MSCIFIXEDINCOMEFACTORMODEL|NOVEMBER2020
Noticeanddisclaimer
Thisdocumentandalloftheinformationcontainedinit,includingwithoutlimitationalltext,data,graphs,charts(collectively,the“Information”)isthepropertyofMSCIInc.oritssubsidiaries
(collectively,“MSCI”),orMSCI’slicensors,directorindirectsuppliersoranythirdpartyinvolvedinmakingorcompilinganyInformation(collectively,withMSCI,the“InformationProviders”)
andisprovidedforinformationalpurposesonly.TheInformationmaynotbemodified,reverse-engineered,reproducedorredisseminatedinwholeorinpartwithoutpriorwrittenpermission
fromMSCI.AllrightsintheInformationarereservedbyMSCIand/oritsInformationProviders.
TheInformationmaynotbeusedtocreatederivativeworksortoverifyorcorrectotherdataorinformation.Forexample(butwithoutlimitation),theInformationmaynotbeusedtocreate
indexes,databases,riskmodels,analytics,software,orinconnectionwiththeissuing,offering,sponsoring,managingormarketingofanysecurities,portfolios,financialproductsorother
investmentvehiclesutilizingorbasedon,linkedto,trackingorotherwisederivedfromtheInformationoranyotherMSCIdata,information,productsorservices.
TheuseroftheInformationassumestheentireriskofanyuseitmaymakeorpermittobemadeoftheInformation.NONEOFTHEINFORMATIONPROVIDERSMAKESANYEXPRESSOR
IMPLIEDWARRANTIESORREPRESENTATIONSWITHRESPECTTOTHEINFORMATION(ORTHERESULTSTOBEOBTAINEDBYTHEUSETHEREOF),ANDTOTHEMAXIMUMEXTENT
PERMITTEDBYAPPLICABLELAW,EACHINFORMATIONPROVIDEREXPRESSLYDISCLAIMSALLIMPLIEDWARRANTIES(INCLUDING,WITHOUTLIMITATION,ANYIMPLIEDWARRANTIES
OFORIGINALITY,ACCURACY,TIMELINESS,NON-INFRINGEMENT,COMPLETENESS,MERCHANTABILITYANDFITNESSFORAPARTICULARPURPOSE)WITHRESPECTTOANYOFTHE
INFORMATION.
Withoutlimitinganyoftheforegoingandtothemaximumextentpermittedbyapplicablelaw,innoeventshallanyInformationProviderhaveanyliabilityregardinganyoftheInformation
foranydirect,indirect,special,punitive,consequential(includinglostprofits)oranyotherdamagesevenifnotifiedofthepossibilityofsuchdamages.Theforegoingshallnotexcludeor
limitanyliabilitythatmaynotbyapplicablelawbeexcludedorlimited,includingwithoutlimitation(asapplicable),anyliabilityfordeathorpersonalinjurytotheextentthatsuchinjuryresults
fromthenegligenceorwillfuldefaultofitself,itsservants,agentsorsub-contractors.
Informationcontaininganyhistoricalinformation,dataoranalysisshouldnotbetakenasanindicationorguaranteeofanyfutureperformance,analysis,forecastorprediction.Past
performancedoesnotguaranteefutureresults.
TheInformationshouldnotbereliedonandisnotasubstitutefortheskill,judgmentandexperienceoftheuser,itsmanagement,employees,advisorsand/orclientswhenmakinginvestment
andotherbusinessdecisions.AllInformationisimpersonalandnottailoredtotheneedsofanyperson,entityorgroupofpersons.
NoneoftheInformationconstitutesanoffertosell(orasolicitationofanoffertobuy),anysecurity,financialproductorotherinvestmentvehicleoranytradingstrategy.
Itisnotpossibletoinvestdirectlyinanindex.Exposuretoanassetclassortradingstrategyorothercategoryrepresentedbyanindexisonlyavailablethroughthirdpartyinvestable
instruments(ifany)basedonthatindex.MSCIdoesnotissue,sponsor,endorse,market,offer,revieworotherwiseexpressanyopinionregardinganyfund,ETF,derivativeorothersecurity,
investment,financialproductortradingstrategythatisbasedon,linkedtoorseekstoprovideaninvestmentreturnrelatedtotheperformanceofanyMSCIindex(collectively,“IndexLinked
Investments”).MSCImakesnoassurancethatanyIndexLinkedInvestmentswillaccuratelytrackindexperformanceorprovidepositiveinvestmentreturns.MSCIInc.isnotaninvestment
adviserorfiduciaryandMSCImakesnorepresentationregardingtheadvisabilityofinvestinginanyIndexLinkedInvestments.
Indexreturnsdonotrepresenttheresultsofactualtradingofinvestibleassets/securities.MSCImaintainsandcalculatesindexes,butdoesnotmanageactualassets.Indexreturnsdonot
reflectpaymentofanysaleschargesorfeesaninvestormaypaytopurchasethesecuritiesunderlyingtheindexorIndexLinkedInvestments.Theimpositionofthesefeesandcharges
wouldcausetheperformanceofanIndexLinkedInvestmenttobedifferentthantheMSCIindexperformance.
TheInformationmaycontainbacktesteddata.Back-testedperformanceisnotactualperformance,butishypothetical.Therearefrequentlymaterialdifferencesbetweenbacktested
performanceresultsandactualresultssubsequentlyachievedbyanyinvestmentstrategy.
ConstituentsofMSCIequityindexesarelistedcompanies,whichareincludedinorexcludedfromtheindexesaccordingtotheapplicationoftherelevantindexmethodologies.Accordingly,
constituentsinMSCIequityindexesmayincludeMSCIInc.,clientsofMSCIorsupplierstoMSCI.InclusionofasecuritywithinanMSCIindexisnotarecommendationbyMSCItobuy,sell,
orholdsuchsecurity,norisitconsideredtobeinvestmentadvice.
DataandinformationproducedbyvariousaffiliatesofMSCIInc.,includingMSCIESGResearchLLCandBarraLLC,maybeusedincalculatingcertainMSCIindexes.Moreinformationcan
befoundintherelevantindexmethodologiesonwww.msci.com.
MSCIreceivescompensationinconnectionwithlicensingitsindexestothirdparties.MSCIInc.’srevenueincludesfeesbasedonassetsinIndexLinkedInvestments.Informationcanbe
foundinMSCIInc.’scompanyfilingsontheInvestorRelationssectionofwww.msci.com.
MSCIESGResearchLLCisaRegisteredInvestmentAdviserundertheInvestmentAdvisersActof1940andasubsidiaryofMSCIInc.Exceptwithrespecttoanyapplicableproductsor
servicesfromMSCIESGResearch,neitherMSCInoranyofitsproductsorservicesrecommends,endorses,approvesorotherwiseexpressesanyopinionregardinganyissuer,securities,
financialproductsorinstrumentsortradingstrategiesandMSCI’sproductsorservicesarenotintendedtoconstituteinvestmentadviceorarecommendationtomake(orrefrainfrom
making)anykindofinvestmentdecisionandmaynotbereliedonassuch.IssuersmentionedorincludedinanyMSCIESGResearchmaterialsmayincludeMSCIInc.,clientsofMSCIor
supplierstoMSCI,andmayalsopurchaseresearchorotherproductsorservicesfromMSCIESGResearch.MSCIESGResearchmaterials,includingmaterialsutilizedinanyMSCIESG
Indexesorotherproducts,havenotbeensubmittedto,norreceivedapprovalfrom,theUnitedStatesSecuritiesandExchangeCommissionoranyotherregulatorybody.
Anyuseoforaccesstoproducts,servicesorinformationofMSCIrequiresalicensefromMSCI.MSCI,Barra,RiskMetrics,IPDandotherMSCIbrandsandproductnamesarethetrademarks,
servicemarks,orregisteredtrademarksofMSCIoritssubsidiariesintheUnitedStatesandotherjurisdictions.TheGlobalIndustryClassificationStandard(GICS)wasdevelopedbyandis
theexclusivepropertyofMSCIandStandard&Poor’s.“GlobalIndustryClassificationStandard(GICS)”isaservicemarkofMSCIandStandard&Poor’s.
MIFID2/MIFIRnotice:MSCIESGResearchLLCdoesnotdistributeoractasanintermediaryforfinancialinstrumentsorstructureddeposits,nordoesitdealonitsownaccount,provide
executionservicesforothersormanageclientaccounts.NoMSCIESGResearchproductorservicesupports,promotesorisintendedtosupportorpromoteanysuchactivity.MSCIESG
ResearchisanindependentproviderofESGdata,reportsandratingsbasedonpublishedmethodologiesandavailabletoclientsonasubscriptionbasis.Wedonotprovidecustomorone-
offratingsorrecommendationsofsecuritiesorotherfinancialinstrumentsuponrequest.
ForinformationabouthowMSCIcollectsandusespersonaldata,pleaserefertoourPrivacyNoticeathttps://www.msci.com/privacy-pledge.
?2020MSCIInc.Allrightsreserved.
MSCI.COM|Page80of80
|
|
