S&P 500 Equal Weight vs. Cap Weight Sectors

[Pages:7]MONTHLY PERFORMANCE SUMMARY

25% 20% 15% 10%

5% 0% -5% -10% -15%

18.95%19.10%

Energy

0.06% -0.44%

Financials

-0.61%-1.37%

Consumer Staples

INDEX INVESTMENT STRATEGY Register to receive our dashboards at on.DashboardSignup

U.S. Equal Weight Sector Dashboard

January 31, 2022

S&P 500 Equal Weight vs. Cap Weight Sectors

-1.44% -3.27%

-2.03% -6.21%

-3.98% -6.84%

-4.73% -6.03%

-6.66% -8.50%

-7.74%-6.76%

-8.15% -9.68%

-6.89% -9.10%

Utilities* Communication Materials Services

Industrials

Equal Weight Sectors Cap Weighted Sectors

Real Estate

Health Care Consumer Technology Discretionary

TRAILING 12M PERFORMANCE SUMMARY

S&P 500 Equal Weight vs. Cap Weight Sectors

90% 80% 70% 60% 50% 40% 30% 20% 10%

0%

81.22% 77.47%

38.79% 33.06%

Energy

Real Estate

37.73%37.41%

Financials

Equal Weight Sectors

Cap Weighted Sectors

28.08% 21.48%

23.68%20.58%

19.53% 11.94%

26.43% 18.90%

17.93% 14.87%

23.38% 17.05%

15.96% 12.61%

15.52% 10.40%

Materials

Industrials

Consumer Technology Discretionary

Utilities*

Consumer Staples

Health Care Communication Services

INDEX COMPOSITION AND COMMENTARY

S&P 500 Equal Weight Sector Indices

Communication Services, 4.7%

5.9%, Utilities

11.3%, Cons Disc

6.8%, Cons Staples

? The S&P 500? Equal Weight Index outperformed the S&P 500 by 1% in January.

? 6 out of 11 equal-weight sectors outperformed their cap weighted counterparts.

14.4%, Info Tech

5.0%, Energy

? Energy was the top-performing equalweight sector in January.

5.8%, Real Estate 5.7%, Materials

13.7%, Financials

? Over the past 12 months, Energy was the leader in both equal and cap weighted.

14.0%, Industrials

12.7%, Health Care

*The S&P 500 Equal Weight Utilities Plus Index Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of January 31, 2022

U.S. Equal Weight Sector Dashboard

January 31, 2022

HISTORICAL RETURN DIFFERENTIAL - EQUAL VS. CAP WEIGHTED

40%

S&P 500 Equal Weight vs. S&P 500 Total Return Differential - Rolling 12M

30%

20%

10% 0%

1.7%

-10%

-20%

Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22

AVERAGE WEIGHT DIFFERENCE OVER PAST YEAR - S&P 500 EW VS. S&P 500? 10%

5%

0% -0.1%

-5%

1.7%

3.3%

1.9%

3.0%

-10%

-15%

6.2%

-6.6%

3.0%

-0.3%

0.4% -12.5%

ANNUAL TOTAL RETURN DIFFERENCE - S&P 500 EW VS. S&P 500

10% 8% 6% 4% 2% 0% -2% -4% -6% -8%

7.6%

3.7%

5.7%

0.3%

6.6%

2.9%

-5.1%

3.1%

-3.4%

-6.3%

-7.2%

1.7%

EQUAL VS. CAP WEIGHTED YEARLY ATTRIBUTION

12 Month Attribution - S&P 500 EW vs. S&P 500

Information Technology (-)

Consumer Staples (-) Health Care (-) Utilities (-)

Communication Services (+) Industrials (+) Materials (+) Financials (+)

Real Estate (+) Energy (+)

Cross Sector Weighting Intra Sector Weighting

(-) Negative Effect from

Equal Weighting

(+) Positive Effect from

Equal Weighting

Consumer Discretionary (+)

S&P 500 Equal Weight (+)

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

COMMENTARY

? Equal Weight outperformed the S&P 500 in January, with Equal Weight's trailing twelve-month relative performance increasing to 1.7%.

? The principal drivers of Equal Weight's outperformance were the overweight to Energy along with the equal weighting of constituents in Consumer Discretionary.

Source: S&P Dow Jones Indices LLC and/or its affiliates and FactSet. Data as of January 31, 2022.

KEY TO FACTOR SCORINGS FOR INDICES

U.S. Equal Weight Sector Dashboard

January 31, 2022

Factor Definitions

Each constituent of the S&P 500 index is provided with a factor "score" for each of Beta, Volatility, Momentum, Dividend, Size, Value and Quality.

Low Volatility

Small Size

Momentum

Quality

S&P 500

Value

Dividend

High Beta

Factor Volatility

Momentum

Value Beta Dividend Quality Size

Measurement at single-stock level

Trailing 12-month daily return volatility

Twelve-month price change as of one month ago ("13 minus 1 momentum"), divided by the daily volatility during the twelvemonth period that ended one month ago. For more details, see the S&P Momentum methodology The average of (normalized) earnings to price ratio, book to price ratio and sales to price ratio. For more details, see the S&P Value methodology. Trailing 1 year beta of stock daily returns to the benchmark's return. Trailing 12-month dividend

The average of the (normalized) return on equity, the negative of the accruals ratio and the negative of the financial leverage ratio. For more details, see the S&P Quality methodology. Free-float market capitalization

Index Factor Ranking and Factor Diagram Scaling

Index Scores Each index is provided a score in each factor from -100% to +100% based on how much of the total capitalization of the benchmark must be excluded in order to provide a portfolio of stocks with similar exposure to that factor. This is done by examining a ranked series of hypothetical cap-weighted portfolios, including or excluding an increasing number of the stocks with the highest or lowest scores. An illustration of the process may be found at this link.

Factor Diagram Axis

Single-stock portfolio with the highest possible factor score

The stocks in the benchmark are ranked in order from highest to lowest factor score, and we examine portfolios including or e xcluding a varying number of stocks associated to high or lower factor scores. The score in each factor (and its level on the chart) reflects the active share of a hypothetical portfolios matching the factor score of that index. The weights of stocks within the hypothetical comparison portfolios are set proportional to benchmark weights, i.e. free-float market capitalization.

Fewer stocks Fewer stocks

... ...

...

Portfolios with a tilt against the factor begin by excluding the highest-ranked stock and end up

concentrated in the lowest-ranked stocks

Benchmark Portfolio has a factor rank defined by that of a cap-weighted average score among all stocks

Weighting matters to the ranking of the index. Each the ranked portfolios of stocks is given a factor score through the capitalization-weighted average. Factor indices can use alternative weightings, which can provide higher factor exposures with fewer stocks.

Single-stock portfolio with the lowest possible factor score

Notes On Additional Index Statistics

Statistic

Notes

Price/Earnings (P/E) Price per share as of observation date divided by earnings per share, calculated by adding the last twelve calendar months' quarterly reported earnings per share.

Price/Book (P/B)

Price per share as of observation date divided by latest annual reported book value per share.

Price/Sales (P/S)

Price per share as of observation date divided by sales per share, calculated by adding twelve calendar months' quarterly reported sales per share.

Return on Equity (ROE%)

Financial Leverage Ratio

Earnings per share divided by latest annual reported book value per share.

A company's total debt divided by its latest annual reported book value, calculated as book value per share multiplied by common outstanding shares. Debt, book value per share, and common outstanding shares are latest annual reported values.

RSI - 30 Day

RSI is an indicator of the speed and change of price movements and oscillates between zero and 100. RSI is considered overbought when above 70 and oversold when below 30. RS is the average gain divided by average loss over the past 30 days. Then RSI is equal to 100 minus 100 divided by 1+RS.

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of January 31, 2022.

SELECTED KEY METRICS - EQUAL WEIGHT SECTOR INDICES

U.S. Equal Weight Sector Dashboard

January 31, 2022

METRICS

Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Utilities Plus Comm Services

DIV

YIELD

0.9% 2.6% 2.9% 2.0% 1.1% 1.2% 0.9% 2.1% 2.8% 3.4% 1.4%

P/E

25.4 25.3 52.2 12.6 23.3 28.6 28.8 16.9 43.0 23.9 23.5

P/B P/S

4.8 1.6 4.1 1.5 2.7 1.4 1.8 2.3 4.4 1.8 5.1 2.0 5.9 3.9 3.2 1.8 3.4 7.4 2.3 2.4 2.6 1.9

BETA

1.14 0.43 1.09 1.00 0.72 0.93 1.35 0.90 0.77 0.41 0.83

CONSTITUENT

VOLATILITY

33.3% 20.2% 39.2% 26.4% 25.7% 24.9% 31.5% 27.7% 23.2% 19.1% 32.6%

RSI - 30 DAY VALUE SCORE

43.6

-0.09

52.3

0.05

71.9

0.26

49.5

0.38

41.0

-0.06

42.9

-0.12

42.7

-0.28

47.6

0.12

44.7

-0.22

50.5

0.17

50.8

0.16

CONCENTRATION WITHIN CAP WEIGHTED SECTORS AND EQUAL WEIGHT SECTORS VALUE VS. GROWTH SCORES

GROWTH SCORE

0.01 -0.24 0.02 0.29 0.15 -0.08 0.19 0.00 -0.01 -0.30 -0.13

80% 70% 60% 50% 40% 30% 20% 10%

0%

73.0%

Total Weight of Largest 5 Companies in each S&P 500 Sector

63.3%

62.1%

58.3%

55.1%

44.1%

42.0%

41.3%

39.6%

33.4%

23.1%

Growth Score

0.60 0.40 0.20 Info Tech 0.00 -0.20 -0.40

Equal Weight Sectors Value vs. Growth Scores (Size Proportional to Cap)

Health Care

Financials

Energy

Real Estate

Cons Disc Industrials

Materials Comm Services

Cons Staples Utilities

-0.60

-0.40

-0.30

-0.20

-0.10

0.00

0.10

0.20

0.30

0.40

0.50

Value Score

COMMENTARY

Energy had the highest relative strength and constituent volatility among the equal weighted sector indices.

For details on definitions of fundamental metrics, please refer to the disclosure section. Value and Growth scores are rescored for the S&P Total Market Index universe annually every December. Source: S&P Dow Jones Indices LLC and/or its affiliates and FactSet. Data as of January 31, 2022.

COMMENTARY

The diagrams below illustrate factor exposures relative to the S&P 500 across sectors.

U.S. Equal Weight Sector Dashboard

January 31, 2022

For example, S&P 500 Equal Weighted Consumer Discretionary has a greater tilt away from Low Volatility, compared to S&P Equal Weighted Communication Services.

FACTOR TILTS S&P 500 EQUAL WEIGHTED

S&P 500 EQUAL WEIGHTED Communication Services

S&P 500 EQUAL WEIGHTED Consumer Discretionary

Small_Size

Low_Volatility

Momentum Small_Size

Low_Volatility

Momentum Small_Size

Low_Volatility

Momentum

Quality

Value

Benchmark

Dividend

High_Beta

Quality

Value

Benchmark

Dividend

High_Beta

Quality

Value

Benchmark

Dividend

High_Beta

S&P 500 EQUAL WEIGHTED Consumer Staples

S&P 500 EQUAL WEIGHTED Energy

S&P 500 EQUAL WEIGHTED Financials

Small_Size

Low_Volatility

Momentum

Small_Size

Low_Volatility

Momentum

Low_Volatility

Small_Size

Momentum

Quality

Value

Benchmark

Dividend

High_Beta

Quality

Value

Benchmark

Dividend

High_Beta

Quality

Value

Benchmark

Dividend

High_Beta

S&P 500 EQUAL WEIGHTED Health Care

S&P 500 EQUAL WEIGHTED Industrials

S&P 500 EQUAL WEIGHTED Information Technology

Small_Size

Low_Volatility

Momentum Small_Size

Low_Volatility

Momentum Small_Size

Low_Volatility

Momentum

Quality

Value

Benchmark

Dividend

High_Beta

Quality

Value

Benchmark

Dividend

High_Beta

Quality

Value

Benchmark

Dividend

High_Beta

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of January 31, 2022.

FACTOR TILTS S&P 500 EQUAL WEIGHTED Materials Low_Volatility

S&P 500 EQUAL WEIGHTED Real Estate

Low_Volatility

U.S. Equal Weight Sector Dashboard

January 31, 2022

S&P 500 EQUAL WEIGHTED Utilities Plus

Low_Volatility

Small_Size

Momentum Small_Size

Momentum Small_Size

Momentum

Average Correlation Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22

Quality

Value

Benchmark

Dividend

High_Beta

Quality

Value

Benchmark

Dividend

High_Beta

Quality

Value

Benchmark

Dividend

High_Beta

COMMENTARY ? Dispersion increased across most equal weighted sectors, particularly in Financials and Communication Services.

? Correlations decreased across most equal weighted sectors, with large decreases in Financials and Utilties.

EQUAL WEIGHT SECTOR DISPERSION AND CORRELATION

0.75

S&P 500 Equal Weight Sector Average Correlation and Dispersion (Trailing 12-Month Volatility)

0.65

Energy (34.09%)

0.55 0.45 0.35 0.25 0.15

5%

Utilities (14.09%) Real Estate (15.68%)

Financials (19.45%)

Industrials (15.73%)

Consumer Staples (11.48%)

10%

15%

20%

Average Dispersion

Materials (17.94%)

Technology (19.98%) Consumer Discretionary (19.03%)

Health Care (12.47%)

S&P 500 Equal Weight

(13.68%)

Communication

Services (16.12%)

25%

30%

EQUAL WEIGHT VS. CAP WEIGHT CORRELATION

Weight hist disp

45%

S&P 500 Equal Weight vs. S&P 500 Correlation - Rolling 12M average

40%

35%

30%

25%

20% 15%

S&P 500 Equal Weight (TR)

S&P 500 (TR)

10%

NOTES

? The charts above decomposed volatility into its two main components: dispersion and correlation. The dispersion and correlation data points are each sector's average monthly value over the trailing 12 months. Trailing annualized volatility is included in parentheses. Index dispersions shown based on calendar month stock-level index-weighted dispersion. Index correlation based on single stock daily total returns during each calendar month. See "Implications of Sector Dispersion" for more information.

? See "At the Intersection of Diversification, Volatility and Correlation" for details on the relationship between correlation and dispersion. ? See "Dispersion: Measuring Market Opportunity" for the definition of index dispersion and more information on the uses of dispers ion.

Source: S&P Dow Jones Indices LLC and/or its affiliates. Data as of January 31, 2022. Index performance based on total return (USD). Charts and graphs are provided for illustrative purposes. Past performance is no guarantee of future results.

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Performance Disclosure

The S&P 500 Equal Weight Index was launched on Jan 8th, 2003. All information presented prior to an index's Launch Date is hypothetical (back-tested), not actual performance. The back-test calculations are based on the same methodology that was in effect on the index Launch Date. Complete index methodology details are available at .

Charts and graphs are provided for illustrative purposes. Past performance is not an indication or guarantee of future results. The charts and graphs may reflect hypothetical historical performance. All information presented prior to the launch date is back-tested. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index(es) was officially launched. However, it should be noted that the historic calculations of an Economic Index may change from month to month based on revisions to the underlying economic data used in the calculation of the index. Complete index methodology details are available at . It is not possible to invest directly in any index.

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Notes On Additional Index Statistics

STATISTIC Price/Earnings (P/E) Price/Book (P/B) Price/Sales (P/S)

RSI - 30 Day

NOTES

Price per share as of observation date divided by earnings per share, calculated by adding the last twelve calendar months' quarterly reported earnings per share.

Price per share as of observation date divided by latest annual reported book value per share. Price per share as of observation date divided by sales per share, calculated by adding twelve calendar months' quarterly reported sales per share. RSI is an indicator of the speed and change of price movements and oscillates between zero and 100. RSI is considered overbought when above 70 and oversold when below 30. RS is the average gain divided by average loss over the past 30 days. Then RSI is equal to 100 minus

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