NASDAQ Index Blog - Archive Posts for January, 2014

Tapering Expected to Continue Updated: 1/29/2014

It is expected that the Fed will reduce its bond buying from the current $75B per month to $65B at today’s meeting, the last for outgoing Chairman Ben Bernanke. In anticipation of this announcement, we’ve seen global equity markets drop over 3% this week as investors also reacted to some disappointing earnings forecasts and global pressure on emerging markets.

“Equity markets have dropped amid disappointing earnings outlooks and emerging markets worries,” said David Krein, Managing Director of NASDAQ OMX Global Indexes. “The Fed is widely expected to reduce its bond buying program to $65B per month at today’s meeting, and investors have likely prepared for this scenario.”



  • NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 0.89% since Friday’s close. Year-to-date performance for the index is up a hefty 7.5% on the heels of the Index’s best year in the past decade.
  • PHLX OIL SERVICE SECTOR INDEX (OSX) was down -0.70% as of noon on Wednesday from the most recent Friday close. The price of crude oil was flat from last week at $97.08 per barrel.
  • PHLX HOUSING SECTOR INDEX (HGX) is up 2.58% with the expectation of interest rates remaining low until after Fed Chairman’s Ben Bernanke’s departure.


  • Facebook and a handful of other social media companies are expected to report on earnings in the next week. Look for activity in the space by tracking the NASDAQ INTERNET INDEX (QNET), which is up 48% year-over-year.

Announcing the SmartTrust® NASDAQ International Dividend Achievers Trust Updated: 1/25/2014

NASDAQ OMX Global Indexes has partnered with Hennion & Walsh to offer the SmartTrust® NASDAQ International Dividend Achievers Trust, Series 1. This new investment vehicle gives customers access to the NASDAQ Dividend Achievers brand and the underlying companies it represents.

The two-year Trust seeks to pursue its objective by investing in a portfolio consisting of the publicly-traded foreign securities comprising the NASDAQ International Dividend Achievers™ Index. The objective of the Index is to track the performance of certain foreign securities with at least five consecutive years of increasing regular dividend payments.

“NASDAQ OMX has built its Global Index business to collaborate with sponsors like SmartTrust® to offer increased access to liquidity, transparency and cost efficiency,” said Rob Hughes, Vice President, Global Information Services.

The security types eligible for the Index include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), limited partnership interests, ordinary shares and shares of limited liability companies.

“Our index licensing arrangement with NASDAQ OMX provides for an excellent complement to our existing suite of equity-based income solutions at SmartTrust®,” said Kevin Mahn, President and Chief Investment Officer, Hennion & Walsh Asset Management, one of the nation’s premier providers of investment services and an advocate for individual investors.

“Whereas the majority of our current equity-based income solutions are largely U.S. focused, the SmartTrust®, NASDAQ International Dividend Achievers Index Trust will add an internationally focused strategy that still has an income component at its core. We believe that the new relationship with NASDAQ OMX, and their underlying International Dividend Achievers index strategy, is well positioned for the current market environment and will be very positively received by the many financial advisors that we work with around the country.”

According to Hennion & Walsh, though December 5, 2013, total assets in SmartTrust® have grown over 142% since 2010 while the number of Trusts outstanding at SmartTrust® have grown over 314% over that same time period. Today, SmartTrust® has 58 Trusts outstanding, with 12 of these Trusts currently being available for purchase in the primary market.

“We believe the launch of this new Trust is well timed, as the European market continues its recovery,” said Bill Walsh, Chief Executive Officer of Hennion & Walsh. “This Trust allows the advisors we work with to add strength and stability to their clients’ international equity allocations.”

Hennion & Walsh has wholesalers around the country who are dedicated to serving advisors and investors. For more information about the SmartTrust® NASDAQ International Dividend Achievers Trust or any other SmartTrust® UIT product, please contact the firm’s Internal Support Desk at 888-505-2872 or visit

Covered Call Strategy ETFs By: Dave Gedeon
on 1/22/2014

The CBOE NASDAQ-100 BuyWrite Index (BXN) is the basis of the Recon Capital NASDAQ-100 Covered Call ETF (QYLD), which launched in December 2013. This exchange-traded fund (ETF) is the latest addition to a small, recent wave of covered-call ETFs and NASDAQ’s third in this category.

The CBOE NASDAQ-100 BuyWrite Index (BXN) measures the total return of a portfolio consisting of common stocks of the 100 companies included in the NASDAQ-100 Index and call options systematically written on those securities through a “buy-write” (or covered call) strategy. A “buy-write” strategy is an investment strategy in which the Fund buys a specific basket of stocks (such as the NASDAQ-100® Index) and sells covered call options that correspond to that basket of stocks.

“This type of product is growing more and more in popularity as investors seek ways to get an extra boost of income during this uncertain time in the market,” said Dave Gedeon, Managing Director, NASDAQ OMX Global Indexes.
“Covered calls are proliferating as they offer lower market volatility, produce income, are less expensive, and provide more liquidity than options alone. They also provide market participation in flat to slightly up/down markets making them a superior investment strategy.”

In 2013, NASDAQ launched the Credit Suisse NASDAQ Silver FLOWS 106 Index ER (QSLV) and the Credit Suisse NASDAQ Gold FLOWS103 Price Index (QGLDI).

“The buywrite strategy is the quintessential low-vol strategy where you’re buying the index and riding a call against that,” said Robert Hughes, Vice President, NASDAQ OMX Global Indexes. “Advisors today are looking at traditional low volatility, income-producing strategies, options strategies, such as covered calls/buywrites. Now NASDAQ is providing this all in one ETF. It’s much easier for FAs to sell that to a client than to have to explain how to buy/sell options, plus there’s much more liquidity in this type of strategy.”


Last Meeting for Bernanke; Tapering Expected to Continue Updated: 1/22/2014

Broad U.S. and Global equity markets are up slightly after reaching all-time highs intra-day last week. Next week’s Fed meeting on January 28-29 will be the last for current Fed Chairman Ben Bernanke prior to handing over the reins to Vice Chair Janet Yellen. It has been widely expected that the tapering will continue next week dropping the bond buying from the current $75B per month to $65B. In addition, rates are expected to remain low at the very least until after Ben is no longer running the Fed.

“Interest rates are expected to remain low until after Fed Chairman Ben Bernanke’s departure,” said David Krein, Managing Director of NASDAQ OMX Global Indexes. “Tapering should continue to drop to $65B per month at next week’s meeting, and we are expecting that number to progressively drop through the year after Vice Chair Janet Yellen has taken over.”


  • NASDAQ BIOTECHNOLOGY (NBI) has continued its transcendence in the first few weeks of 2014 on the heels of the Index’s best year in the past decade. The Index has returned 2.33% as of noon on Wednesday from the most recent Friday close.
  • PHLX OIL SERVICE SECTOR (OSX) was flat with a relative increase of 0.27%. The price of crude oil was $96.66 per barrel.
  • NASDAQ OMX CEA SMARTPHONE (QFON) is up 1.39% following the continued flurry of price-conscious moves by providers to steal customers from one another.


  • Gold miners are coming back into favor in the first few weeks of 2014 after a rough 2013. Look for activity in the space by tracking the PHLX GOLD/SILVER SECTOR (XAU), which is up 11% YTD following a -48% return in 2013.


Index Wars By: John Jacobs
on 1/16/2014

Index Wars: The effect of increased competition on ETF Providers, Pensions and other Institutional Investors. As long as investors continually look for new and better ways to invest in, track or beat the market, index providers will continually be challenged to find ways to create better, more robust benchmarks to meet customer expectations. The demand on index providers today is greater than it’s ever been. Top indexers are expected to do more and more, and as a result changes in the industry are necessary to respond to increased investor demands. This has greatly increased competition among indexers and that competition has had a direct effect on exchange-traded funds (ETFs) providers, pension funds and other institutional investors who are focused on passive investing.

Product Brand has More Power

In the past, almost anyone with a computer could create an index. They were relatively simple and didn’t require a lot of functionality. Today, however, index providers are expected to create, calculate and disseminate indexes rapidly with the ability to perform years of back-testing. Customers ranging from ETF providers to institutional investors are looking for full service indexers with sophisticated databases that have the capabilities and flexibility to respond to their growing needs.

Customer demands and priorities are shifting like we’ve never seen.  The index licensing cost component of total expense ratios has continued to decline in financial products over the last several years and ETF providers are increasingly willing to re-evaluate their current benchmarks in search for the best value available. In the early days of ETFs, the index was a key part of a buyer’s purchase decision. Companies such as S&P sold products and people bought ETFs based in large part to the overall brand of the index provider. 

While having a strong index brand is still important to investors, more and more investors are instead focusing on the brand of the product provider (e.g., Vanguard, PowerShares, etc.). Today, the top three ETF/ETP providers – IShares, SPDR ETFs and Vanguard – account for 69.6% of Global ETF/ETP assets, while the remaining providers each have less than 4% market share.1

Since the brand of the index provider is now only a part of what drives the investment decision, ETP providers have the flexibility to choose among multiple index providers offering nearly identical benchmarks. The increased competition is driving down costs, thus reducing expense ratios. Sophisticated index investors are getting smarter and more willing to look at a broader array of offerings as ETF providers share these cost saving measures with their customers.

Indexes are Becoming Commoditized

With increased competition comes the natural commoditization of products and certain index segments. Global equities are a great example. Twenty years ago, it was actually quite complicated to find a global equities ETP product; however, it is much easier today because every major indexer offers a very similar suite of benchmarks. In the same way, the market has come to expect a consistent set of standards for representing different market sectors so the diversions among index providers are much narrower than they used to be. Twenty years ago, the differences between the offerings of the various index providers were fairly wide. Today, the differences are minimal, making it easier to step from one provider to another, and ultimately reducing the cost of the product. 

Of course there are certain exceptions where index providers differentiate themselves. There are some flagship indexes such as the S&P 500 and the NASDAQ-100 where commoditization has not taken hold. There are also niche indexes, such as a sector family or specific industry-focused indexes like the NASDAQ Biotechnology Index (NBI), where a few indexers have a distinct foothold on the industry.

Pension Consultants Influence: Beyond Asset Allocation

Much of the focus on fees is thought to be on the shoulders of ETF providers, but they are only part of the ecosystem. Pension consultants, who recommend specific benchmarks to their clients, are also starting to weigh in on index licensing costs.  Up until recently, consultants were not as cognizant of how much the people downstream were paying for data. For the asset owners and their managers, this was a hidden cost.  Now, they are realizing that this data cost is a factor in overall investment performance.  Previously, consultants’ primary focus was on their clients’ asset allocation, risk tolerance and risk profile. More often than not, they would then default to the brand name indexes they were accustomed to using.

Today these indexes are receiving more scrutiny based on their pricing. Consultants need to truly understand that every decision matters and which benchmark they choose can make a huge difference in cost. They should be asking themselves the following questions:

  • Are my benchmarks truly reflective of the underlying components of that asset class? 
  • Are they trackable? 
  • Does the provider have a good track record and the ability to track the indexes it offers? 
  • Can I access the data?
  • Is it reliable?
  • What does it cost?

As the index world changes, pension funds and asset owners are going to demand more from their consultants when they walk in the door with their recommendations.

A More Informed Industry

The movement to reduce costs is a big change for the indexing industry and one that will likely accelerate over time. The entire industry —ETF providers, asset owners, pension consultants — is becoming more aware of the costs associated with various indexes and is more willing to look at alternatives to reduce these costs. As more investors become aware of the fees they are paying, the pressure will mount.

Not everyone in the indexing industry is going to be able to keep up. We are already beginning to see consolidation and in the next five to ten years the field will likely be further reduced, with only six or seven large indexers and a few niche players remaining in the game.  The mid-size indexers will more than likely disappear due to the effects of price competition. In the end, the main beneficiary from this competition will be the investor since these cost savings are passed on in the form of lower fees and expense ratios.


1Source: ETFGI

US Train Derailments Impact the Oil Markets Updated: 1/15/2014

Following Monday’s drop, broad US markets are up and are reaching new all-time highs intra-day. Three oil-train derailments in the US in the last few months have given investors cause for concern in the oil markets. The semiconductor industry is up this week in part due to consolidation deals in the space as well as recent upgrades by investment bank analysts.

“Speculation following recent train derailments carrying oil across the US has spurred widespread safety concerns. The markets are currently reflecting these concerns by selling off their oil producing companies,” said David Krein, Managing Director of NASDAQ OMX Global Indexes.


  • PHLX OIL SERVICE SECTOR (OSX) and NASDAQ GLOBAL OIL & GAS INDEX (NQG0001) were down -0.76% and -0.68%, respectively as of noon on Wednesday from the most recent Friday close. The price of crude oil was $94.35 per barrel.
  • NASDAQ BIOTECHNOLOGY (NBI) was up 1.69% on the heels of the index’s best year in the past decade.
  • NASDAQ GLOBAL CNSMR GOODS INDEX (NQG3000) is flat at 0.10% following the end of the holiday season on speculation that it may be an even-keeled winter for consumers.

Recent mobile deal announcements to shift consumers from one brand to another are spurring interest in the industry. In addition, the Apple/China Mobile deal has garnered much fanfare. Look for activity in the space by tracking the NASDAQ OMX CEA SMARTPHONE (QFON), which is up 29% year-over-year.



Picking the Right Index By: John Jacobs
on 1/13/2014

Stepping up to the plate to take your first swing at ETF investing has never been simpler and more cost effective, but as eager investors approach these products, are the really understanding the differences in in portfolio composition? Index formulation methodology could likely have a much greater impact on bottom-line performance than fee structure over time. Now that we have a fair amount of price history for comparative analysis, the differences in index construction can amount to a sizeable margin of total return over time.

This is precisely why many exchange-traded product providers are setting their sights on challenging the traditional cap-weighted styles for more exotic, alternative, or smart index strategies. However, these innovative strategies still have a big hill to climb, as cap-weighted indexes still control the largest share of assets under management in the ETF universe.

There is no hard and fast rule to index selection, which is why investors need to be more conscious than ever about the options that are available and how to ultimately select an appropriate fund.

The Basics
There are three primary index construction techniques that publishers use to construct the allocation size in an equity-oriented ETF: market capitalization weight, equal weight, and fundamental weight.

Let’s begin with the index blueprint that most investors are familiar with: market-cap weighting sizes constituent securities according to the total market value of their outstanding shares. In a real world example, examining the PowerShares NASDAQ 100 ETF (QQQ), Apple Inc. (AAPL) occupies roughly 12.5% of the fund due to its $500 billion market cap. On the flip side, the smallest holding, F5 Networks (FFIV), only occupies 0.17% due to its much smaller $7 billion market cap.

Quite simply, a cap-weighted index will advance or decline more dramatically in value in response to the changes in market value of larger holdings vs. smaller holdings. One inherent benefit to this style of index composition is that traditionally larger, more established companies will present less volatility than smaller ones.

However, it’s also important to bear in mind that investors who select cap-weighted indexes are essentially disproportionately tilting their equity allocations toward larger companies that can inhibit performance characteristics over the long term. In a recent study by Goldman Sachs Asset Management that examined the stock market over the past 20 years, it was proven that small and mid-cap stocks have outperformed large cap stocks by a fair margin while presenting only slightly higher volatility.**

Using the same scenario, equal weight indexes are often created using the same list of stocks as cap-weighted indexes. However, instead of examining the size of the company, an equal weight index allocates identical proportion amongst all the constituent securities. So, Apple Inc. would carry an identical weight within the index as F5 Networks, which is the goal behind the NASDAQ-100 Equal Weighted Index. At first glance, this type of weighting strategy might seem illogical in relation to the aforementioned cap weighted style, as investors may instinctively want to own a larger share of mature, successful companies. But, it can often be prudent to carry a larger slice of the pie in small and medium capitalization companies in a rising market environment.

Using a relevant 2013 performance comparison, the cap-weighted SPDR S&P 500 ETF (SPY) has gained 28.97%, while the Guggenheim Equal Weight S&P 500 ETF (RSP) is up 31.74%, a divergence of 2.77%. In comparison, RSP carries an expense ratio nearly four times higher than SPY at 0.40%, making for a compelling value proposition even in light of a higher fee structure. Investors should also be mindful that a larger portion of their invested capital is allocated to companies that are smaller in size, which has been known to exhibit higher beta over time.

Relatively new when compared to the other two strategies, the last type of index methodology is a fundamentally weighted group of stocks. These indexes are developed to account for comparable company metrics such as book value, earnings, revenue, or even dividend rates. Companies exhibiting the strongest traits based upon the screening methodology are then assigned the largest weight within the index.

The beauty of fundamentally allocating to companies using performance based metrics is the ability to overweight a company that is currently undervalued by the market, and vice-versa for overvalued examples. It also gives investors the ability to zero in on a specific metric, such as free cash flow, and apply that metric across a single sector. A striking example illustrating the effectiveness of fundamentally weighted strategies could be made using the First Trust Consumer Staples AlphaDex ETF (FXG) and the SPDR Consumer Staples ETF (XLP). FXG is currently up 39.83% year-to-date, while XLP has risen 25.44% through the same time frame, totaling a staggering divergence of 14.39%.

Selection and Application
Choosing the right index for your personal needs doesn't come down to typical investment roadblocks such as size or accessibility, but rather your individual goals and tolerance for volatility. In other words, investors have become accustomed to traditional market-cap weighted indexes due to their long running history. This is precisely why you should ask yourself whether you feel comfortable stepping outside the classical approach to index investing. In reality, you could conceivably pay a higher fee in order to gain the potential reward that the index you choose hits the market's sweet spot.

As demand evolves for more complicated and specific benchmarks, index construction is growing far more complex. Regardless of strategy, it is imperative that investors demand that index providers bring the highest quality, objective, transparent and rules-based indexes to the market. Indexers must ensure that they have the best available data and technology to match the growing complexities, and methodologies must remain open and transparent to allow for optimal tracking by investors, product issuers and traders.

The overarching conclusion that can be drawn from the differences between these three strategies is the universal shift from overweight positions in large well-known names to concentrated positions in smaller, more nimble, or fundamentally sound companies. These traits should immediately appeal to those investors seeking the chance to outperform traditional benchmark indexes, but it will likely come with the cost of increased volatility over time.

Conversely, cap weighted indexes might still be the right fit for investors who believe in the strength of large companies to dominate a specific segment of the market, and don't want to risk the chances of underperforming traditional market barometers. Undoubtedly, the market for alternative index strategies is growing and attracting assets. Educating yourself on the intricacies of these new products and their potential benefits will ultimately strengthen your investment selection process. Performing your own due diligence alongside your individual goals should lead you down the path of picking the appropriate index that meets your unique investment needs.
*Performance data provided by Yahoo! Finance Through November 30th, 2013

*Goldman Sachs Asset Management White Paper “The Case for Mid-Cap Investing” June 2013, p. 2

Published in January 9, 2014

NASDAQ OMX: Leading the Charge in ETFs Updated: 1/12/2014

We are proud to announce that the First Trust NASDAQ Rising Dividend Achiever ETF (symbol: RDVY), based on the NASDAQ US Rising Dividend Achiever Index, launched on January 7, 2014, making it the first Exchange-Traded Fund to launch this year.

The NASDAQ US Rising Dividend Achiever index focuses on companies that have track records of boosting their payouts while maintaining strong financial metrics. To be included in the NASDAQ US Rising Dividend Achievers Index, companies must have paid a dividend in the trailing 12-month period greater than the dividend paid in the trailing 12-month period three and five years prior The Index then utilizes screens on companies’ financial condition to select the names that are in the best shape to continue to increase dividends moving forward by looking at each company’s earnings and a high cash to debt ratio.

The NASDAQ US Rising Dividend Achiever Index 50-stock lineup includes some familiar names with multi-decade dividend increase runs, including Exxon Mobil (XOM), Chevron (CVX) and Coca-Cola (KO). The index also can also include the future dividend leaders including those in the tech sector such as Cisco (CSCO), Oracle (ORCL) and Apple (AAPL).

The NASDAQ US Rising Dividend Achieves Index is the latest dividend index from NASDAQ OMX Global Indexes to be used by an ETF sponsor.

In December 2012, NASDAQ OMX acquired Mergent’s Dividend Achievers indexes, the leading brand of indexes tracking companies with strong long-term dividend growth.

“We’re taking the highly successful Dividend Achievers concept and turning it up a notch to bring a new solution to dividend focused investors who are tuned into combating rising rates while maintaining solid price appreciation. We have the right dividend story for this year with the US Rising Dividend Achiever Index. This product is an innovative way to couple exposure to traditional dividend names alongside the quickly growing dividend companies,” said Robert Hughes, Vice President, NASDAQ OMX Global Indexes.

For more information, please contact

Vote for NASDAQ OMX Global Indexes 2014 Most Innovative Index Provider Updated: 1/8/2014

NASDAQ OMX Global Indexes is seeking your support in nominating us for a 2014 ETFExpress Global Award. If you're reading this, we hope you agree that NASDAQ OMX has what it takes to be “The Most Innovative Index Provider of the Year.”

Your nomination will take less than 60 seconds with three simple steps:

  1. Go to the ETFExpress web site
  2. Choose #27 “The Most Innovative Index Provider”
  3. Type in the following:

Name of Firm: NASDAQ OMX

Contact information of Firm:

Short justification as to why you made this choice: We have listed below some of the reasons you might consider us for The Most Innovative Index Provider. Feel free to use these or provide your own reason.

  • NASDAQ is one of the only index providers to have products listed globally covering equities, commodities and fixed income.
  • ETPs based on NASDAQ indexes are listed in 16 countries, and NASDAQ OMX is the first index provider to have its indexes linked to ETPs in China, India and Iceland.
  • As of 2013 year-end, NASDAQ had 148 licensed ETPs globally with approximately $92.3 billion in assets under management.
  • The largest dividend ETF with just under $20B in assets under management tracks the NASDAQ US Dividend Achievers Select Index.
  • In 2013, NASDAQ OMX partnered with Accretive Asset Management to co-brand and grow BulletShares, the first fixed-maturity corporate bond indexes; since then, assets have grown in BulletShares ETFs substantially and the NASDAQ BulletShares Ladder indexes were launched.
  • In October 2013, NASDAQ OMX launched the NASDAQ US Rising Dividend Achievers Index, a continuation of the Dividend Achievers brand. The index was designed to include stocks that are best positioned to continue dividend increases, and the methodology includes both several dividend criteria and balance sheet (sustainability/quality) criteria.

The deadline for nomination is January 15, 2014. Please CLICK HERE TO VOTE NOW.

Thank you for your support!

Fed Tapering To Begin: How will it impact the financial markets? Updated: 1/8/2014

Broad US markets are relatively flat this week in anticipation of the Fed meeting minutes that are coming out today. It has been largely reported that the Fed is expected to reduce its bond purchases down to $75 billion starting this month. What most analysts are looking for coming out of the Fed meeting is how optimistic the Fed is for 2014 and whether they expect to entirely wind down monthly bond purchases to nothing by the end of the year. The ADP US nonfarm private sector employment report came out this morning noting an increase of 238,000 jobs from November to December.

“Investors are now wondering if tapering will occur consistently throughout the year to the point that there will no longer be a bond purchasing program at year-end,” said David Krein, Managing Director of NASDAQ OMX Global Indexes. “The recent upbeat jobs report might give Fed officials more confidence that the markets are ready for tapering to increase.”


  • PHLX GOLD/SILVER SECTOR (XAU) was down -0.65% as of noon on Wednesday from the most recent Friday close.The price of gold was $1220.80 an ounce.
  • NASDAQ BIOTECHNOLOGY (NBI) was up 2.27% on the heels of the index’s best year in the past decade.
  • NASDAQ INTERNET (QNET) is up 2.83% amid speculation surrounding internet advertising revenue increasing in 2014 and beyond.

INDEX TO WATCH The December auto sales report was released with dismal figures. Look for auto to rebound by tracking NASDAQ OMX Global Automobile (QAUTO), which is up 35% year-over-year.

December Monthly Performance Report Updated: 1/3/2014

The NASDAQ Commodity Natural Gas ER Index is December's top performer at 7.1% and the NASDAQ Axioma Equity-Commodity Gold Index is the worst performer of December at -4.7%. Get a quick overview of NASDAQ OMX Index performance data for our top 50 most-watched indexes here.

Disclaimer Updated: 1/1/2014

NASDAQ® and NASDAQ OMX® are registered trademarks of The NASDAQ OMX Group, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither The NASDAQ OMX Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding NASDAQ-listed companies or NASDAQ proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
© 2014. The NASDAQ OMX Group, Inc. All Rights Reserved.


NASDAQ® and NASDAQ® are registered trademarks of The NASDAQ Group, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither The NASDAQ Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding NASDAQ-listed companies or NASDAQ proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

© 2015. The NASDAQ Group, Inc. All Rights Reserved.

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