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Any analyses and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. Any opinion, analyses and rating acknowledgement decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. 2VA 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. In publishing this information, 2VA is not acting as a fiduciary or an investment adviser. While 2VA has obtained information from sources it believes to be reliable, 2VA does not perform an audit or undertake any duty of due diligence or independent verification of any information it receives.
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In addition, 2VA 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.
Please refer to the methodology for any particular 2VA-branded index for more details about that 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.
2ndVote Advisers defines various dates to assist our clients in 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” performance. 2ndVote Advisers 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.
All information presented prior to an index’s Launch Date is hypothetical (i.e., back-tested) and not actual performance. The back-test calculations are based on the same methodology that was in effect on the index Launch Date. However, when creating back-tested performance history, there are two issues of note. First, the securities included in an index prior to its Launch Date likely were scored by 2nd Vote Research for much of the performance period or likely used a different methodology to score the securities. Second, periods prior to the Launch Date do not reflect the general then current market environment but may reflect the impact of Fed policy on the general stock market. Complete index methodology details are available by contacting 2VA at [include here a name, phone number or email address]. Past performance of the Index is not an indication of future results. 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. Please refer to the methodology for each 2VA 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. Back-tested performance is for use with institutions only and is not appropriate for retail investors.
Typically, when 2VA creates back-tested index data, 2VA uses actual historical constituent-level data (e.g., historical price, market capitalization, and corporate action data) in its calculations. As ESG investing and other topics of interest to conservative investors are still in development, certain datapoints including 2ndVote Research scores for certain factors used to calculate the 2VA Indexes 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, 2VA may employ a process of using “Backward Data Assumption” (or pulling back) of 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. The methodology and factsheets of any index that employs backward assumption in the back-tested history 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.
2VA Index returns shown for periods prior to their Launch Date do not represent the results of actual trading of investable assets/securities. An independent third party maintains each of the 2VA Indexes and calculates the index levels and performance shown or discussed but does not manage actual 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.