underlying index are added, selected in descending order by dividend yield, provided the stocks satisfy
the ADVT and CCC country membership criteria.

Index Construction. At each rebalancing, the eligible constituents of the underlying index are selected
and form the index, subject to the relaxation rule defined in Index Eligibility.

Index Additions. Except for spin-offs, there are no intra-rebalancing additions. A spinoff added to the
underlying index is added to the index simultaneously and remains in the index until the subsequent
rebalancing when the spin-off is evaluated for continued index inclusion.

Index Deletions. Constituents removed from the underlying index are removed from the index at the
subsequent rebalancing. Constituents whose listing changes to no longer be in a GCC country are
removed from the index on the effective date of the change.

Constituent Weightings. At each rebalancing the index is float-adjusted market capitalization weighted,
subject to a single constituent weight cap of 10%.

Index Maintenance. All index adjustments and corporate action treatments, except the rebalancings,
follow the underlying index.

Rebalancing. The index reconstitutes annually, effective prior to the open of the Monday following the
third Friday of December. The reconstitution reference date is the close of the last business day of the
previous month. Index constituents are also rebalanced and capped, if necessary, on a quarterly basis,
effective at the open of the Monday following the third Friday of March, June, September, and December.
The reference date for prices used for the weighting process is the close of the Wednesday prior to the
second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 233

S&P Qatar Domestic Excluded-Equities Top 20 Index (Custom)

Index Objective. The index measures the performance of the 20 largest constituents of the underlying
index, excluding specific companies, as defined below.

Underlying Index. S&P Qatar Domestic Index. For information on the underlying index, please refer to
the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index consideration, excluding the
following six companies:

Company Ticker
Qatar National Bank QNBK
Ezdan Real Estate Company ERES
Mannai Corporation MCCS
Aamal Holding AHCS
Qatari Investors Group QIGD
Lesha Bank QFBQ

Index Construction. At each rebalancing, the constituents of the underlying index that meet the Index
Eligibility criteria are ranked based on float-adjusted market capitalization. The 20 largest constituents are
selected and form the index.

Index Additions. No additions are made to the index between rebalancings, including spin-offs.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituents removed between rebalancings are not replaced.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced semi-annually, effective prior to the open of the Monday following
the third Friday of March and September. The rebalancing reference date is the third Friday of the
previous month.69

Currency of Calculation. The index is calculated in Qatari riyals (QAR).

69
For history prior to 09/03/2021, the rebalancing reference date was “the close of the last business day of the previous month.”

S&P Dow Jones Indices: S&P Custom Indices Methodology 234

S&P Qatar Domestic Excluded-Equities 20 Capped Index (Custom)

Index Objective. The index measures the performance of the 20 largest constituents of the underlying
index, excluding specific companies and with constituents’ weights subject to an alternative weighting
scheme, as defined below.

Underlying Index. S&P Qatar Domestic Index (Price Return). For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, excluding the companies listed below, constituents of the
underlying index are eligible for index inclusion.

Company70 Ticker
Aamal Company AHCS
Ezdan Real Estate Company ERES
Mannai Corporation MCCS

Index Construction. At each rebalancing, rank eligible constituents of the underlying index by float-
adjusted market capitalization, selecting the largest 20 to form the index.

Index Additions. No additions are made to the index between rebalancings, including spin-offs.

Index Deletions. Constituents removed from the underlying index are removed from the index at the
time of the rebalancing.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted,
subject to the following constraints:71
• a single constituent maximum weight cap of 2% for any company whose investable shareholder
limit percentage is less than 2% 72
• a single constituent maximum weight cap of 15% of the total index weight.

Any excess weight is proportionally redistributed to the uncapped constituents. The capping process
proceeds iteratively until each constraint is satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances semi-annually, effective prior to the open of the Monday following
the third Friday of March and September using a rebalancing reference date as of after the close of the
last business day of the previous month. The reference date for prices used for the weighting process, if
required, is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in Qatari riyals.

70
For history prior to 06/24/2024, the index also excluded Qatari Investors Group (Ticker: QIGC).
71
For history prior to 06/24/2024, the index weighted constituents using a non-float-adjusted market capitalization:
1. Index constituent weights are capped for investable shareholder value limits, subject to the following:
• If the value of the shareholder investable limit of a stock is below QAR 500 million on the rebalancing reference date, the
index market capitalization is set to the shareholder investable value. Otherwise, the float-adjusted market capitalization is
used.
• The value of the shareholder investable limit is defined as the maximum shareholder ownership shares multiplied by the
share price at the close of the rebalancing reference date.
• Shareholder investable limits are provided by the Qatar Central Securities Depository.
2. If an index constituent’s weight exceeds 20%, it is capped at 20% of the index. The excess weight is proportionally
redistributed to the other index constituents with weights below 20%.
72
Qatar Central Securities Depository is the investable shareholder limit percentage data source.

S&P Dow Jones Indices: S&P Custom Indices Methodology 235

S&P Pan Arab LargeMidCap Ex Kuwait Index

Index Objective. The index measures the performance of the underlying index, excluding stocks
domiciled in Kuwait.

Underlying Index. S&P Pan Arab Composite LargeMidCap Index. For information on the underlying
index, please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding any
stocks domiciled in Kuwait.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Kuwaiti dinar.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 236

S&P Pan Arab Ex-Kuwait Composite LargeMidCap Ex-Saudi Aramco (USD) (Custom)

Index Objective. The index measures the performance of the underlying index, excluding stocks
domiciled in Kuwait and Saudi Arabian Oil Company (Saudi ARAMCO).

Underlying Index. S&P Pan Arab Composite LargeMidCap Index. For information on the underlying
index, please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding any
stocks domiciled in Kuwait and Saudi ARAMCO (XSAU: 2222).

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Kuwaiti dinar.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 237

S&P Pan Arab Composite ESG Shariah Capped Index (USD) (Custom)

Index Objective. The index measures the performance of 40 of the highest-ranking companies, by S&P
DJI ESG score, from 60 of the largest, by float-adjusted market capitalization (FMC), constituents of the
underlying index, subject to single country and single constituent weight caps of 30% and 8%,
respectively.

Underlying Index. S&P Pan Arab Composite Shariah Index. For information on the underlying index,
please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. At each reconstitution, constituents of the underlying index must satisfy the following
criteria to be eligible for index inclusion:
1. Be a member of the underlying index.
2. Be listed in a Pan Arab country, i.e., Bahrain, Egypt, Jordan, Kuwait, Morocco, Oman, Qatar,
Saudi Arabia, Tunisia, and the UAE.
3. Have an S&P Global ESG Score.
For information on S&P Global ESG Scores, please refer to the S&P Global ESG Score
Methodology.

Index Construction. At each annual reconstitution, the constituent selection process is as follows:
1. Rank eligible companies in descending order by company level FMC, selecting the largest 60
companies. If fewer than 60 eligible companies are eligible, all eligible companies are selected.
2. The companies from Step 1 are then ranked in descending order by S&P Global ESG Score, with
the top 40 companies selected and forming the index. If at this point there are fewer than 40
companies selected, the index contains fewer than the target constituent count of 40.
If the last selected company shares the same S&P DJI score with another company, the company
with the larger FMC is selected and included in the index.

Index Additions. Except for spin-offs, there are no intra-rebalancing additions. Spinoffs added to the
underlying index are added to the index simultaneously and remain in the index until the subsequent
rebalancing, when they are evaluated for continued index inclusion.

Index Deletions. Constituents removed from the underlying index, including stocks that become non-
Shariah compliant, are removed from the index at the subsequent reconstitution/rebalancing.

Constituent Weightings. At each reconstitution/rebalancing, the index is FMC weighted, subject to the
following constraints:
• each single country’s weight is capped at 30%
• single constituent’s weight is capped at 8%.

If any country or constituent exceeds the relevant constraint the excess weight is proportionally
redistributed to the uncapped countries or constituents in the respective category. This process continues
iteratively until no country or constituent exceeds the constraints.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Reconstitution/Rebalancing. The index reconstitutes annually, effective at the open of the Monday
following the third Friday of June. In addition, the index is reviewed quarterly for replacements, if
necessary, and reweighted and recapped, effective at the open of the Monday following the third Friday of
March, September, and December. The reference date for prices used in the weighting process is the

S&P Dow Jones Indices: S&P Custom Indices Methodology 238

close of the Wednesday prior to the second Friday of the rebalancing month. The rebalancing reference
date is the close of the last business day of the previous month.

At each quarterly rebalancing (i.e., March, September, and December), if a constituent is deleted the next
eligible company in the underlying index, using FMC data as of the next quarterly review reference date
and S&P Global ESG Score data as of the latest reconstitution, is added as a replacement. If any
replacement is made the index is reweighted and recapped.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 239

S&P Pan Arab Composite Energy, Materials, Industrials, & Utilities Industry Tilted Index (USD)
(Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to an alternative weighting scheme as defined below.

Underlying Index. S&P Pan Arab Composite Index. For information on the underlying index, please
refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji/.

Index Eligibility. At each rebalancing, constituents of the underlying index are eligible for index
inclusion.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Spin-Offs. For additions due to spin-offs, the spin-off company is added to the index with the same
Additional Weight Factor (AWF) as the parent company. If an IPO is added to the underlying index
between rebalancings, the IPO is added to the index with the same AWF as current constituents sharing
the same GICS industry code.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weighting. At each rebalancing, the index and tilted GICS components are float-adjusted
market capitalization weighted to achieve the target weights defined in the below tables.

At the constituent level, weights are aggregated so that each constituent stock has one attributed weight.
This might result in the tilted GICS components achieving more weight than their target weight. For intra-
quarter constituent changes, no intra-quarter capping is performed.

Index Component Index Code Target weight

S&P Pan Arab Composite SPPAU 40%

GICS Industry Components GICS Industry Code Target weight

Chemicals 151010
Oil, Gas & Consumable Fuels 101020
Metals & Mining 151040
Industrial Conglomerates 201050
Multi-Utilities 551030
Independent Power and Renewable Electricity Producers 551050
Electric Utilities 551010 60%
Air Freight & Logistics 203010
Energy Equipment & Services 101010
Construction Materials 151020
Passenger Airlines 203020
Gas Utilities 551020
Water Utilities 551040
Electrical Equipment 201040

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective after the close on the third Friday of March,
June, September, and December. The reference date for prices used for the weighting process is the
close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 240

S&P Pan Africa Ex South Africa Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index, using
an alternative weighting scheme, as defined below.

Underlying Index. S&P All Africa Ex-South Africa Index. For information on the underlying index, please
refer to the S&P All Africa Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing:
• No single stock’s weight can exceed 7.5%.
• No single country’s weight can exceed 30%.
• No single GICS sector’s weight can exceed 30%.
• The aggregate weight of non-African listed companies cannot exceed 30%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used for the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 241

S&P Pan Africa Ex-South Africa Capped (12.5% Non-African Listed Companies) Index (USD)
(Custom)

Index Objective. The index measures the performance of the constituents of the underlying index, using
an alternative weighting scheme, as defined below.

Underlying Index. S&P Pan Africa Ex South Africa Capped Index.

Index Eligibility. The index comprises the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weighting. At each rebalancing, the index is FMC weighted, subject to the following
constraints applied to the total index weight:
• A single stock weight cap of 7.5%.
• A single country weight cap of 30%.
• A single GICS sector weight cap of 30%.
• Cap the aggregate weight of non-African listed companies at 12.5%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used for the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 242

S&P Pan Arab Large Mid with KSA 30% Index and S&P Pan Arab Large Mid with KSA 40% Index

Index Objective. The indices measure the performance of the constituents of the underlying index, while
restricting the index weight of Saudi Arabia, as defined below.

Underlying Index. S&P Pan Arab Composite LargeMidCap Index. For information on the underlying
index, please refer to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Index Eligibility. The indices are comprised of the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the indices simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the indices
simultaneously.

Constituent Weightings. The indices are weighted by float-adjusted market capitalization. At each
rebalancing, the index weight of Saudi Arabia is capped as follows:
• 30% for the S&P Pan Arab Large Mid with KSA 30% Index
• 40% for the S&P Pan Arab Large Mid with KSA 40% Index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The indices are rebalanced quarterly, effective at the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used for the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The indices are calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 243

S&P Pan Arab Investable and Saudi Arabia Large Mid NTR Index

Index Objective. The index is a weighted return index that measures the performance of the underlying
indices according to a pre-determined weighting scheme defined below.

Underlying Indices. S&P Pan Arab Investable LargeMidCap NTR Index (SPAIULMN) and S&P Saudi
Arabia LargeMidCap NTR Index (SPSALMNTR). For information on the underlying indices, please refer
to the S&P Pan Arab Indices Methodology available at [Link]/spdji.

Constituent Weightings. The weights of the underlying indices are reset to the pre-determined levels of
75% of S&P Pan Arab Investable LargeMidCap Index NTR and 25% of S&P Saudi Arabia LargeMidCap
Index NTR on a monthly basis.

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances monthly. Weights of the underlying indices are reset as per the
weighting scheme, effective after the close of the last trading day of the month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 244

S&P Global LargeMidCap ESG Shariah Top 80 Capped Index (USD) (Custom)

Index Objective. The index measures the performance of 80 of the largest constituents of the underlying
index domiciled and listed in the countries defined below, with constituent weights subject to single
constituent and country weight caps of 10% and 40%, respectively, of the total index weight.

Underlying Index. S&P Global LargeMidCap ESG Shariah Index. For information on the underlying
index, please refer to the S&P Shariah Indices Methodology available at [Link]/spdji.

Index Eligibility. Except for China-domiciled constituents, constituents of the underlying index must be
domiciled and listed in the following countries:
• Hong Kong
• Indonesia
• South Korea
• Malaysia
• Philippines
• Singapore
• Thailand
• Taiwan
• Japan

Constituents of the underlying index domiciled in China must be listed in Hong Kong.

Index Construction. At each rebalancing, rank the eligible constituents of the underlying index in
descending order by total market capitalization. Select the 80 largest constituents and form the index.

Index Additions. Except for spin-offs, there are no intra-rebalancing additions.

Spin-offs. Spin-offs are added to the index where the parent security is a constituent at a zero price at
the market close of the day before the ex-date (with no divisor adjustment) and are removed after at least
one day of regular way trading (with a divisor adjustment).

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each reconstitution/rebalancing, the index is FMC weighted, subject to the
following constraints:
1. Cap each single constituent’s weight at 10%.
2. Cap each single country’s weight at 40%.

If any country or constituent exceeds the relevant constraint, proportionally redistribute the excess weight
to the uncapped constituents or countries in the respective category. Continue this process iteratively until
no country or constituent exceeds the constraints.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Reconstitution. The index reconstitutes annually, effective after the close of the last business day of
April. The reconstitution reference date is the close of the last business day of the previous month.

Quarterly Reviews/Rebalancings. In addition to the reconstitution, quarterly the index reviews the
constituent count and weight constraints. If necessary due to a replacement or breach of the constituent

S&P Dow Jones Indices: S&P Custom Indices Methodology 245

weight constraints, the index rebalances and reweights quarterly, effective at the open of the Monday
following the third Friday of March, June, September, and December.

If the constituent count falls below the target, the next largest eligible company in the underlying index as
of the previous annual reconstitution is added as a replacement to maintain a constituent count of 80,
provided the company is Shariah compliant and eligible as of the current index review.

The reference date for prices used in the reconstitution/rebalancing weighting processes is seven days
prior to the rebalancing effective date.

Currency of Calculation. The index calculates in U.S. dollars and Malaysian ringgit.

S&P Dow Jones Indices: S&P Custom Indices Methodology 246

S&P Global 1200 Shariah Low Vol Dividend Cycle PR Adjusted (NTR minus 3.5%) Index (Custom)

Index Objective. The index measures the performance of the underlying index, less a fixed fee of 3.5%
per annum.

Underlying Index. S&P Global 1200 Shariah Low Vol Dividend Cycle Index Net TR. For information on
the underlying index, please refer to the S&P Low Volatility High Dividend Indices Methodology available
at [Link]/spdji.

Index Calculation. The index uses the following formula:

Index(t) = Index(t-1) * [{Parent(t) / Parent(t-1)} – {Fee * (ACT(t,t-1)/AccountingDays)}]

where:
ACT = Number of days between today and the previous index calculation date.
AccountingDays = Number of days in the year.
Fee = 3.5%.
Parent = Value of the Underlying Index

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: S&P Custom Indices Methodology 247

S&P Global 1200 Shariah Information Technology (Sector) 10% Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a single constituent weight cap of 10%.

Underlying Index. S&P Global 1200 Shariah Information Technology (Sector) Index. For information on
the underlying index, please refer to the S&P Shariah Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted, subject to a single
constituent weight cap of 10% applied at each rebalancing.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. Updates due to changes in Shariah compliance are applied once a month at the open of
trading of the Monday following third Friday of each month. Index constituents are also rebalanced and
capped, if necessary, on a quarterly basis, effective prior to the open of the Monday following the third
Friday in March, June, September, and December. The reference date for prices used for the weighting
process is the close of the third Friday of the rebalancing month.

Currency of Calculation. The index is calculated in U.S. dollars and Malaysian ringit.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 248

S&P India Shariah Liquid 35/20 Capped Index (INR) (Custom)

Index Objective. The index measures the performance of 30 of the most liquid constituents of the
Underlying index listed in India that have had no more than 10 non-trading days over the previous quarter
and a six-month average daily value traded (6M ADVT) of at least US$250,000. The index is capped
market capitalization weighted, with constituents’ float-adjusted market capitalization (FMC) weights
subject to the 33/19 capping scheme defined below.

Underlying Index. S&P India BMI Shariah Index. For information on the underlying index, please refer to
the S&P Shariah Methodology and the S&P Global BMI, S&P/IFCI Methodology at
[Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index that satisfy the following are
eligible for index inclusion:
• Be locally listed on the Bombay Stock Exchange
• Have no more than 10 non-trading days over the previous quarter.
• Have a six-month average daily value traded (6M ADVT) of at least US $250,000.

Index Construction. At each rebalancing, rank the eligible stocks in the underlying index by 6M ADVT,
selecting the top 30 for index inclusion, subject to the following selection buffer:
1. All stocks ranked in the top 24 are automatically selected.
2. Current constituents ranked in the top 36 are selected until the target constituent count is
reached.
3. If after step 2 the target constituent count is still not met, the largest non-constituent is selected
and added to the index. This process continues iteratively until the target constituent count of 30
is met.

Index Additions. Except for eligible spin-offs and the replacement rule below, no additions are made
between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment), regardless of Shariah compliance. Where applicable, all deletions from the parent index are
deleted from the Shariah-compliant index on the same day.

Index Deletions. Except for constituents removed from the underlying index by the Monthly Shariah
Review (see the underlying index methodology), constituents removed from the underlying index are
removed from the index simultaneously. If a constituent is deleted between rebalancings, the next largest
stock, by 6M ADVT as of the prior quarterly rebalancing, is added as a replacement in order to maintain a
constituent count of 30. Constituents added under the replacement rule are added at the stock’s FMC
weight.

Monthly Shariah Review Removal. Constituents removed from the underlying index as part of the
monthly Shariah review are retained in the index until the subsequent rebalancing.

Constituent Weighting. At each rebalancing, the index is capped market capitalization weighted, with
constituents’ FMC weights capped by the following constraints, if necessary:
• If the largest constituent’s weight exceeds 33%, that constituent is capped at 33%.
• If the weight of any other constituent is greater than 19%, that constituent is capped at 19%
Any excess weight due to capping is proportionally redistributed to uncapped constituents. The process
continues iteratively until both constraints are satisfied.

S&P Dow Jones Indices: S&P Custom Indices Methodology 249

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Indian rupees, and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=” and “INR=”, are taken daily at 9:00 AM
GMT and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 250

S&P Turkey Shariah Liquid 35/20 Capped Index (TRY) (Custom)

Index Objective. The index measures the performance of the most liquid constituents of the underlying
index listed in Turkey with no more than 10 non-trading days over the previous quarter and a six-month
average daily value traded (6M ADVT) of at least US $250,000. The index is capped market capitalization
weighted, with constituents’ float-adjusted market capitalization (FMC) weights subject to the 33/19
capping scheme defined below.

Underlying Index. S&P Turkey BMI Shariah Index. For information on the underlying index, please refer
to the S&P Shariah Methodology and the S&P Global BMI, S&P/IFCI Methodology at
[Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index that satisfy the following are
eligible for index inclusion:
• Be locally listed on the Borsa Istanbul.
• Have no more than 10 non-trading days over the previous quarter.
• Have a six-month average daily value traded (6M ADVT) of at least US $250,000.

Index Construction. At each rebalancing, rank the eligible stocks in the underlying index by 6M ADVT,
selecting a target constituent count of 20 stocks for index inclusion, subject to the following selection
buffer:
1. All stocks ranked in the top 16 are automatically selected.
2. Current constituents ranked in the top 24 are selected until the target constituent count is
reached.
3. If after step 2 the target constituent count is still not met, the largest non-constituent is selected
and added to the index. This process continues iteratively until the target constituent count of 20
is met.
4. If fewer than 20 stocks are eligible, all eligible stocks are selected, and the target constituent
count is not met.

Index Additions. Except for eligible spin-offs and the replacement rule below, no additions are made
between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment), regardless of Shariah compliance. Where applicable, all deletions from the parent index are
deleted from the Shariah-compliant index on the same day.

Index Deletions. Except for constituents removed from the underlying index by the Monthly Shariah
Review (see the underlying index methodology), constituents removed from the Underlying index are
removed from the index simultaneously. If a constituent is deleted between rebalancings, the next largest
stock, by 6M ADVT as of the prior quarterly rebalancing, is added as a replacement in order to maintain a
target constituent count of 20. Constituents added under the replacement rule are added at the stock’s
FMC weight.

Monthly Shariah Review Removal. Constituents removed from the underlying index as part of the
monthly Shariah review are retained in the index until the subsequent rebalancing.

Constituent Weighting. At each rebalancing, the index is capped market capitalization weighted, with
constituents’ FMC weights capped by the following constraints, if necessary:
• If the largest constituent’s weight exceeds 33%, that constituent is capped at 33%.

S&P Dow Jones Indices: S&P Custom Indices Methodology 251

 • If the weight of any other constituent is greater than 19%, that constituent is capped at 19%
Any excess weight due to capping is proportionally redistributed to uncapped constituents. The process
continues iteratively until both constraints are satisfied.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars, Turkish Lira, and Emirati dirhams.

Exchange Rate. WMR FOREX spot rates, RIC ticker “AED=” and “TRY=”, are taken daily at 9:00 AM
GMT and used in the calculation of the index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 252

DJIM Global Ex-Korea, India, and Taiwan Technology LargeCap 20% Capped Index (USD)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those securities with a Country of Domicile from South Korea, India, and Taiwan. The index is
float-adjusted market capitalization (FMC) weighted, subject to a single constituent weight cap of 20%.

Underlying Index. Dow Jones Islamic Market Global Large Cap Technology Index. For information on
the underlying index, please refer to the Dow Jones Islamic Market Indices Methodology available at
[Link]/spdji.

Index Eligibility. At each rebalancing the constituents of the underlying index, excluding those securities
domiciled in South Korea, India, and Taiwan, are selected and form the index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously at the respective addition’s float-adjusted market capitalization. Spin-offs from current
index constituents are added to the index on the same date as the underlying index and are removed
from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing the index is FMC weighted, subject to a single constituent
weight cap of 20%.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Currency of Calculation. The index calculates in U.S. dollars and Indonesian rupiah.

Rebalancing. Index composition is reviewed quarterly, in March, June, September, and December. As
part of the rebalancing process, constituent shares, weights and any weighting factors are updated. In
addition, the investable weight factor (IWF) for each stock is reviewed and updated as needed on an
annual basis in September. Changes are announced on the second Friday of the review month and are
implemented at the opening of trading on the Monday following the third Friday of the review month.

S&P Dow Jones Indices: S&P Custom Indices Methodology 253

Dow Jones Islamic Market World TR and Dow Jones Sukuk PR 65/35 Blend Index

Index Objective. The index measures the performance of the underlying indices according to a
predetermined weighting as defined below.

Underlying Indices. Dow Jones Islamic Market World Total Return Index and Dow Jones Sukuk Price
Return Index. For information on the underlying indices, please refer to the Dow Jones Islamic Market
Indices Methodology and Dow Jones Sukuk Total Return Index (ex-Reinvestment) Methodology,
respectively, available at [Link]/spdji.

Index Index Code Index Weight

Dow Jones Islamic Market World Total Return Index DJIMT 65%
Dow Jones Sukuk Price Return Index DJSUKUK 35%

Index Calculation. For information on the index calculation, please refer to the Weighted Return Indices
section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index rebalances monthly, effective after the close of the last business day of the
month.

Index Weighting. At each rebalancing, the weight of each underlying index resets to the values in the
table above.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Currency of Calculation. The index calculates in U.S. dollars and Malaysian ringgit.

Calculation Schedule. The index calculates daily throughout the calendar year, except when all
exchanges in the underlying indices are officially closed. A complete holiday schedule for the year is
available at [Link]/spdji.

S&P Dow Jones Indices: S&P Custom Indices Methodology 254

S&P MENA Shariah Dividend Growth Index

Index Objective. The index measures the performance of the constituents of the underlying index
meeting minimum market capitalization and dividend yield criteria as defined in Index Eligibility.
Constituents are float-adjusted market capitalization weighted, subject to the single constituent and
country weight caps detailed in Constituent Weighting.

Underlying Index. S&P Pan Arab Composite Shariah Index. For information on the underlying index,
please refer to the S&P Shariah Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must have the following in order to qualify for
index inclusion:
• A float market capitalization of at least US$ 150 million
• A trailing 12-month dividend yield greater than 2.5% at the rebalancing reference date.

Index Construction. At each rebalancing the constituents of the underlying index that meet the Index
Eligibility criteria are selected and form the index.

Index Additions. Except for spin-offs, no additions are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment).
Index Deletions. Constituents removed from the underlying index, except for monthly Shariah
compliance, are removed from the index simultaneously.

Constituent Weightings. At each rebalancing, country weights are assigned based on the table below.
Within each country, constituents are float-adjusted market capitalization weighted, subject to a single
constituent cap of 10% cap.

Country Weight
Egypt 8.0%
Saudi Arabia 68.5%
GCC Ex Saudi 19.5%
MENA Ex GCC & Egypt 4%

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective at the open of the Monday following the third
Friday of March, June, September, and December. The rebalancing reference date for eligibility
screening is the close of the last business day of the previous month. The reference date for prices used
for the weighting process is the close of the Wednesday prior to the second Friday of the rebalancing
month.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: S&P Custom Indices Methodology 255

S&P Emerging and Frontier ME and Africa BMI Index (Custom)

Index Objective. The index measures the float-adjusted market capitalization performance of the
constituents in the underlying indices.

Underlying Indices. See table below for a list of underlying indices and their respective tickers.

Underlying Indices73,74 Ticker

S&P Bahrain price SPGBHD
S&P Botswana BMI SPFBTD
S&P Cote d'Ivoire BMI SPFICD
S&P Egypt BMI SPCBMICEGUSD
S&P Ghana BMI SPFGHD
S&P Jordan BMI SPGJOD
S&P Kenya BMI SPFKND
S&P Kuwait price SPGKWD
S&P Mauritius BMI SPFMUD
S&P Morocco BMI SPFMAD
S&P Namibia BMI SPFNBD
S&P Oman price SPGOMD
S&P Qatar price SPGQAD
S&P Saudi Arabia price SPGSAD
S&P South Africa BMI SPCBMICZAUSD
S&P Tunisia BMI SPFTND
S&P United Arab Emirates price SPGAED
S&P Zambia BMI SPFZMD

For information on the underlying indices, please refer to the S&P Global BMI, S&P/IFCI and S&P
Frontier Indices Methodologies at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying indices, excluding all
stocks that are not a constituent of at least one of the underlying indices.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying indices are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying indices are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying indices.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying indices.

73
Lebanon was reclassified from Frontier to Standalone Market status effective at the open on June 21, 2021. Prior to this date,
S&P Lebanon BMI index constituents were eligible for inclusion.
74
Nigeria was reclassified from Frontier to Standalone Market status effective at the open on March 18, 2024. Prior to this date,
S&P Nigeria BMI index constituents were eligible for inclusion.

S&P Dow Jones Indices: S&P Custom Indices Methodology 256

S&P ME and Africa BMI Index (Custom)

Index Objective. The index measures the float-adjusted market capitalization performance of the
constituents in the underlying indices.

Underlying Indices. See table below for a list of underlying indices and their respective tickers.

Underlying Indices75,76 Ticker

S&P Bahrain BMI SPIBHD
S&P Botswana BMI SPFBTD
S&P Cote d'Ivoire BMI SPFICD
S&P Egypt BMI SPCBMICEGUSD
S&P Ghana BMI SPFGHD
S&P Jordan BMI SPGJOD
S&P Kenya BMI SPFKND
S&P Kuwait BMI SPIKWD
S&P Mauritius BMI SPFMUD
S&P Morocco BMI SPFMAD
S&P Namibia BMI SPFNBD
S&P Oman BMI SPIOMD
S&P Qatar BMI SPCBMICQAUSD
S&P South Africa BMI SPCBMICZAUSD
S&P Tunisia BMI SPFTND
S&P United Arab Emirates BMI SPCBMICAEUSD
S&P Zambia BMI SPFZMD

For information on the underlying indices, please refer to the S&P Global BMI, S&P/IFCI and S&P
Frontier Indices Methodologies available at [Link]/spdji.

Index Eligibility. The index is comprised only of the constituents of the underlying indices, excluding all
stocks that are not a constituent of at least one of the underlying indices.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying indices are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying indices are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying indices.

Currency of Calculation. The index is calculated in U.S. dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying indices.

75
Lebanon was reclassified from Frontier to Standalone Market status effective at the open on June 21, 2021. Prior to this date,
S&P Lebanon BMI index constituents were eligible for inclusion.
76
Nigeria was reclassified from Frontier to Standalone Market status effective at the open on March 18, 2024. Prior to this date,
S&P Nigeria BMI index constituents were eligible for inclusion.

S&P Dow Jones Indices: S&P Custom Indices Methodology 257

S&P Kuwait BMI Liquid Capped Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index with
positive earnings per share (EPS) over the past 24 months that meet the liquidity criteria detailed below in
Index Eligibility. Index constituents are float-adjusted market capitalization weighted, subject to a single
constituent weight cap of 12% weight cap.

Underlying Index. S&P Kuwait BMI Index. For information on the underlying index, please refer to the
S&P Frontier BMI indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must meet the following criteria to be eligible for
index inclusion:
• Have positive EPS over the previous 24 months.
• Have a six-month median value traded of at least US$ 50,000 in all three consecutive six-month
periods prior to the rebalancing reference date. Current constituents whose six-month median
value traded is less than US$ 50,000 in all three consecutive six-month periods prior to the
rebalancing reference date are removed.

Index Construction. At each rebalancing, the index is comprised of the constituents of the underlying
index that meet the Index Eligibility criteria.

Index Additions. Except for spin-offs, no additions are made between rebalancings.

Spin-offs. Spin-offs are added at a zero price at the market close of the day before the ex-date (with no
divisor adjustment) and are removed after at least one day of regular way trading (with a divisor
adjustment).
Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. Constituents are float-adjusted market capitalization weighted, subject to a

single constituent weight cap of 12% applied on a daily basis.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced quarterly, effective at the open of the Monday following the third
Friday of March, June, September, and December. The rebalancing reference date for eligibility
screening is the close of the last business day of the previous month. The reference date for prices used
in the weighting process is the close of the Wednesday prior to the second Friday of the rebalancing
month.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: Custom Indices Methodology 258

S&P South Africa Domestic Shareholder Weighted (DSW) 100 Index (Custom)

Index Objective. The index measures the performance of 100 of the largest companies in the underlying
index, as ranked by float-adjusted market capitalization (FMC).

Underlying Index. S&P South Africa Domestic Shareholder Weighted Index. For information on the
underlying index, please refer to the S&P South Africa Composite Indices Methodology available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion.

Index Construction. At each rebalancing, constituents of the underlying index are ranked based on
FMC. The 100 largest companies are selected and form the index, subject to a buffer to reduce index
turnover. All securities ranked within the top 90 are automatically selected. Current constituents ranked
within the top 110 are selected until the target count of 100 is reached. If after this the target count is not
met, the largest non-constituents are selected until the target count is reached.

Market Capitalization. The FMC for each dual-listed company that doesn’t have its primary listing listed
on the Johannesburg stock exchange is reduced by the percentage of foreign-owned shares in order to
provide an investable universe relevant to domestic investors in South Africa.

Multiple Share Classes. A separate Investable Weight Factor (“IWF”) is calculated for each multiple
share class, with each class eligible for index inclusion provided it meets the eligibility criteria.

Index Additions. With the exception of spin-offs, additions to the index are made only at the semi-
annual rebalancings. Spin-offs will be added and remain in the index if they are added to the underlying
index. Spin-offs will be evaluated at the next rebalancing for continued index inclusion.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Index constituents removed between rebalancings are not replaced.

Constituent Weightings. The index employs the same weighting scheme as the underlying index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced semi-annually, effective prior to the open of the Monday following
the third Friday of April and October. The rebalancing reference date is the close of the last business day
of March and September, respectively.

Currency of Calculation. The index is calculated in South African rand.

S&P Dow Jones Indices: Custom Indices Methodology 259

S&P South Africa Ex-SOL Domestic Shareholder Weighted (DSW) Capped ESG Index (ZAR)
(Custom)

Index Objective. The index measures the performance of the underlying index, excluding Sasol Ltd
(SOL). Constituents are float-adjusted market capitalization weighted, subject to a single constituent
weight cap of 10% of the total index weight.

Underlying Index. S&P South Africa Domestic Shareholder Weighted (DSW) Capped ESG Index. For
information on the underlying index, please refer to the S&P ESG Index Series Methodology available at
[Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding Sasol, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted, subject to a single
constituent weight cap of 10%, applied at each rebalancing.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced annually, effective after the close of the last business day of April.
The reference date for prices used in the weighting process is seven business days prior to the effective
date. For intra-rebalancing composition changes, no weight capping is performed.

Currency of Calculation. The index calculates in South African rand.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: Custom Indices Methodology 260

S&P Developed High Income REIT Index and S&P Developed High Income REIT Capped Index

Index Objective. The S&P Developed High Income REIT Indices measure the performance of
constituents of the underlying index based on a minimum indicated dividend yield criteria.77 The index
family also includes a capped version, the S&P Developed High Income REIT Capped Index, where U.S.-
domiciled stocks are capped aggregately at 37.5% on a monthly basis.

Underlying Index. S&P Developed REIT Index. For information on the underlying index, please refer to
the S&P Property Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must have an indicated dividend yield greater than
3% at the annual reconstitution reference date to be eligible for index inclusion. Current constituents
remain eligible provided their indicated divided yield remains greater than 2.75% at the annual
reconstitution reference date.

Index Construction. At each rebalancing, eligible constituents of the underlying index are selected and
form the indices.

Index Additions. Except for spin-offs, additions to the indices are made only at the time of the
rebalancing. Spin-offs from current index constituents are added to and removed from the indices on the
same effective date as the underlying index.

Index Deletions. Constituents removed from the underlying index are removed from the indices
simultaneously.

Constituent Weightings. The indices are weighted as follows:

• S&P Developed High Income REIT Index. The index is weighted by float-adjusted market
capitalization.
• S&P Developed High Income REIT Capped Index. The index is weighted by float-adjusted
market capitalization subject to a 37.5% cap on U.S. domiciled stocks.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Reconstitution. The indices are reconstituted annually, effective after the close of the last business day
in December. The reconstitution reference date is after the close of the last business day in November. 78

In addition to the S&P Developed High Income REIT Capped Index is re-weighted on a monthly basis,
using prices from the last business day of the month, adjusted for corporate actions. The new weights are
effective prior to the open on the first business day of the month.

Dividend Yield. For the purposes of these indices, dividend yield is defined as the Indicated Annual
Dividend per share divided by the price at the annual reconstitution reference date.

Currency of Calculation. The indices are calculated in U.S. dollars and Japanese yen, with the
individual country indices also calculated in their local currency.

Exchange Rate. Index values are calculated using TTM (Telegraphic Transfer Midrate) foreign
exchange rates. Index values are published on the calculation date using TTM rates of T+1.

77
Individual country indices as defined by domicile are also calculated.
78
Prior to the December 2017 rebalancing, the rebalancing reference date for the indices was the first trading day following the third
Friday of December.

S&P Dow Jones Indices: Custom Indices Methodology 261

S&P Developed Ex-Japan REIT Capped Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those domiciled in Japan. Constituents are weighted by float-adjusted market capitalization,
subject to a single country weight cap of 50%.

Underlying Index. S&P Developed REIT Index. For information on the underlying index, please refer to
the S&P Property Indices Methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding those
domiciled in Japan.

Index Additions. Additions to the underlying index are added to the index simultaneously. Except for
spin-offs, any intra-quarter addition to the index is added with the largest Additional Weight Factor (AWF)
currently represented in the index and is capped at the subsequent rebalancing, if necessary. Spin-offs
are added with the same AWF as the parent.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization, subject to an

eligible country cap weight of 50%. Any excess weight is distributed proportionally among the uncapped
countries.

Rebalancing. The index is rebalanced quarterly, effective after the close of the third Friday of March,
June, September, and December. The reference date for prices used for the weighting process is the
close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: Custom Indices Methodology 262

S&P/ASX 300 Industrials Ex-Top 20 Index (AUD) (Custom)

Index Objective. The index measures the performance of the underlying index, excluding the top 20
constituents as ranked by float-adjusted market capitalization.

Underlying Index. S&P/ASX 300 Industrials Index. For information on the underlying index, please refer
to the S&P/ASX Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding the highest ranked 20 constituents by
FMC, are eligible for index inclusion.

Index Construction. At each rebalancing, constituents of the underlying index are selected and form the
index, excluding the top 20 constituents, as ranked by float-adjusted market capitalization, and subject to
the following selection buffer:
• The top 14 highest ranked constituents of the underlying index are automatically excluded.
• Current constituents ranked 15 through 25 of the underlying index are excluded until the target
exclusion count of 20 is reached.
• If at this point the exclusion count has not been met, then the remaining highest ranked non-
constituents are excluded until the target exclusion count of 20 is reached.

All constituents of the underlying index not excluded by the above are selected and form the index.

Index Additions. Eligible additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Rebalancing. The index rebalances Quarterly, effective after the market close on the third Friday of
March, June, September, and December. The reference date used for FMC ranking purposes is the
second to last Friday of the month prior to the rebalancing.79

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

79
For history prior to 09/03/2021, the reference date used for FMC ranking purposes was the last Friday of the month prior to the
rebalancing, except for the September rebalancing where the reference date for data used was the second to last Friday of
August.

S&P Dow Jones Indices: Custom Indices Methodology 263

S&P/ASX 300 Ex-ANZ, CBA, NAB and WBC Index (AUD)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding ANZ Group Holdings Limited, Commonwealth Bank of Australia, National Australia Bank
Limited and Westpac Banking Corporation.

Underlying Index. S&P/ASX 300 Index. For information on the underlying index, please refer to the
S&P/ASX Australian Indices Methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding the
following companies:

Company ASX Ticker

ANZ Group Holdings Limited ANZ
Commonwealth Bank of Australia CBA
National Australia Bank Limited NAB
Westpac Banking Corporation WBC

Constituent Weightings. Constituents are weighted by float-adjusted market capitalization.

Index Additions and Deletions. Constituent changes to the underlying index are applied simultaneously
to the index.

Index Maintenance. All index adjustments, and corporate action treatments, including rebalancing,
follow the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 264

S&P/ASX 300 INDUSTRIALS Ex ANZ CBA NAB & WBC

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding ANZ Group Holdings Limited, Commonwealth Bank of Australia, National Australia Bank
Limited and Westpac Banking Corporation.

Underlying Index. S&P/ASX 300 Industrials Index.80 For information on the underlying index, please
refer to the S&P/ASX Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding the
following companies:

Company ASX Ticker

ANZ Group Holdings Limited ANZ
Commonwealth Bank of Australia CBA
National Australia Bank Limited NAB
Westpac Banking Corporation WBC

Index Additions and Deletions. Constituent changes to the underlying index are applied simultaneously
to the index.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

80
Industrials and resource indices were launched for the S&P/ASX 100, S&P/ASX 200, S&P/ASX 300, S&P/ASX MidCap 50 and
S&P/ASX Small Ordinaries. The indices are defined and constructed around criteria relating to GICS. Resources are defined as
companies classified in the Energy sector (GICS Tier 1) and the Metals & Mining industry (GICS Tier 3). The industrials indices
are composed of everything else and are distinctly different from the GICS Industrials sector.

S&P Dow Jones Indices: Custom Indices Methodology 265

S&P/ASX 300 Industrials Ex Top 5 Market Cap Index

Index Objective. The index measures the performance of the underlying index, excluding the top five
companies as ranked by six-month average float-adjusted market capitalization.

Underlying Index. S&P/ASX 300 Industrials Index.81 For information on the underlying index, please
refer to the S&P/ASX Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Index constituents are drawn from the underlying index.

Index Construction. At each rebalancing, constituents of the underlying index, excluding the top five
companies as ranked by six-month average float-adjusted market capitalization, are selected and form
the index.

Index Additions/Deletions. Any constituent change to the underlying index is applied simultaneously to
the index.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Rebalancing. The index rebalances semi-annually, effective after the market close on the third Friday of
March and September.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

81
Industrials and resource indices were launched for the S&P/ASX 100, S&P/ASX 200, S&P/ASX 300, S&P/ASX MidCap 50 and
S&P/ASX Small Ordinaries. The indices are defined and constructed around criteria relating to GICS. Resources are defined as
companies classified in the Energy sector (GICS Tier 1) and the Metals & Mining industry (GICS Tier 3). The industrials indices
are composed of everything else and are distinctly different from the GICS Industrials sector.

S&P Dow Jones Indices: Custom Indices Methodology 266

S&P/ASX 300 Ex-S&P/ASX 200 Index (AUD)

Index Objective. The index measures the performance of the underlying index, excluding constituents
that are also members of the S&P/ASX 200.

Underlying Index. S&P/ASX 300. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding those constituents also in the S&P/ASX
200, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that are not also constituents of the S&P/ASX 200
are added to the index simultaneously. In addition, constituents of the S&P/ASX 200 deleted from that
index that remain constituents of the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. In addition, constituents that become members of the S&P/ASX 200 are deleted from the
index on the same day that they join the S&P/ASX 200.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 267

S&P/ASX 300 Ex-S&P/ASX 50 Index (AUD)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding constituents that are also members of the S&P/ASX 50.

Underlying Index. S&P/ASX 300. For information on the underlying index, and the S&P/ASX 50, please
refer to the S&P/ASX Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index, excluding constituents that
are also members of the S&P/ASX 50, are eligible for and form the index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 268

S&P/ASX 300 Ex S&P/ASX 20 Index

Index Objective. The index measures the performance of the underlying index, excluding constituents
that are also members of the S&P/ASX 20.

Underlying Index. S&P/ASX 300. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding
constituents that are also members of the S&P/ASX 20.

Index Additions. Additions to the underlying index that are not also constituents of the S&P/ASX 20 are
added to the index simultaneously. In addition, constituents of the S&P/ASX 20 deleted from that index
that remain constituents of the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. In addition, constituents that become members of the S&P/ASX 20 are deleted from the
index on the same day that they join the S&P/ASX 20.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 269

S&P/ASX 300 INDUSTRIALS Ex-A-REIT Index (AUD)

Index Objective. The index measures the performance of the underlying index, excluding A-REIT
companies classified as part of the Equity Real Estate Investment Trusts (GICS: 6010) Industry Group
and Mortgage Real Estate Investment Trusts (GICS: 402040) Industry.

Underlying Index. S&P/ASX 300 INDUSTRIALS Index.82 For information on the underlying index,
please refer to the S&P/ASX Australian Indices Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding A-REIT companies classified as part of
the Equity Real Estate Investment Trusts (GICS: 6010) Industry Group and Mortgage Real Estate
Investment Trusts (GICS: 402040) Industry, are eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification follow the rules of
the underlying index.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

82
Industrials and resource indices were launched for the S&P/ASX 100, S&P/ASX 200, S&P/ASX 300, S&P/ASX MidCap 50 and
S&P/ASX Small Ordinaries. The indices are defined and constructed around criteria relating to GICS. Resources are defined as
companies classified in the Energy sector (GICS Tier 1) and the Metals & Mining industry (GICS Tier 3). The industrials indices
are composed of everything else and are distinctly different from the GICS Industrials sector.

S&P Dow Jones Indices: Custom Indices Methodology 270

S&P/ASX 300 Ex S&P/ASX 50 Ex A-REIT

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding certain companies, as defined below.

Underlying Index. S&P/ASX 300. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding the
following:
• Constituents that are also members of the S&P/ASX 50
• A-REIT companies classified as Equity Real Estate Investment Trusts (GICS: 6010)
• Mortgage Real Estate Investment Trusts (GICS: 402040).

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 271

S&P/ASX 300 Custom Infrastructure and Utilities Index (AUD)

Index Objective. The index measures the performance of the constituents of the underlying index that
are classified as part of the GICS Utilities Sector (Code: 55), Transportation Infrastructure Industry (Code:
203050) and Rail Transportation (Code: 20304010) and Alternative Carriers (Code: 50101010) Sub-
Industries.

Underlying Index. S&P/ASX 300. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index classified as part of
the following GICS classifications:

GICS Level GICS Code Description

Sector 55 Utilities
Industry 203050 Transportation Infrastructure
Sub-Industry 20304010 Rail Transportation
Sub-Industry 50101010 Alternative Carriers

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are implemented at

the time of the reclassification.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 272

S&P/ASX 300 Custom Infrastructure Utilities and A-REITS Index

Index Objective. The index measures the performance of the constituents of the underlying index that
are classified as part of the GICS classifications listed below.

Underlying Index. S&P/ASX 300. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index that are classified as
part of the following GICS classifications:

GICS Level GICS Code Description

Sector 55 Utilities
Industry Group 6010 Equity Real Estate Investment Trusts
Industry 203050 Transportation Infrastructure
Industry 402040 Mortgage Real Estate Investment Trusts
Sub-Industry 20304010 Rail Transportation
Sub-Industry 50101010 Alternative Carriers

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 273

S&P/ASX 300 Metals & Mining Capped Index

Index Objective. The index measures the performance of constituents of the underlying index classified
as part of the Metals & Mining (GICS: 151040) industry, subject to an alternative weighting scheme, as
defined below.

Underlying Index. S&P/ASX 300. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index classified as part of the Metals & Mining (GICS:
151040) industry are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, constituents’ weights are capped at 10% of the index. In addition, the combined weight of the
top 10 constituents is capped at 60%. The excess weight is proportionally redistributed to all other index
constituents not subject to capping.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Rebalancing. The index is rebalanced semi-annually, effective after the close of the third Friday of
March and September. The reference date for prices used for the weighting process is the close of the
Wednesday prior to the second Friday of the rebalancing month. For intra-rebalance composition
changes, no intra-rebalance capping is performed.

Currency of Calculation. The index is calculated in Chinese renminbi, Australian dollars, and U.S.
dollars.

Exchange Rate. Real-time WMR foreign exchange bid rates are taken daily at 4:17 PM Sydney Time
and used in the calculation of the index.

S&P Dow Jones Indices: Custom Indices Methodology 274

S&P/ASX 300 Ex S&P/ASX 20 and S&P Global Mid SmallCap 50/50 Blend Index

Index Objective. The index measures the equal-weighted performance of the underlying indices.

Underlying Indices. S&P/ASX 300 ex S&P/ASX 20 NTR Index and S&P Global MidSmallCap
(Australian Dollar) Net Total Return. For information on the underlying indices, please refer to the S&P
Custom Indices, S&P/ASX Australian Indices and S&P Global BMI Methodology documents, available at
[Link]/spdji.

Underlying Index Index Code

S&P/ASX 300 Ex S&P/ASX 20 NTR Index AS52X20N
S&P Global MidSmallCap (Australian Dollar) Net Total Return [Link]

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. This index is rebalanced monthly. The weight of each underlying index is reset to 50% of
the total index weight at the close of the last trading day of the month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 275

S&P/ASX MidCap 50 and Small Ordinaries Daily 50/50 Blend 75% NZD Hedged Index TR (Custom)

Index Objective. The index measures the equal-weighted performance of the underlying indices,
rebalanced on a daily basis.

Underlying Indices. See table below for a list of underlying indices.

Underlying Index Index Code

S&P/ASX MidCap 50 75% NZD Hedged TR (Custom) SPAMCHNT
S&P/ASX Small Ordinaries 75% NZD Hedged TR (Custom) SPASOHNT

For information on the underlying indices, please refer to the S&P/ASX Australian Indices Methodology
available at [Link]/spdji.

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index rebalances daily. The weight of each underlying index resets to 50% of the total
index weight on a daily basis.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Currency of Calculation. The index calculates in New Zealand dollars.

S&P Dow Jones Indices: Custom Indices Methodology 276

All Ordinaries Under AUD 500M Ex-S&P/ASX 300 Index (AUD) (Custom)

Index Objective. The index measures the performance of the underlying index, excluding stocks that are
constituents of the S&P/ASX 300 as well as stocks that have a total market capitalization greater than or
equal to 500,000,000 Australian dollars.

Underlying Index. All Ordinaries. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must satisfy the following criteria in order to qualify
for index inclusion:
• Not be a constituent of the S&P/ASX 300.
• Have a total market capitalization less than 500,000,000 Australian dollars.

Index Construction. At each rebalancing, the index is comprised of the constituents of the underlying
index that satisfy the Index Eligibility criteria.

Index Additions. Except for spin-offs that satisfy the Index Eligibility criteria, no additions are made to
the index between rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by total market capitalization.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Rebalancing. The index is rebalanced semi-annually, effective after the market close on the third
Friday of March and September. The reference date used for the total market capitalization requirement
is the second to last Friday of the month prior to the rebalancing.83

Currency of Calculation. The index is calculated in Australian dollars.

83
For history prior to 09/03/2021 the reference date used for the total market capitalization requirement is the last Friday of the
month prior to the rebalancing in March, and the second to last Friday of August for the September rebalancing.

S&P Dow Jones Indices: Custom Indices Methodology 277

S&P/ASX 200 Ex-S&P/ASX 20 Index (AUD)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding constituents that are also members of the S&P/ASX 20.

Underlying Index. S&P/ASX 200. For information on the underlying index and the S&P/ASX 20, please
refer to the S&P/ASX Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index, excluding constituents that
are also members of the S&P/ASX 20, are eligible for and form the index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 278

S&P/ASX 200 Ex 50

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding constituents that are also members of the S&P/ASX 50 Index.

Underlying Index. S&P/ASX 200. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding those constituents also in the S&P/ASX
50, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that are not also constituents of the S&P/ASX 50 are
added to the index simultaneously. In addition, constituents of the S&P/ASX 50 deleted from that index
that remain constituents of the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. In addition, constituents that become members of the S&P/ASX 50 are deleted from the
index on the same day that they join the S&P/ASX 50.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 279

S&P/ASX 200 Ex. RIO Ex. BHP Index

Index Objective. The index measures the performance of the underlying index, excluding Rio Tinto
Limited (ASX: RIO) and BHP Group Limited (ASX: BHP).

Underlying Index. S&P ASX 200. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Index constituents are drawn from the underlying index, excluding RIO and BHP.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 280

S&P/ASX 200 Ex-S&P/ASX 20 Ex-Smallest 50 Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding 50 of the smallest stocks, as ranked by float-adjusted market capitalization, as well as stocks
that are constituents of the S&P/ASX 20.

Underlying Index. S&P/ASX 200. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index must be ranked in the top 150 by float-adjusted
market capitalization and not be a constituent of the S&P/ASX 20 in order to qualify for index inclusion:

Index Construction. At each rebalancing, constituents of the underlying index are selected for index
inclusion as follows:
1. The 50 smallest underlying index constituents by float-adjusted market capitalization are
excluded, subject to a 15-stock buffer for current index constituents in order to reduce turnover. A
non-constituent that ranks above the buffer for addition will result in the deletion of the lowest
ranked current constituent, while a current constituent that ranks below the buffer for deletion will
result in the addition of the highest ranking non-constituent.
2. After step 1, any remaining underlying index constituents that are constituents of the S&P/ASX 20
are excluded.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Rebalancing. The index is rebalanced quarterly, effective after the close on the third Friday of March,
June, September, and December. The rebalancing reference date is the close of the second to last Friday
of the previous month.84

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

84
For history prior to 09/03/2021 the rebalancing reference date is the close of the last Friday of the previous month.

S&P Dow Jones Indices: Custom Indices Methodology 281

S&P/ASX 200 Ex-ANZ, CBA, NAB and WBC Index (AUD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding the following companies: ANZ Group Holdings Limited, Commonwealth Bank of Australia,
National Australia Bank Limited, and Westpac Banking Corporation.

Underlying Index. S&P/ASX 200 Index. For information on the underlying index, please refer to the
S&P/ASX Australian Indices Methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding the
companies listed below:

Company ASX Ticker

ANZ Group Holdings Limited ANZ
Commonwealth Bank of Australia CBA
National Australia Bank Limited NAB
Westpac Banking Corporation WBC

Constituent Weightings. Constituents are float-adjusted market capitalization weighted.

Additions and Deletions. Constituent changes to the underlying index are applied simultaneously to the
index.

Index Maintenance. All index adjustments, and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 282

S&P/ASX 200 Ex-IAG Index (AUD)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Insurance Australia Group Ltd. (ASX: IAG).

Underlying Index. S&P/ASX 200. For information on the underlying index, please refer to the S&P/ASX
Australian Indices available at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index are eligible for index
inclusion, excluding Insurance Australia Group Ltd.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancings,
follow the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 283

S&P/ASX 200 A-REIT Ex-GMG and GPT Index (AUD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding, Goodman Group (ASX: GMG) and GPT Group (ASX: GPT).

Underlying Index. S&P/ASX 200 A-REIT (Sector) Index. For information on the underlying index, please
refer to the S&P/ASX Australian Indices Methodology at [Link]/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying index, excluding Goodman Group
and GPT Group, are eligible for index inclusion.

Index Construction. See Index Eligibility.

Constituent Weightings. Constituents are float-adjusted market capitalization weighted.

Index Additions and Deletions. Constituent changes to the underlying index are applied simultaneously
to the index.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made according
to the rules of the underlying index.

Index Maintenance. All index adjustments, and corporate action treatments, including rebalancing,
follow the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 284

S&P/ASX 200 Industrials Ex-Top 20 Index (AUD) (Custom)

Index Objective. The index measures the performance of the underlying index, excluding the top 20
constituents as ranked by float-adjusted market capitalization.

Underlying Index. S&P/ASX 200 Industrials Index. For information on the underlying index, please refer
to the S&P/ASX Australian Indices Methodology available at [Link]/spdji/.

Index Eligibility. Constituents of the underlying index, excluding the highest ranked 20 constituents by
FMC, are eligible for index inclusion.

Index Construction. At each rebalancing, select constituents of the underlying index to form the
index, excluding the top 20 constituents as ranked by float-adjusted market capitalization, subject to
the following selection buffer:
1. Automatically exclude the top 14 highest ranked constituents of the underlying index.
2. Exclude current constituents ranked 15 through 25 of the underlying index until the target
exclusion count of 20 is reached.
3. If at this point the exclusion count has not been met, exclude the remaining highest ranked non-
constituents until the target exclusion count of 20 is reached.

Index Additions. Eligible additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weighting. The index is float-adjusted market capitalization weighted.

Rebalancing. The index rebalances quarterly, effective after the market close on the third Friday of
March, June, September, and December. The reference date used for FMC ranking purposes is the
second to last Friday of the month prior to the rebalancing.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 285

S&P/ASX 100 Ex-ANZ, CBA, NAB and WBC Index (AUD)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding ANZ Group Holdings Limited, Commonwealth Bank of Australia, National Australia Bank
Limited and Westpac Banking Corporation.

Underlying Index. S&P/ASX 100 Index. For information on the underlying index, please refer to the
S&P/ASX Australian Indices Methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index, excluding the
following companies:

Company ASX Ticker

ANZ Group Holdings Limited ANZ
Commonwealth Bank of Australia CBA
National Australia Bank Limited NAB
Westpac Banking Corporation WBC

Constituent Weighting. Constituents are weighted by float-adjusted market capitalization.

Index Additions and Deletions. Constituent changes to the underlying index are applied simultaneously
to the index.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 286

S&P/ASX 100 Bank Adjustment Factor Index

Index Objective. The index measures the performance of the constituents of the underlying index, while
limiting exposure to banks. Constituents are weighted by float-adjusted market capitalization, with all
banks (GICS Industry 401010) weighted at 25% of their float-adjusted market capitalization.

Underlying Index. S&P/ASX 100 Index. For information on the underlying index, please refer to the
S&P/ASX Australian Indices Methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index as detailed below.

Index Underlying Index

S&P/ASX 100 Bank Adjustment Factor Index S&P/ASX 100

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index employs a float-adjusted market capitalization weighting scheme.
All bank stocks are weighted at 25% of their float-adjusted market capitalization, including additions.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 287

S&P/ASX 100 INDUSTRIALS Ex-Financials, A-REIT and Data Processing & Outsourced Services
Index (AUD) (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those classified as part of the GICS Financials Sector (Code: 40), Equity Real Estate
Investment Trusts (REITs) Industry Group (Code: 6010), and Data Processing & Outsourced Services
Sub-Industry (Code: 20202030).

Underlying Index. S&P/ASX 100 INDUSTRIALS. For information on the underlying index, please refer
to the S&P/ASX Australian Indices Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are classified as Financials (GICS: 40), Equity
Real Estate Investment Trusts (REITs) (GICS: 6010) and Data Processing & Outsourced Services
(GICS:20202030) are not eligible for index inclusion. All other constituents of the underlying index are
eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that satisfy the
criteria as detailed in Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 288

S&P/ASX 100 and S&P/ASX Small Ordinaries - Fuels, Metals & Mining Blend Index (AUD) TR
(Custom)

Index Objective. The index measures the performance of the component indices, with each component
index comprising 50% of the total index weight.

Underlying Indices. S&P/ASX 100 Oil, Gas & Consumable Fuels and Metals & Mining (TR) and
S&P/ASX Small Ordinaries Oil, Gas & Consumable Fuels and Metals & Mining (TR). For information on
the underlying indices, please refer to respective index methodology pages in this methodology, the S&P
Custom Indices Methodology.

Component Index Index Code Weight

S&P/ASX 100 Oil, Gas & Consumable Fuels and Metals & Mining (AUD)
SPA1OMAT 50%
(TR)
S&P/ASX Small Ordinaries Oil, Gas & Consumable Fuels and Metals &
SPASOMAT 50%
Mining (AUD) (TR)

Index Construction. At each rebalancing, the index is composed of the respective component indices.

Index Weighting. At each rebalancing, the weight of each component index resets to 50% of the total
index weight.

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. This index rebalances daily. The weight of each underlying index is reset to 50% of the
total index weight at the close of each trading day.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 289

S&P/ASX 100 Oil, Gas & Consumable Fuels and Metals & Mining (AUD)

Index Objective. The index measures the performance of the constituents of the underlying index
classified as part of the GICS Oil, Gas & Consumable Fuels (Code: 101020) and Metals & Mining (Code:
151040) Industries.

Underlying Index. S&P/ASX 100. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index classified as part of the following GICS
classifications are eligible for index inclusion:

GICS Level GICS Code Description

Industry 101020 Oil, Gas & Consumable Fuels
Industry 151040 Metals & Mining

Index Construction. The index is composed of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 290

S&P/ASX Small Ordinaries Oil, Gas & Consumable Fuels and Metals & Mining (AUD)

Index Objective. The index measures the performance of the constituents of the underlying index
classified as part of the GICS Oil, Gas & Consumable Fuels (Code: 101020) and Metals & Mining (Code:
151040) Industries.

Underlying Index. S&P/ASX Small Ordinaries. For information on the underlying index, please refer to
the S&P/ASX Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index classified as part of the following GICS
classifications are eligible for index inclusion:

GICS Level GICS Code Description

Industry 101020 Oil, Gas & Consumable Fuels
Industry 151040 Metals & Mining

Index Construction. The index is composed of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is float-adjusted market capitalization weighted.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 291

S&P/ASX 50 Ex A-REIT (Sector)

Index Objective. The index measures the performance of the underlying index, excluding A-REIT
companies classified as Equity Real Estate Investment Trusts (GICS: 6010) and Mortgage Real Estate
Investment Trusts (GICS: 402040).

Underlying Index. S&P/ASX 50. For information on the underlying index, please refer to the S&P/ASX
Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding A-REIT companies classified as Equity
Real Estate Investment Trusts (GICS: 6010) and Mortgage Real Estate Investment Trusts (GICS:
402040), are eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 292

S&P/ASX MidCap 50 and S&P/ASX Small Ordinaries Quarterly 50/50 Blend Index (AUD) (Custom)

Index Objective. The index measures the performance of the underlying indices according to a
predetermined weighting on each underlying index, as defined below.

Underlying Indices. S&P/ASX MIDCAP 50 (AUD) and S&P/ASX SMALL ORDINARIES (AUD). For
information on the underlying indices, please refer to the S&P/ASX Australian Indices Methodology
available at [Link]/spdji.

Underlying Index Index Code Weight

S&P/ASX MIDCAP 50 34 50%
S&P/ASX SMALL ORDINARIES 38 50%

Index Calculation. For information on the Weighted Return index calculation, please refer to the Index
Mathematics Methodology at [Link]/spdji.

Rebalancing. The index rebalances quarterly. At each rebalancing the weight of each underlying index
is reset to 50% of the total index weight after the close on the third Friday of March, June, September,
and December.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 293

S&P/ASX MidCap 50 and Small Ordinaries Quarterly 50/50 Blend Index

Index Objective. The index measures the equal-weighted performance of the underlying indices.

Underlying Indices. S&P/ASX MIDCAP 50 (USD) (Price Return) and S&P/ASX SMALL ORDINARIES
(USD) (Price Return). For information on the underlying indices, please refer to the S&P/ASX Australian
Indices Methodology available at [Link]/spdji.

Underlying Index Index Code

S&P/ASX MIDCAP 50 (USD) 34USD
S&P/ASX SMALL ORDINARIES (USD) 38USD

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index is rebalanced quarterly. The weight of each underlying index is reset to 50% of
the total index weight after the close on the third Friday of March, June, September, and December.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

S&P Dow Jones Indices: Custom Indices Methodology 294

S&P/ASX MidCap 50 and Small Ordinaries Daily 50/50 Blend Index TR

Index Objective. The index measures the equal-weighted performance of the underlying indices.

Underlying Indices. S&P/ASX MIDCAP 50 (TR) and S&P/ASX SMALL ORDINARIES (TR). For
information on the underlying indices, please refer to the S&P/ASX Australian Indices Methodology
available at [Link]/spdji.

Underlying Index Index Code

S&P/ASX MIDCAP 50 (TR) TR
S&P/ASX SMALL ORDINARIES (TR) TR

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index is rebalanced daily. The weight of each underlying index is reset to 50% of the
total index weight on a daily basis.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 295

S&P/ASX MidCap 50 and Small Ordinaries Daily 70/30 Blend Index (AUD) (Custom)

Index Objective. The index measures the performance of a strategy consisting of a 70% weight in the
S&P/ASX MidCap 50 and 30% weight in the S&P/ASX Small Ordinaries.

Underlying Indices. Please refer to the table below. For information on the underlying indices, please
refer to the S&P/ASX Australian Indices Methodology available at [Link]/spdji.

Underlying Indices
Index Name Index Name Index Code Weight
S&P/ASX MidCap 50 and Small Ordinaries S&P/ASX MIDCAP 50 34 70%
Daily 70/30 Blend Index (AUD) PR (Custom) S&P/ASX SMALL ORDINARIES 38 30%
S&P/ASX MidCap 50 and Small Ordinaries S&P/ASX MIDCAP 50 (TR) TR 70%
Daily 70/30 Blend Index (AUD) TR (Custom) S&P/ASX SMALL ORDINARIES (TR) TR 30%

Index Calculation. For more information on the index calculation, please refer to the Weighted Return
section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index rebalances daily. Each day the weight of the underlying indices reset to 70%
and 30% of the total index weight, respectively.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 296

S&P/ASX Mid Small Ex A-REIT

Index Objective. The index measures the performance of the underlying index, excluding A-REIT
companies classified as part of the Equity Real Estate Investment Trusts (GICS: 6010) Industry Group
and Mortgage Real Estate Investment Trusts (GICS: 402040) Industry.

Underlying Index. S&P/ASX Mid Small Index. For information on the underlying index, please refer to
the S&P/ASX Australian Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding A-REIT companies classified as part of
the Equity Real Estate Investment Trusts (GICS: 6010) Industry Group and Mortgage Real Estate
Investment Trusts (GICS: 402040) Industry , are eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification follow the rules of
the underlying index.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 297

S&P/ASX Sustainability Screened Dividend Opportunities Spliced Index (AUD) TR (Custom)

Index Objective. The index measures the performance of the underlying index.

Underlying Index. S&P/ASX Sustainability Screened Dividend Opportunities Index (AUD) TR. 85 For
information on the underlying index, please refer to the S&P/ASX Sustainability Screened Dividend
Opportunities Index Methodology at [Link]/spdji/.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

85
For history from 12/06/2010 to 11/30/2022, the underlying index was the S&P/ASX Dividend Opportunities Index TR.

S&P Dow Jones Indices: Custom Indices Methodology 298

S&P Australia REIT 7％ Capped Index (Custom)

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 7.0% weight cap.

Underlying Index. S&P Australia REIT. For information on the underlying index, please refer to the S&P
Property Indices Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for and included in the index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index are added to the index simultaneously. Except for
spin-offs, any intra-quarter addition to the index is added with the largest Additional Weight Factor (AWF)
currently represented in the index and will be capped at the next rebalancing, if necessary. Spin-offs are
added with the same AWF as the parent.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is capped market capitalization weighted. At each rebalancing, no
single stock’s weight can exceed 7%.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used in the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. and Australian dollars.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: Custom Indices Methodology 299

S&P/JPX Dividend Aristocrats Index USD Hedged Net Total Return (WHT 15.315%)

Index Objective. The index measures the net total return performance of the constituents of the
underlying index where dividends are reinvested after the deduction of a 15.315% withholding tax. The
index is hedged against fluctuations of the U.S. dollar and the amount hedged is adjusted on a monthly
basis.

Underlying Index. S&P/JPX Dividend Aristocrats Index. For information on the underlying index, please
refer to the S&P/JPX Dividend Aristocrats Methodology available at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Maintenance. All index adjustments and corporate action treatments including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars.

Tax Rate. The withholding tax rate used in the calculation of the index is 15.315%.

Exchange Rate. WMR foreign exchange rates are taken daily at 4:00 PM London Time and used in the
calculation of the indices. These mid-market fixings are calculated by WMR based on LSEG data and
appear on LSEG pages.

Hedging. The index is calculated by hedging beginning-of-period balances using rolling one-month
forward contracts. For information on the monthly currency hedged calculation, please refer to the S&P
Dow Jones Indices’ Index Mathematics Methodology available at [Link]/spdji.

S&P Dow Jones Indices: Custom Indices Methodology 300

S&P Japan BMI Index (Asia Close)

Index Objective. The index measures the performance of the constituents of the underlying index, S&P
Japan BMI.

Underlying Index. S&P Japan BMI. For information on the underlying index, please refer to the S&P
Global BMI Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are present in the S&P Japan BMI are eligible
for index inclusion. Additionally, constituents must be listed in Japan.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is float-adjusted market cap weighted.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in USD, using spot exchange rates taken at 4:17 PM
Sydney Time as supplied by WMR.

In addition, GICS Sector and Industry Group versions of the index also calculate.

S&P Dow Jones Indices: Custom Indices Methodology 301

S&P Japan Shariah Top 20 Index

Index Objective. The index measures the performance of 20 of the largest constituents of the underlying
index.

Underlying Index. S&P Japan BMI Shariah. For information on the underlying index, please refer to the
S&P Shariah Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index are eligible for index inclusion.

Index Construction. At the annual reconstitution, the 20 largest constituents of the underlying index,
based on total market capitalization, are selected for index inclusion.

Index Additions. Outside of the annual reconstitution, replacement stocks are added to the index as
described in Index Deletions.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. If a constituent is deleted between reconstitutions, the next largest stock in the underlying
index, as of the close of the third Friday of the previous month, is added as a replacement in order to
maintain a constituent count of 20.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Rebalancing. The index is reconstituted annually effective prior to the open of the Monday following the
third Friday of September. The reconstitution reference date for eligibility screening is after the close of
the third Friday of August.86

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars, Japanese yen, and Malaysian ringgit.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

86
Prior to 09/02/2022, the reconstitution reference date was after the close of the Wednesday prior to the second Friday of the
reconstitution month.

S&P Dow Jones Indices: Custom Indices Methodology 302

S&P/NZX 50 and S&P/ASX 200 Quarterly 50/50 Blend Index (AUD) (Custom)

Index Objective. The index measures the performance of the underlying indices according to a
predetermined weighting on each underlying index, as defined below.

Underlying Indices. S&P/NZX 50 Index (AUD) and S&P/ASX 200 AUD. For information on the
underlying indices, please refer to the S&P/ASX Australian and S&P/NZX New Zealand Indices
Methodology available at [Link]/spdji.

Underlying Index Index Code Weight

S&P/NZX 50 Index (AUD) SPNZ50AP 50%
S&P/ASX 200 (AUD) AS51 50%

Index Calculation. For information on the Weighted Return index calculation, please refer to the Index
Mathematics Methodology at [Link]/spdji.

Rebalancing. The index rebalances quarterly. At each rebalancing the weight of each underlying index
is reset to 50% of the total index weight after the close on the third Friday of March, June, September,
and December.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index calculates in Australian dollars.

S&P Dow Jones Indices: Custom Indices Methodology 303

S&P/NZX 50 and S&P/ASX 200 NZD Hedged 50/50 Blend Index TR (Custom)

Index Objective. The index measures the equal weighted performance of the component indices.

Component Indices. S&P/NZX 50 Index Gross and S&P/ASX 200 NZD Hedged TR Index. For
information on the underlying indices, please refer to the S&P/NZX New Zealand Indices and S&P/ASX
Australian Indices Methodology, available at [Link]/spdji.

Component Index Index Code

S&P/NZX 50 Index Gross SPNZXNZ50TR
S&P/ASX 200 NZD Hedged TR SPAX2NHT

Index Calculation. For information on the index calculation, please refer to the Weighted Return Indices
section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index rebalances monthly, with the weight of each component index reset to 50% of
the total index weight after the close of the last trading day of the month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Holiday Schedule. The index calculates when the New Zealand equity market is open. A complete
holiday schedule for the year is available at [Link]/spdji.

Currency of Calculation. The index calculates in New Zealand dollars.

S&P Dow Jones Indices: Custom Indices Methodology 304

S&P/NZX 50 Ex Genesis Energy Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Genesis Energy Limited (NZX: GNE).

Underlying Index. S&P/NZX 50 Index. For information on the underlying index, please refer to the
S&P/NZX New Zealand Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index, excluding Genesis Energy Limited (NZX: GNE),
are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions/Deletions. Any constituent change to the underlying index is applied simultaneously to
the index.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in New Zealand dollars.

S&P Dow Jones Indices: Custom Indices Methodology 305

S&P/NZX All Real Estate Ex PCT Capital

Index Objective. The index measures the performance of the constituents of the underlying index
classified as part of the Real Estate Sector (GICS: 60), excluding Precinct Properties New Zealand Ltd.
(NZX: PCT).

Underlying Index. S&P/NZX All Index. For information on the underlying index, please refer to the
S&P/NZX New Zealand Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index classified as part of the Real Estate Sector (GICS:
60) are eligible for index inclusion, excluding Precinct Properties New Zealand Ltd. (NZX: PCT).

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

GICS Reclassification. Changes as a result of a constituent’s GICS reclassification are made to the
index on the reclassification effective date.

Constituent Weightings. The index is weighted by float-adjusted market capitalization.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in New Zealand dollars.

S&P Dow Jones Indices: Custom Indices Methodology 306

S&P/NZX All Real Estate (Sector) Gross with Imputation and S&P/ASX 200 A-REIT (Sector) (NZD)
(TR) Hedged 60/40 Blend Index

Index Objective. The index is an index of indices consisting of a position with a 60% index weight in the
S&P/NZX All Real Estate (Sector) Gross with Imputation and a 40% index weight in the S&P/ASX 200 A-
REIT (Sector) (NZD) (TR) Hedged.

Underlying Indices. Please see the table below. For information on the underlying indices, please refer
to the S&P/NZX New Zealand Indices Methodology and S&P/ASX Australian Indices Methodology
available at [Link]/spdji.

Underlying Index Index Code Weight

S&P/NZX All Real Estate (Sector) Gross with Imputation SPNARENG 60%
S&P/ASX 200 A-REIT (Sector) (NZD) (TR) Hedged AS51PNHT 40%

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index is rebalanced daily. The weight of the S&P/NZX All Real Estate (Sector) Gross
with Imputation is reset to 60% and the S&P/ASX 200 A-REIT (Sector) (NZD) (TR) Hedged is reset to
40% on a daily basis.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in New Zealand dollars.

S&P Dow Jones Indices: Custom Indices Methodology 307

S&P/NZX 50 and S&P/ASX 200 NZD 50% Hedged 50/50 Blend Index TR (Custom)

Index Objective. The index measures the equal weighted performance of the component indices.

Component Indices. S&P/NZX 50 Index Gross and S&P/ASX 200 NZD 50% Hedged TR Index. For
information on the component indices, please refer to the S&P/NZX New Zealand Indices and S&P/ASX
Australian Indices Methodology, available at [Link]/spdji.

Component Index Index Code

S&P/NZX 50 Index Gross SPNZXNZ50TR
S&P/ASX 200 (50% NZD Hedged) Index TR SPA2H5NT

Index Calculation. For information on the index calculation, please refer to the Weighted Return Indices
section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Rebalancing. The index rebalances monthly, with the weight of each component index reset to 50% of the
total index weight after the close of the last trading day of the month.

Index Maintenance. All index adjustments and corporate action treatments follow the component
indices.

Holiday Schedule. The index calculates when the New Zealand equity market is open. A complete holiday
schedule for the year is available at [Link]/spdji.

Currency of Calculation. The index calculates in New Zealand dollars.

S&P Dow Jones Indices: Custom Indices Methodology 308

S&P Asia Infrastructure Index Ex Japan, Oil & Gas Drilling and Oil & Gas Equipment & Services
Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding Japanese stocks and stocks in the GICS Oil & Gas Drilling and Oil & Gas Equipment &
Services sub-industries. The index is hedged against fluctuations of the Brazilian reals, Indian rupees,
Indonesian rupiah, and Japanese yen; the amount hedged is adjusted on a monthly basis.

Underlying Index. S&P Asia Infrastructure Index. For information on the underlying index, please refer
to the S&P Thematic Indices Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index that are domiciled in Japan or are classified as
part of the GICS Oil & Gas Drilling (Code: 10101010) and Oil & Gas Equipment & Services (Code:
10101020) sub-industries are not eligible for index inclusion. All other constituents of the underlying index
are eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. Constituents are weighted using the same process as the underlying index.

Index Maintenance. All index adjustments and corporate action treatments, including rebalancing, follow
the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars, Brazilian reals, Indian rupees,
Indonesian rupiah and Japanese yen.

Exchange Rate. WMR foreign exchange rates are taken daily at 4:00 PM London Time and used in the
calculation of the indices. These mid-market fixings are calculated by WMR based on LSEG data and
appear on LSEG pages.

S&P Dow Jones Indices: Custom Indices Methodology 309

S&P Asia Ex-Japan Small and MidCap Index

Index Objective. The index measures the performance of up to 200 of the largest SmallCap and MidCap
companies of the underlying index, subject to the diversification rules detailed below.

Underlying Indices. S&P Pan Asia SmallCap and S&P Pan Asia MidCap Indices. For information on the
underlying index, please refer to the S&P Global BMI, S&P/IFCI Methodology available at
[Link]/spdji.

Index Eligibility. Index constituents are drawn from the underlying indices.

Index Construction. The index consists of a maximum of 200 stocks: the 100 largest SmallCap
companies and the 100 largest MidCap companies determined as follows:
• Constituents of each underlying index are categorized by size (SmallCap and MidCap) and
domicile.
• Constituents are then ranked by total market capitalization and the largest 100 stocks of each
size category are selected for index inclusion, subject to the domicile eligibility and rank
restrictions defined by the below table:
Domicile Full Market Cap Rank
Malaysia Top 20
China (H Shares only) Top 10
Hong Kong Top 10
Indonesia Top 10
Philippines Top 10
Singapore Top 10
South Korea Top 10
Taiwan Top 10
Thailand Top 10

Index Additions. No additions to the index are made between annual reconstitutions. Spin-offs from
current index constituents are added to the index on the same effective date as the underlying indices
and are then removed from the index after one day of regular way trading.

Index Deletions. Constituents removed from the underlying indices are removed from the index
simultaneously.

Constituent Weightings. At each reconstitution, the aggregate weight of all SmallCap and MidCap
companies in the index is set to 50%, respectively. Each stock’s weight in the index is capped at 10% of
the overall index. Within each size category, stocks are weighted by float-adjusted market capitalization.

Rebalancing. The index is reconstituted annually effective prior to the open of the Monday following the
third Friday of September. The reconstitution reference date for eligibility screening is the close of the
Wednesday prior to the second Friday of the reconstitution month. The reference date for prices used in
the weighting process is the close of the Wednesday prior to the second Friday of the reconstitution
month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Malaysian ringgit.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: Custom Indices Methodology 310

S&P 500 Carbon Efficient in TTM Rates JPY Hedged Index

Index Objective. The index measures the performance of the underlying index hedged against currency
fluctuations.

Underlying Index. S&P 500 Carbon Efficient Index (Index Code: SP5CEUP). For information on the
underlying index, please refer to the S&P Global Carbon Efficient Index Series Methodology available at
[Link]/spdji.

Currency of Calculation. The index is calculated in Japanese yen.

Exchange Rate. Index values are calculated using TTM (Telegraphic Transfer Midrate) foreign exchange
rates from the Bank of Tokyo Mitsubishi. Index values are published on the calculation date using TTM rates
of T+1.

Holiday Schedule. The index is calculated when the Japan equity markets are open. A complete holiday
schedule for the year is available at [Link]/spdji.

Rebalancing. The index is rebalanced monthly. The amount required to be hedged is determined by TTM
rate on the last business day (LBD) of Japan and the underlying index value on “LBD-1”. In case there is no
underlying index value on LBD-1 due to US holidays, the most recent index value is used.

Hedging. The index daily return series are computed by interpolating between the spot price and the
forward price.

For each hedge month 𝑚, there are 𝑑 = 1,2,3 … 𝐷 business days.

𝑚𝑑 = day 𝑑 for hedge month 𝑚 and 𝑚0 is the last business day of the hedge month 𝑚 − 1.
𝐹_𝐼𝑚𝑑 = the interpolated forward rate as of day 𝑑 of month 𝑚.

𝑆𝑚 = the spot rate in U.S. dollar per Japanese yen (USD/JPY).

𝐹𝑚 = the forward rate in U.S. dollar per Japanese yen (USD/JPY).
𝐻𝑅𝑚𝑑 = the hedge return (%).
𝑆𝑃𝐼_𝐸𝑚 = the underlying index level in Japanese yen.
𝑆𝑃𝐼_𝐸𝐻𝑚 = the hedged index level.

S&P Dow Jones Indices: Custom Indices Methodology 311

DJIA TTM Japanese Yen Hedged Index, Dow Jones Industrial Average JPY Hedged (TTM) (Japan
Calendar) Index87

Index Objective. The index measures the performance of the underlying index, hedged against currency
fluctuations.

Underlying Index. Dow Jones Industrial Average (Index Code: DJI). For information on the underlying
index, please refer to the Dow Jones Industrials Index Methodology available at [Link]/spdji.

Currency of Calculation. The index is calculated in Japanese yen.

Exchange Rate. Index values are calculated using TTM (Telegraphic Transfer Midrate) foreign
exchange rates from the Bank of Tokyo Mitsubishi. Index values are published on the calculation date
using TTM rates of T+1.

Holiday Schedule. The index is calculated when the Japan equity markets are open. 88 A complete
holiday schedule for the year is available at [Link]/spdji.

Rebalancing. The index is rebalanced monthly. The amount required to be hedged is determined by
TTM rate on the first business day (FBD) of Japan and the underlying index value on “FBD-1”. In case
there is no underlying index value on FBD-1 due to US holidays, the most recent index value is used.

Hedging. The index daily return series are computed by interpolating between the spot price and the
forward price.

For each hedge month 𝑚, there are 𝑑 = 1,2,3… 𝐷 business days.

𝑚𝑑 is day 𝑑 for hedge month 𝑚 and 𝑚0 is the last business day of the hedge month 𝑚 − 1
𝐹_𝐼𝑚𝑑 = the interpolated forward rate as of day 𝑑 of month 𝑚
𝑆𝑚 = the spot rate in U.S. dollar per Japanese yen (USD/JPY)
𝐹𝑚 = the forward rate in U.S. dollar per Japanese yen (USD/JPY)
𝐻𝑅𝑚𝑑 = the hedge return (%)
𝑆𝑃𝐼_𝐸𝑚 = the underlying index level in Japanese yen
𝑆𝑃𝐼_𝐸𝐻𝑚 = the hedged index level
𝐷−𝑑
𝐹_𝐼𝑚𝑑 = 𝑆𝑚𝑑 + ( ) ∗ (𝐹𝑚𝑑 − 𝑆𝑚𝑑 )
𝐷
𝑆𝑚0 𝑆𝑚0
𝐻𝑅𝑚𝑑 = −
𝐹𝑚0 𝐹_𝐼𝑚𝑑
𝑆𝑃𝐼_𝐸𝑚𝑑
𝑆𝑃𝐼_𝐸𝐻𝑚𝑑 = 𝑆𝑃𝐼_𝐸𝐻𝑚0 ∗ ( + 𝐻𝑅𝑚𝑑 )
𝑆𝑃𝐼_𝐸𝑚0

87
The indices are identical but for their respective index histories due to the differing index value calculation and publication rule as
described for the DJIATTM Japanese Yen Hedged Index in the Methodology Changes section on the following page.
88
For history prior to 05/31/2017, index values were calculated and published on all calendar weekdays regardless of market
holidays.

S&P Dow Jones Indices: Custom Indices Methodology 312

S&P Global BMI * 70% + S&P China Ex-A-B-Shares* 30% Index

Index Objective. The index measures the performance of the constituents of the underlying index,
excluding those constituents listed on the Shanghai & Shenzhen Stock Exchanges. Constituents are
float-market capitalization weighted, subject to the constraints listed in Constituent Weightings.

Underlying Index. S&P Global BMI. For information on the underlying index, please refer to the S&P
Global BMI, S&P/IFCI Index Methodology available at [Link]/spdji.

Index Eligibility. Constituents of the underlying index listed on mainland China's two stock exchanges,
the Shanghai and Shenzhen Stock Exchanges, are not eligible for index inclusion. All other constituents
of the underlying index are eligible for index inclusion.

Index Construction. The index is comprised of the constituents of the underlying index that meet the
Index Eligibility criteria.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously. If a stock is added to the underlying index between rebalancings, the stock is added to
the index with the same AWF as current constituents sharing the same domicile.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index is weighted by float-adjusted market capitalization. At each

rebalancing, the aggregate weight of all stocks domiciled in China is set to 30%. The aggregate weight of
all non-China domiciled stocks is set to 70%.

Rebalancing. The index is rebalanced quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The reference date for prices used in the
weighting process is the close of the Wednesday prior to the second Friday of the rebalancing month.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Currency of Calculation. The index is calculated in U.S. dollars and Chinese renminbi.

Exchange Rate. The index uses the same foreign exchange rate as the underlying index.

S&P Dow Jones Indices: Custom Indices Methodology 313

S&P Extended Frontier 150 (Custom Country Inclusions)

Index Objective. The index measures the performance of 150 of the largest and most liquid constituents
selected from the underlying indices, subject to specific eligibility and inclusion rules.

Underlying Indices. S&P Extended Frontier 150 and S&P Kuwait BMI.89 For information on the
underlying indices, please refer to the S&P Frontier Indices Methodology and the S&P Global BMI,
S&P/IFCI Index Methodology at [Link]/spdji.

Index Eligibility. Constituents of the underlying indices domiciled in Lebanon or Ivory Coast are
ineligible. All other constituents of the underlying indices are eligible, subject to the inclusion requirements
of the S&P Extended Frontier 150.

Index Construction. The index is comprised of the constituents of the underlying indices that meet the
Index Eligibility criteria.

Constituent Weightings. The index follows the weighting scheme of the S&P Extended Frontier 150. At
each rebalancing, modifications are made to FMC weights such that no stock can have a weight of more
than 10% in the index and no country can have a weight of more than 15% in the index.

Rebalancing. The index is rebalanced annually according to the rules of the S&P Extended Frontier 150.

Index Maintenance. All index adjustments and corporate action treatments follow the S&P Extended
Frontier 150.

Currency of Calculation. The index is calculated in U.S. dollars.

89
Kuwait was reclassified from Frontier to Emerging Market status effective at the open on September 23, 2019. Prior to this date,
index constituents were drawn from the S&P Extended Frontier 150 only.

S&P Dow Jones Indices: Custom Indices Methodology 314

S&P CPPIB Net Total Return Indices

Index Objective. The indices measure the net total return performance of the constituents of the
underlying index. Net total return indices reinvest regular cash dividends at the close on the ex-date after
the deduction of applicable withholding taxes. The withholding tax rates applied to the indices are the
rates applicable to the Canada Pension Plan Investment Board (CPPIB).

For a list of available indices, please refer to S&P DJI Methodology & Regulatory Status Database.

Underlying Index. For information on each underlying index, please refer to the respective underlying
index methodology at [Link]/spdji.

Index Eligibility. The index is comprised of the constituents of the underlying index.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying index that meet the eligibility criteria are added to the index
simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. Constituent weights follow the underlying index.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Withholding Tax Rates. The withholding tax rates used to calculate the indices are applicable to the
Canada Pension Plan Investment Board (CPPIB). These rates may change from time to time, at the
request of CPPIB.

For more information on the withholding tax rates, please contact CPPIB at
[Link]

S&P Dow Jones Indices: Custom Indices Methodology 315

S&P Kensho Cyber Security Top 10 25% Capped Index (USD) (Custom)

Index Objective. The index measures the performance of the 10 largest, by float-adjusted market
capitalization, constituents of the underlying index, excluding those that are also constituents of the S&P
500. The index is capped FMC weighted, with constituents’ weights subject to a single constituent weight
cap of 25%.

For information on the S&P 500, please refer to the S&P U.S. Indices Methodology available at
[Link]/spdji.

Underlying Index. S&P Kensho Cyber Security Index. For information on the underlying index, please
refer to the S&P Kensho Indices Methodology available at [Link]/spdji.

Index Eligibility. At each rebalancing, the constituents of the underlying index are eligible for index
inclusion, excluding those that are also constituents of the S&P 500.

Index Construction. At each rebalancing, rank the eligible stocks in the underlying index by FMC,
selecting the top 10, subject to the following selection buffer:
1. All stocks ranked in the top eight are automatically selected.
2. Current constituents ranked nine to 12 are selected until the target constituent count is reached.
3. If after step 2 the target constituent count is still not met, the largest non-constituent is selected
and added to the index. This process continues iteratively until the target constituent count of 10
is met.

Index Additions. Except for spin-offs, and mergers/acquisitions, companies can only be added to the
index at the time of the rebalancings.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously. Constituents of the index added to the S&P 500 are held and removed at the subsequent
rebalancing.

Constituent Weighting. At each rebalancing, the index is capped market capitalization weighted, with
constituents’ FMC weights subject to a single constituent weight cap of 25%. If any constituent’s weight
exceeds 25% that constituent is capped, and the excess weight is proportionally redistributed to
uncapped constituents. The process continues iteratively until the constraint is satisfied. No intra-
rebalancing capping is performed.

Index Maintenance. All index adjustments, except for rebalancing frequency, and corporate action
treatments follow the underlying index.

Rebalancing. The index rebalances quarterly, effective prior to the open of the Monday following the
third Friday of March, June, September, and December. The rebalancing reference date is the close of
the last business day of the previous month. The reference date for prices used for the weighting process
is the close of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: Custom Indices Methodology 316

S&P 500 and S&P Kensho Cyber Security Top 10 25% Capped 80/20 Blend Index (USD)

Index Objective. The index is a weighted return index measuring the performance of two component
indices weighted according to the pre-determined float-adjusted market capitalization weighting scheme
defined below.

Highlights. The index includes all constituents of the S&P 500 and S&P Kensho Cyber Security Top 10
25% Capped Index (USD) (Custom).

Component Indices. Please see the table below.

Component Indices
Index Name Index Name Index Code Weight
S&P 500 and S&P Kensho Cyber S&P 500 500 80%
Security Top 10 25% Capped 80/20 S&P Kensho Cyber Security Top 10 25%
KCYB10UN 20%
Blend Index (USD) Capped Index (USD) (Custom) NTR

For information on the component indices, please refer to the S&P U.S. Indices Methodology available at
[Link]/spdji and the preceding page of this methodology for the description of the S&P
Kensho Cyber Security Top 10 25% Capped Index (USD) (Custom).

Index Construction. At each rebalancing, the index is composed of the respective component indices.

Index Weighting. At each rebalancing, the weight of each component index is reset to the weights
determined above.

Index Calculation. For information on the calculation of the indices please refer to the Weighted Return
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatment follow the component indices.

Rebalancing. The index rebalances quarterly (following the same schedule as the S&P 500), effective
after the close of trading on the third Friday of March, June, September, and December.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: Custom Indices Methodology 317

S&P Pan Europe LargeCap and S&P North America LargeCap 33/67 Blend Index (USD)

Index Objective. Each index is a weighted return index measuring the performance of two component
indices weighted according to the pre-determined weighting scheme defined below.

Component Indices. Please refer to the table below. For information on the component indices, please
refer to the S&P Global BMI, S&P/IFCI Methodology available at [Link]/spdji.

Component Indices
Index Name Index Name Index Code Weight
S&P Pan Europe LargeCap and S&P Pan Europe LargeCap (USD) SPCLGRPEUSD 33%
S&P North America LargeCap
33/67 Blend Index (USD) S&P North America LargeCap (USD) SPCLGRNAUSD 67%
S&P Pan Europe LargeCap and S&P Pan Europe LargeCap (USD) TR [Link] 33%
S&P North America LargeCap
33/67 Blend Index (USD) TR S&P North America LargeCap (USD) TR [Link] 67%
S&P Pan Europe LargeCap and S&P Pan Europe LargeCap (USD) NTR [Link] 33%
S&P North America LargeCap
33/67 Blend Index (USD) NTR S&P North America LargeCap (USD) NTR [Link] 67%

Index Construction. At each rebalancing, the index is composed of the component indices.

Index Weighting. At each rebalancing, the component index weights are reset to the weights detailed in
the table above.

Index Calculation. For information on the calculation of the index, please refer to the Weighted Return
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Maintenance. All index adjustments and corporate action treatments follow the component
indices.

Rebalancing. The index rebalances monthly, effective after the close of the last business day of the
month.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: Custom Indices Methodology 318

S&P Dow Jones Indices’ Contact Information
Contact Information

For questions regarding an index, please contact: index_services@[Link].

S&P Dow Jones Indices: Custom Indices Methodology 319

Disclaimer
Performance Disclosure/Back-Tested Data

Where applicable, S&P Dow Jones Indices and its index-related affiliates (“S&P DJI”) defines various
dates to assist our clients by providing transparency. The First Value Date is the first day for which there
is a calculated value (either live or back-tested) for a given index. The Base Date is the date at which the
index is set to a fixed value for calculation purposes. The Launch Date designates the date when the
values of an index are first considered live: index values provided for any date or time period prior to the
index’s Launch Date are considered back-tested. S&P DJI defines the Launch Date as the date by which
the values of an index are known to have been released to the public, for example via the company’s
public website or its data feed to external parties. For Dow Jones-branded indices introduced prior to May
31, 2013, the Launch Date (which prior to May 31, 2013, was termed “Date of introduction”) is set at a
date upon which no further changes were permitted to be made to the index methodology, but that may
have been prior to the Index’s public release date.

Please refer to the methodology for the Index for more details about the index, including the manner in
which it is rebalanced, the timing of such rebalancing, criteria for additions and deletions, as well as all
index calculations.

Information presented prior to an index’s launch date is hypothetical back-tested performance, not actual
performance, and is based on the index methodology in effect on the launch date. However, when
creating back-tested history for periods of market anomalies or other periods that do not reflect the
general current market environment, index methodology rules may be relaxed to capture a large enough
universe of securities to simulate the target market the index is designed to measure or strategy the index
is designed to capture. For example, market capitalization and liquidity thresholds may be reduced. In
addition, forks have not been factored into the back-test data with respect to the S&P Cryptocurrency
Indices. For the S&P Cryptocurrency Top 5 & 10 Equal Weight Indices, the custody element of the
methodology was not considered; the back-test history is based on the index constituents that meet the
custody element as of the Launch Date. Also, the treatment of corporate actions in back-tested
performance may differ from treatment for live indices due to limitations in replicating index management
decisions. Back-tested performance reflects application of an index methodology and selection of index
constituents with the benefit of hindsight and knowledge of factors that may have positively affected its
performance, cannot account for all financial risk that may affect results and may be considered to reflect
survivor/look ahead bias. Actual returns may differ significantly from, and be lower than, back-tested
returns. Past performance is not an indication or guarantee of future results.

Typically, when S&P DJI creates back-tested index data, S&P DJI uses actual historical constituent-level
data (e.g., historical price, market capitalization, and corporate action data) in its calculations. As ESG
investing is still in early stages of development, certain datapoints used to calculate certain ESG indices
may not be available for the entire desired period of back-tested history. The same data availability issue
could be true for other indices as well. In cases when actual data is not available for all relevant historical
periods, S&P DJI may employ a process of using “Backward Data Assumption” (or pulling back) of ESG
data for the calculation of back-tested historical performance. “Backward Data Assumption” is a process
that applies the earliest actual live data point available for an index constituent company to all prior
historical instances in the index performance. For example, Backward Data Assumption inherently
assumes that companies currently not involved in a specific business activity (also known as “product
involvement”) were never involved historically and similarly also assumes that companies currently
involved in a specific business activity were involved historically too. The Backward Data Assumption
allows the hypothetical back-test to be extended over more historical years than would be feasible using
only actual data. For more information on “Backward Data Assumption” please refer to the FAQ. The
methodology and factsheets of any index that employs backward assumption in the back-tested history

S&P Dow Jones Indices: Custom Indices Methodology 320

will explicitly state so. The methodology will include an Appendix with a table setting forth the specific
data points and relevant time period for which backward projected data was used. Index returns shown
do not represent the results of actual trading of investable assets/securities. S&P DJI maintains the index
and calculates the index levels and performance shown or discussed but does not manage any assets.

Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the
securities underlying the Index or investment funds that are intended to track the performance of the
Index. The imposition of these fees and charges would cause actual and back-tested performance of the
securities/fund to be lower than the Index performance shown. As a simple example, if an index returned
10% on a US $100,000 investment for a 12-month period (or US $10,000) and an actual asset-based fee
of 1.5% was imposed at the end of the period on the investment plus accrued interest (or US $1,650), the
net return would be 8.35% (or US $8,350) for the year. Over a three-year period, an annual 1.5% fee
taken at year end with an assumed 10% return per year would result in a cumulative gross return of
33.10%, a total fee of US $5,375, and a cumulative net return of 27.2% (or US $27,200).

Intellectual Property Notices/Disclaimer

© 2024 S&P Dow Jones Indices. All rights reserved. S&P, S&P 500, SPX, SPY, The 500, US500 , US 30,
S&P 100, S&P COMPOSITE 1500, S&P 400, S&P MIDCAP 400, S&P 600, S&P SMALLCAP 600, S&P
GIVI, GLOBAL TITANS, DIVIDEND ARISTOCRATS, Select Sector, S&P MAESTRO, S&P PRISM, S&P
STRIDE, GICS, SPIVA, SPDR, INDEXOLOGY, iTraxx, iBoxx, ABX, ADBI, CDX, CMBX, MBX, MCDX,
PRIMEX, HHPI, and SOVX are registered trademarks of S&P Global, Inc. (“S&P Global”) or its affiliates.
DOW JONES, DJIA, THE DOW and DOW JONES INDUSTRIAL AVERAGE are trademarks of Dow
Jones Trademark Holdings LLC (“Dow Jones”). These trademarks together with others have been
licensed to S&P Dow Jones Indices LLC. Redistribution or reproduction in whole or in part are prohibited
without written permission of S&P Dow Jones Indices LLC. This document does not constitute an offer of
services in jurisdictions where S&P DJI does not have the necessary licenses. Except for certain custom
index calculation services, all information provided by S&P DJI is impersonal and not tailored to the needs
of any person, entity, or group of persons. S&P DJI receives compensation in connection with licensing its
indices to third parties and providing custom calculation services. 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 index may
be available through investable instruments based on that index. S&P DJI 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 index. S&P DJI makes
no assurance that investment products based on the index will accurately track index performance or
provide positive investment returns. S&P DJI is not an investment advisor, commodity trading advisor,
fiduciary, “promoter” (as defined in the Investment Company Act of 1940, as amended) or “expert” as
enumerated within 15 U.S.C. § 77k(a), and S&P DJI 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 document. S&P DJI is not a tax advisor. Inclusion of a security, commodity, crypto currency,
or other asset within an index is not a recommendation by S&P DJI to buy, sell, or hold such security,
commodity, crypto currency, or other asset, nor is it considered to be investment or trading 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, ratings, credit-related 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 S&P DJI. The Content shall not be used for any unlawful or
unauthorized purposes. S&P DJI and its third-party data providers and licensors (collectively “S&P Dow
Jones Indices Parties”) do not guarantee the accuracy, completeness, timeliness, or availability of the
Content. S&P Dow Jones Indices 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” “WHERE IS” BASIS. S&P DOW JONES INDICES PARTIES DISCLAIMS ANY AND ALL

S&P Dow Jones Indices: Custom Indices Methodology 321

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 S&P Dow Jones Indices 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.

Credit-related information and other analyses, including ratings, research and valuations are generally
provided by licensors and/or affiliates of S&P Dow Jones Indices, including but not limited to S&P
Global’s other divisions such as S&P Global Market Intelligence. Any credit-related information and other
related 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. S&P Dow Jones Indices 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. S&P DJI does not act as a fiduciary
or an investment advisor. While S&P DJI has obtained information from sources it believes to be reliable,
S&P DJI does not perform an audit or undertake independent verification of any information it receives.
S&P DJI reserves the right to vary or discontinue any index at any time for regulatory or other reasons.
Various factors, including external factors beyond S&P DJI’s control might necessitate material changes
to indices.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating
issued in another jurisdiction for certain regulatory purposes, S&P Global Ratings reserves the right to
assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Dow
Jones Indices, including S&P Global Ratings, disclaim any duty whatsoever arising out of the assignment,
withdrawal, or suspension of an acknowledgement as well as any liability for any damage alleged to have
been suffered on account thereof. Affiliates of S&P Dow Jones Indices LLC, including S&P Global
Ratings, may receive compensation for its ratings and certain credit-related analyses, normally from
issuers or underwriters of securities or from obligors. Such affiliates of S&P Dow Jones Indices LLC,
including S&P Global Ratings, reserve the right to disseminate its opinions and analyses. Public ratings
and analyses from S&P Global Ratings are made available on its Web sites, [Link]
(free of charge), and [Link] and [Link] (subscription), and may be
distributed through other means, including via S&P Global Ratings publications and third-party
redistributors. Additional information about our ratings fees is available at
[Link]/usratingsfees.

S&P Global keeps certain activities of its various divisions and business units separate from each other to
preserve the independence and objectivity of their respective activities. As a result, certain divisions and
business units of S&P Global may have information that is not available to other business units. S&P
Global has established policies and procedures to maintain the confidentiality of certain nonpublic
information received in connection with each analytical process.

In addition, S&P Dow Jones Indices provides a wide range of services to, or relating to, many
organizations, including issuers of securities, investment advisers, broker-dealers, investment banks,
other financial institutions, and financial intermediaries, and accordingly may receive fees or other
economic benefits from those organizations, including organizations whose securities or services they
may recommend, rate, include in model portfolios, evaluate, or otherwise address.

Some indices use the Global Industry Classification Standard (GICS®), which was developed by, and is
the exclusive property and a trademark of, S&P Global and MSCI. Neither MSCI, S&P DJI nor any other
party involved in making or compiling any GICS classifications makes any express or implied warranties
or representations with respect to such standard or classification (or the results to be obtained by the use

S&P Dow Jones Indices: Custom Indices Methodology 322

thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy,
completeness, merchantability, or fitness for a particular purpose with respect to any of such standard or
classification. Without limiting any of the foregoing, in no event shall MSCI, S&P DJI, any of their affiliates
or any third party involved in making or compiling any GICS classifications 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.
S&P Dow Jones Indices products are governed by the terms and conditions of the agreements under
which they may be provided. A license is required from S&P Dow Jones Indices to display, create
derivative works of and/or distribute any product or service that uses, is based upon and/or refers to any
S&P Dow Jones Indices and/or index data.

ESG Indices Disclaimer

S&P DJI provides indices that seek to select, exclude, and/or weight index constituents based on, but not
limited to, certain environmental, social or governance (ESG) indicators, or a combination of those
indicators, including the following: environmental indicators (including the efficient use of natural
resources, the production of waste, greenhouse gas emissions, or impact on biodiversity); social
indicators (such as, inequality and investment in human capital); governance indictors (such as sound
management structures, employee relations, remuneration of staff, tax compliance, respect for human
rights, anti-corruption and anti-bribery matters), specific sustainability or values-related company
involvement indicators (for example, production/distribution of controversial weapons, tobacco products,
or thermal coal), or controversies monitoring (including research of media outlets to identify companies
involved in ESG-related incidents).

S&P DJI ESG indices use ESG metrics and scores in the selection and/or weighting of index constituents.
ESG scores or ratings seek to measure or evaluate a company’s, or an asset’s, performance with respect
to environmental, social and corporate governance issues.

The ESG scores, ratings, and other data used in S&P DJI ESG indices is supplied directly or indirectly by
third parties (note these parties can be independent affiliates of S&P Global or unaffiliated entities) so an
S&P DJI ESG index’s ability to reflect ESG factors depends on these third parties’ data accuracy and
availability.

ESG scores, ratings, and other data may be reported (meaning that the data is provided as disclosed by
companies, or an asset, or as made publicly available), modelled (meaning that the data is derived using
a proprietary modelling process with only proxies used in the creation of the data), or reported and
modelled (meaning that the data is either a mix of reported and modelled data or is derived from the
vendor using reported data /information in a proprietary scoring or determination process).

ESG scores, ratings, and other data, whether from an external and/or internal source, is based on a
qualitative and judgmental assessment, especially in the absence of well-defined market standards, and
due to the existence of multiple approaches and methodologies to assess ESG factors and
considerations. An element of subjectivity and discretion is therefore inherent in any ESG score, rating, or
other data and different ESG scoring, rating, and/or data sources may use different ESG assessment or
estimation methodologies. Different persons (including ESG data ratings, or scoring providers, index
administrators or users) may arrive at different conclusions regarding the sustainability or impact of a
particular company, asset, or index.

Where an index uses ESG scores, ratings or other data supplied directly or indirectly by third parties, S&P
DJI does not accept responsibility for the accuracy of completeness of such ESG scores, ratings, or data.
No single clear, definitive test or framework (legal, regulatory, or otherwise) exists to determine ‘ESG’,
‘sustainable’, ‘good governance’, ‘no adverse environmental, social and/or other impacts’, or other
equivalently labelled objectives. In the absence of well-defined market standards and due to the existence
of multitude approaches, the exercise of judgment is necessary. Accordingly, different persons may
classify the same investment, product and/or strategy differently regarding ‘ESG’, ‘sustainable’, ‘good
governance’, ‘no adverse environmental, social and/or other impacts’, or other equivalently labelled
objectives. Furthermore, the legal and/or market position on what constitutes an ‘ESG’, ‘sustainable’,

S&P Dow Jones Indices: Custom Indices Methodology 323

‘good governance’, ‘no adverse environmental, social and/or other impacts’, or other equivalently labelled
objectives may change over time, especially as further regulatory or industry rules and guidance are
issued and the ESG sustainable finance framework becomes more sophisticated.

Prospective users of an S&P DJI ESG Index are encouraged to read the relevant index methodology and
related disclosures carefully to determine whether the index is suitable for their potential use case or
investment objective.

S&P Dow Jones Indices: Custom Indices Methodology 324