Invest in companies enabling complex cognitive capabilities in intelligent machines

Index return

Artificial Intelligence 8 Excess Return Index

Base Date: October 30, 2018, return data prior to October 30, 2018 for the Index is based on hypothetical performance data derived using the Index rules as of October 30, 2018, but applied retroactively using historical stock and money market position levels. You should not take the hypothetical return data of the Index as an indication of the future performance of the Index. Past performance is no guarantee of future results and may be lower or higher than current performance. Investing in financial products involves risks to be considered prior to making any investment decision. An investment in a financial product linked to the Index should only be made after a review of companies included in the Index and such financial product linked to the Index, including a review of the risks associated with such companies or product. Past performance is no guarantee of future results.

Top constituents

As of October 31, 2019

Company NameInnovationTicker
INTEL CORP
Semiconductors
SemiconductorsINTC UW Equity
PINDUODUO INC
Retailing
RetailingPDD UW Equity
NVIDIA CORP
Semiconductors
SemiconductorsNVDA UW Equity
BAIDU INC - SPON ADR
Media & Entertainment
Media & EntertainmentBIDU UW Equity
ALIBABA GROUP HOLDING-SP ADR
Retailing
RetailingBABA UN Equity
MICROSOFT CORP
Software & Services
Software & ServicesMSFT UW Equity
MASTERCARD INC-CLASS A
Software & Services
Software & ServicesMA UN Equity
ALPHABET INC-CL A
Media & Entertainment
Media & EntertainmentGOOGL UW Equity
ADOBE INC
Software & Services
Software & ServicesADBE UW Equity
SAP AG-SPONSORED ADR
Software & Services
Software & ServicesSAP UN Equity

An investment in the companies identified by the Artificial Intelligence theme or in financial products linked to such theme should only be made after a review of such companies or products, including a review of the risks associated with such companies or products.

Index details

The index provides exposure to stocks of certain companies concentrated in the technology sector. For purposes of the Index, Artificial Intelligence is the ability of a machine to perform cognitive tasks typically associated with human brains, such as perception, reasoning, learning, interacting with the environment and problem solving.

The index is calculated on an excess return basis by measuring the extent to which (a) the stocks and any money market position outperform (b) 3-month USD LIBOR plus 0.75% per annum (accruing daily)

The money market position reflects the returns accruing on a hypothetical cash investment in a notional money market account denominated in U.S. dollars that accrues interest at the notional interest rate, which is equal to 3-month USD LIBOR.

Applies a daily volatility control:

Volatility cap: 8%. It is measured on a daily basis by calculating the realized volatility of the stocks for a 20 index business day look back period. The Index is rebalanced by ratably reallocating all or a portion of the exposure to the stocks in the Index to the money market position sufficient to reduce the realized volatility for such period to the volatility cap.

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