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The BlackRock Scenario Tester

About the analysis

The BlackRock Scenario Tester measures the potential impact of discrete market events on a portfolio using a multi-factor statistical risk model. It does this via a three-step process:

  1. Determine a portfolio’s asset allocation, and translate this into underlying holdings using relevant market indexes.
  2. Estimate the volatility of a portfolio of those indexes by mapping their exposure to relevant equity, fixed income and alternative risk factors.
  3. Measure the historical sensitivity, looking back over 10 years of history, of a portfolio of those risk factors to changes in the market.

What do the results show?

The scenario test results show a statistical estimate of a portfolio or asset class’s (represented by market indexes) reaction to a hypothetical market event. For example, we may calculate that a portfolio could expect to return -5% in the event that the S&P 500 were to fall -15%. It is important to understand that this is just one potential outcome, as a statistical estimate is sensitive to assumptions built into our risk model. More detail on the assumptions and limitations of our risk model are below. The calculated return includes the underlying price movement in reaction to the scenario, as well as 12 months of income yield for fixed income instruments. For historical scenarios, the income yield reflects the time period of the scenario, which may be more or less than 12 months.

What is a risk factor?

A risk factor is a technical or fundamental characteristic of a security which, statistically, is able to help explain the risk / return behavior of that security.

We believe risk factors should be:

  1. Interpretable: easily understandable and have a strong economic rationale
  2. Explanatory: proven to explain volatility and correlation of returns
  3. Consistent: significant through time across different market regimes
  4. Effective: able to improve forecasts of portfolio risk and attribute portfolio performance

BlackRock’s risk model uses over 2,200 distinct risk factors across equity, fixed income, currencies and alternative investments.

Examples of risk factors include:

  • Equity market risk– the inherent risk of investing in the stock market, which cannot be diversified away with stocks alone.
  • Equity style risk – a collection of factors that describe the style of a stock, such as growth, value, momentum, or size.
  • Interest rate risk – a fixed income risk attributed to changes in market interest rates, the dominant risk in high quality bonds like U.S. Treasury securities.
  • Credit spread risk – the risk of default present in any bond not issued by the U.S. Treasury. The lower the quality of the bond, the more credit spread risk dominates.
  • Many others that are subsets of the categories above, as well as other categories like foreign exchange risk, inflation risk, and alternative risk.

What assumptions are built into the risk model?

The model for this tool uses ten years of historical factor returns, derived using a statistical regression analysis, to measure the volatility of the factors we are stressing. The portfolio’s exposure to each factor is measured through currently observable characteristics of the underlying securities, for example fundamental characteristics such as financial ratios, technical analysis attributes such as price behavior or liquidity, and / or specific attributes of a given security such as yield, geographic domicile and currency exposure. The level of exposure to a factor of a given security corresponds to the where the security ranks relative to the distribution of all securities in the universe for the characteristic in question, for example whether the price to book ratio for a company is very high or very low relative to other companies. Historical covariance across the factors is taken into account to measure total estimated volatility of the overall portfolio. Certain elements of the risk model are proprietary to BlackRock.

How accurate are the results?

The scenario test results show a statistical estimate of a portfolio or asset class’s reaction to a hypothetical market event. This is done using a risk factor framework, as described above. The scenario test results are subject to uncertainty, and we can measure this uncertainty using the prediction error. The prediction error describes the range of possible outcomes around the scenario test result where 95% of possible outcomes should occur. For example, we may calculate that a portfolio could expect to return -5% in the event that the S&P 500 were to fall -15%, with a prediction error of 2%. Based on the prediction error of 2%, we would expect that 95% of the time the portfolio would return between -3% and -7% (-5% +/-2%) in the event that the S&P 500 fell 15%.

The prediction error will vary depending on the portfolio or asset class and the scenario. A larger prediction error implies that the test result may be less certain. Prediction errors tend to be larger when the underlying shock is larger; the risk factor model is less able to explain the portfolio risk (for example, in investments with a high proportion of idiosyncratic risk, like certain hedge funds); and/or the risk factors in the scenario are less correlated with the risk factors in the portfolio (for example, evaluating a U.S. equity portfolio in a scenario driven by Japanese interest rates). Conversely, prediction errors tend to be smaller when the underlying shock is smaller, the risk model is a good fit for portfolio risk, and the factors in the scenario are more correlated with the portfolio.

What are the limitations of the analysis?

The scenario tester uses market indexes to represent portfolio exposures. The actual composition of specific investments entered vary from the market indexes used, sometimes significantly. Active returns from specific investments are not included in the analysis, and could be both positive and negative. Dividend income and yield derived from securities other than bonds is not included. Fees, taxes and transaction costs are not included and would reduce the return of any portfolio.

The analysis provided is illustrative only. Neither BlackRock nor the Aladdin portfolio risk model can predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The Aladdin portfolio risk model is based purely on assumptions made using available data and any of its predictions are subject to change.

How did we choose the size of the shocks?

The shocks are sized to approximate a one-standard deviation move in the underlying market factor. We measure the factor’s annualized standard deviation over the past ten years, and then round to the nearest whole number (or multiple of 5, for higher levels). The purpose is to scale the shocks so that they are all approximately equally likely to happen. Assuming returns are normally-distributed, a given market factor has a 16% probability of exceeding a one standard deviation move in either direction over a one year period.

Chart: About analysis standard deviation

How are we converting to asset class allocations?

For products, the market index (or blend of indexes) used is selected by BlackRock based on the Morningstar Category. All products in any given Morningstar Category are represented by the same market index. For asset classes, the market index used is selected by BlackRock. The list of asset classes included is limited, and is selected by BlackRock.

Morningstar Category / Sectors Scenario Tester Asset Class Index
Commodities Agriculture Commodities Represented by the Bloomberg Commodity Index Total Return
Commodities Broad Basket Commodities Represented by the Bloomberg Commodity Index Total Return
Commodities Energy Commodities Represented by the Bloomberg Commodity Index Total Return
Commodities Industrial Metals Commodities Represented by the Bloomberg Commodity Index Total Return
Commodities Miscellaneous Commodities Represented by the Bloomberg Commodity Index Total Return
Commodities Precious Metals Commodities Represented by the Bloomberg Commodity Index Total Return
Managed Futures Global Macro/CTA Hedge Funds Represented by the HFRX Macro Index
Infrastructure Global Infrastructure Represented by the S&P Global Infrastructure Index
Bear Market Hedge Funds Represented by the HFRX Global Hedge Fund Index
Long-Short Credit Hedge Funds Represented by the HFRX Global Hedge Fund Index
Long-Short Equity Hedge Funds Represented by the HFRX Global Hedge Fund Index
Market Neutral Hedge Funds Represented by the HFRX Global Hedge Fund Index
Multialternative Hedge Funds Represented by the HFRX Global Hedge Fund Index
Multicurrency Hedge Funds Represented by the HFRX Global Hedge Fund Index
Trading-Inverse Commodities Hedge Funds Represented by the HFRX Global Hedge Fund Index
Trading-Inverse Debt Hedge Funds Represented by the HFRX Global Hedge Fund Index
Trading-Inverse Equity Hedge Funds Represented by the HFRX Global Hedge Fund Index
Trading-Leveraged Commodities Hedge Funds Represented by the HFRX Global Hedge Fund Index
Trading-Leveraged Debt Hedge Funds Represented by the HFRX Global Hedge Fund Index
Trading-Leveraged Equity Hedge Funds Represented by the HFRX Global Hedge Fund Index
Trading-Miscellaneous Hedge Funds Represented by the HFRX Global Hedge Fund Index
Emerging-Markets Local-Currency Bond Emerging Market Bonds - Local Currency Represented by the JPM Morgan GBI-EM Index
Intermediate-Term Bond U.S. Bonds Represented by the BBG Barc U.S. Aggregate Index
Muni California Intermediate Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni California Long Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni Massachusetts Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni Minnesota Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni National Interm Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni National Long Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni National Short Municipal Bond Short Represented by the S&P Muni National 0-5 Yr Index (Unadjusted)
Muni New Jersey Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni New York Intermediate Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni New York Long Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni Ohio Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni Pennsylvania Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni Single State Interm Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni Single State Long Municipal Bond Intermediate Represented by the BBG Barc Municipal Bond Index Unadjusted (Risk Basis: MUNI)
Muni Single State Short Municipal Bond Short Represented by the S&P Muni National 0-5 Yr Index (Unadjusted)
Short-Term Bond Short-Term Bond Represented by the BBG Barc Short-term Gov/Corp Index
Ultrashort Bond Short-Term Bond Represented by the BBG Barc Short-term Gov/Corp Index
Bank Loan U.S. Floating Rate Notes Represented by the S&P/LSTA U.S. Leveraged Loan 100 Index
Money Market - Taxable Cash Represented by the BBG Barc T-Bill 1-3 Month Index
Corporate Bond U.S. Corporate Bonds Represented by the BBG Barc U.S. Credit Index
High Yield Bond U.S. High Yield Corporate Bonds Represented by the BBG Barc U.S. Corp High Yield 2% Issuer Capped Index
High Yield Muni Municipal Bond High Yield Represented by the S&P Municipal Bond High Yield Index
Inflation-Protected Bond Inflation-Protected Bond Represented by the BBG Barc U.S. Government Inflation-Linked Bond Index
Long Government U.S. Long-Term Treasury Bonds Represented by the BBG Barc Treasury 10+ Yr Index
Intermediate Government U.S. Intermediate Treasury Bonds Represented by the BBG Barc Intermediate Treasury Index
Short Government U.S. Short-Term Treasury Bonds Represented by the BBG Barc Short Treasury Index
Emerging Markets Bond Emerging Markets Bonds Represented by the JP Morgan EMBI Global Diversified Index
World Bond Global Ex-U.S. Bonds (60%) U.S. Bonds (40%) Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged) Represented by the BBG Barc U.S. Aggregate Index
China Region China Stocks Represented by the MSCI Emerging - China (USD)
India Equity Emerging Market Stocks Represented by the MSCI Emerging Markets Index
Latin America Stock Latin America Stocks Represented by the MSCI EM Latin America Index
Diversified Emerging Mkts Emerging Market Stocks Represented by the MSCI Emerging Markets Index
Europe Stock European Stocks Represented by the MSCI Europe Gross TR Index
Foreign Large Blend International Stocks Represented by the MSCI EAFE Index
Foreign Large Growth International Growth Stocks Represented by the MSCI EAFE Growth - TR USD Index
Foreign Large Value International Value Stocks Represented by the MSCI EAFE Value Open USD NET TR Index
Foreign Small/Mid Blend International Stocks Represented by the MSCI EAFE Index
Foreign Small/Mid Growth International Growth Stocks Represented by the MSCI EAFE Growth - TR USD Index
Foreign Small/Mid Value International Value Stocks Represented by the MSCI EAFE Value Open USD NET TR Index
Japan Stock Japan Stocks Represented by the MSCI Developed - Japan Gross TR USD Index
Large Blend U.S. Large Cap Growth Stocks (50%) U.S. Large Cap Value Stocks (50%) Represented by the Russell 1000 Growth Index Represented by the Russell 1000 Value Index (Total Return)
Large Growth U.S. Large Cap Growth Stocks Represented by the Russell 1000 Growth Index
Large Value U.S. Large Cap Value Stocks Represented by the Russell 1000 Value Index (Total Return)
Mid-Cap Blend U.S. Mid Cap Growth Stocks (50%) U.S. Mid Cap Value Stocks (50%) Represented by the Russell MidCap Growth Index Represented by the Russell MidCap Value Index
Mid-Cap Growth U.S. Mid Cap Growth Stocks Represented by the Russell MidCap Growth Index
Mid-Cap Value U.S. Mid Cap Value Stocks Represented by the Russell MidCap Value Index
Small Blend U.S. Small Cap Growth Stocks (50%) U.S. Small Cap Value Stocks (50%) Represented by the Russell 2000 Growth Index Represented by the Russell 2000 Value Index
Small Growth U.S. Small Cap Growth Stocks Represented by the Russell 2000 Growth Index
Small Value U.S. Small Cap Value Stocks Represented by the Russell 2000 Value Index
Real Estate U.S. Real Estate Stocks Represented by the FTSE NAREIT Equity REITS Index
Global Real Estate Global Real Estate Stocks Represented by the FTSE EPRA/NAREIT Global REITs Gross TR Index
World Stock Global Stocks Represented by the MSCI AC World Index (NDR)
World Large Stock Global Stocks Represented by the MSCI AC World Index (NDR)
Communications Global Telecommunication Stocks Represented by the S&P Global Telecommunication Sector Index
Consumer Cyclical Global Consumer Discretionary Stocks Represented by the S&P Global 1200 Consumer Discretionary Sector Index
Consumer Defensive Global Consumer Staples Stocks Represented by the S&P Global 1200 Consumer Staples Sector Index
Equity Energy Global Energy Stocks Represented by the S&P Global Energy Index
Financial Global Financials Stocks Represented by the S&P Global Financials Sector Index
Health Global Health Care Stocks Represented by the S&P Global Health Care Index
Industrials Global Industrial Stocks Represented by the S&P Global 1200 Industrials Sector Index
Technology Global Information Technology Stocks Represented by the S&P Global Information Technology Sector Index
Utilities Global Utilities Stocks Represented by the S&P Global 1200 Utilities Sector Index
Equity Precious Metals Metals & Mining Stocks Represented by the MSCI-ACWI Select Metal & Mining Ex-G&S IMI Index
Natural Resources Global Stocks Represented by the MSCI AC World Index (NDR)
Energy Limited Partnership Global Infrastructure Represented by the S&P Global Infrastructure Index
Diversified Pacific/Asia Global Developed Ex-U.S. Stocks (83%) Emerging Market Stocks (17%) Represented by the MSCI World Ex U.S. Index Represented by the MSCI Emerging Markets Index
Pacific/Asia ex-Japan Stk Global Developed Ex-U.S. Stocks (51%) Emerging Market Stocks (49%) Represented by the MSCI World Ex U.S. Index Represented by the MSCI Emerging Markets Index
Long-Term Bond U.S. Long-Term Gov't/Corp Bonds Represented by the BBG Barc Long Government / Long Corporate Index
Allocation-15% to 30% Equity Cash (14%) U.S. Large Cap Stocks (12%) Global Developed Ex-U.S. Stocks (4%) U.S. Bonds (59%) Global Ex-U.S. Bonds (11%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Allocation-30% to 50% Equity Cash (7%) U.S. Large Cap Stocks (28%) Global Developed Ex-U.S. Stocks (9%) U.S. Bonds (49%) Global Ex-U.S. Bonds (7%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Allocation-50% to 70% Equity Cash (7%) U.S. Large Cap Stocks (47%) Global Developed Ex-U.S. Stocks (13%) U.S. Bonds (29%) Global Ex-U.S. Bonds (4%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Allocation-70% to 85% Equity Cash (5%) U.S. Large Cap Stocks (58%) Global Developed Ex-U.S. Stocks (20%) U.S. Bonds (15%) Global Ex-U.S. Bonds (2%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Allocation-85%+ Equity Cash (3%) U.S. Large Cap Stocks (66%) Global Developed Ex-U.S. Stocks (26%) U.S. Bonds (4%) Global Ex-U.S. Bonds (1%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - US Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2000-2010 Cash (8%) U.S. Large Cap Stocks (25%) Global Developed Ex-U.S. Stocks (13%) U.S. Bonds (44%) Global Ex-U.S. Bonds (10%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2015 Cash (7%) U.S. Large Cap Stocks (31%) Global Developed Ex-U.S. Stocks (16%) U.S. Bonds (38%) Global Ex-U.S. Bonds (8%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2020 Cash (7%) U.S. Large Cap Stocks (35%) Global Developed Ex-U.S. Stocks (16%) U.S. Bonds (37%) Global Ex-U.S. Bonds (5%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2025 Cash (6%) U.S. Large Cap Stocks (40%) Global Developed Ex-U.S. Stocks (21%) U.S. Bonds (29%) Global Ex-U.S. Bonds (4%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2030 Cash (5%) U.S. Large Cap Stocks (49%) Global Developed Ex-U.S. Stocks (24%) U.S. Bonds (20%) Global Ex-U.S. Bonds (2%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2035 Cash (4%) U.S. Large Cap Stocks (53%) Global Developed Ex-U.S. Stocks(28%) U.S. Bonds (13%) Global Ex-U.S. Bonds (2%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2040 Cash (3%) U.S. Large Cap Stocks (57%) Global Developed Ex-U.S. Stocks (30%) U.S. Bonds (9%) Global Ex-U.S. Bonds (1%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2045 Cash (3%) U.S. Large Cap Stocks (59%) Global Developed Ex-U.S. Stocks (31%) U.S. Bonds (6%) Global Ex-U.S. Bonds (1%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2050 Cash (3%) U.S. Large Cap Stocks (59%) Global Developed Ex-U.S. Stocks (31%) U.S. Bonds (6%) Global Ex-U.S. Bonds (1%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2055 Cash (3%) U.S. Large Cap Stocks (57%) Global Developed Ex-U.S. Stocks (33%) U.S. Bonds (5%) Global Ex-U.S. Bonds (2%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date 2060+ Cash (2%) U.S. Large Cap Stocks (57%) Global Developed Ex-U.S. Stocks (33%) U.S. Bonds (6%) Global Ex-U.S. Bonds (2%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Target-Date Retirement Cash (9%) U.S. Large Cap Stocks (22%) Global Developed Ex-U.S. Stocks (10%) U.S. Bonds (51%) Global Ex-U.S. Bonds (8%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
World Allocation Cash (19%) U.S. Large Cap Stocks (28%) Global Developed Ex-U.S. Stocks (28%) U.S. Bonds (17%) Global Ex-U.S. Bonds (8%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Convertibles Convertible Bonds Represented by the BBG Barc U.S. Convertible Cash Pay Bond >$250MM Index
Preferred Stock U.S. Corporate Bonds (40%) U.S. Stocks (15%) Cash (45%) Represented by the BBG Barc U.S. Credit Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by Barclays T-Bill 1-3 Month Index
Option Writing U.S. Large Cap Stocks (40%) Cash (60%) Represented by the MSCI Developed - U.S. Gross TR Index Represented by the BBG Barc T-Bill 1-3 Month Index
Volatility Hedge Funds Represented by the HFRX Global Hedge Fund Index
Multisector Bond U.S. Bonds (70%) U.S. High Yield Corporate Bonds (5%) Global Ex-U.S. Bonds (25%) Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc U.S. Corp High Yield 2% Issuer Capped Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Nontraditional Bond U.S. Bonds (50%) U.S. High Yield Corporate Bonds (35%) Global Ex-U.S. Bonds (15%) Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc U.S. Corp High Yield 2% Issuer Capped Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Tactical Allocation Cash (16%) U.S. Large Cap Stocks (36%) Global Developed Ex-U.S. Stocks (11%) U.S. Bonds (28%) Global Ex-U.S. Bonds (9%) Represented by the BBG Barc T-Bill 1-3 Month Index Represented by the MSCI Developed - U.S. Gross TR Index Represented by the MSCI World Ex U.S. Index Represented by the BBG Barc U.S. Aggregate Index Represented by the BBG Barc Global Aggregate ex USD Index (USD Hedged)
Miscellaneous Region Global Ex-U.S. Stocks Represented by the MSCI All Country World ex U.S. Net Return Index
Miscellaneous Sector Global Ex-U.S. Stocks Represented by the MSCI All Country World ex U.S. Net Return Index
Single Stock Telecommunication Stocks Represented by S&P 500 Telecommunications TR Index
Single Stock Financial Stocks  Represented by S&P 500 Gross TR Index Financials Sector
Single Stock Energy Stocks Represented by S&P 500 Gross TR Index Energy Sector
Single Stock Information Technology Stocks Represented by S&P 500 Information Technology TR Index
Single Stock Materials Stocks Represented by S&P 500 MATERIALS Sector TR INDEX
Single Stock Consumer Staples Stocks Represented by S&P 500 CONSUMER STAPLES TR INDEX
Single Stock Utilities Stocks Represented by S&P 500 Utilities Total Return Index
Single Stock Consumer Discretionary Stocks Represented by S&P 500 CONSUMER DISCRETIONARY TR INDEX
Single Stock Healthcare Stocks Represented by S&P 500 Healthcare Sector TR Index
Single Stock Industrials Stocks Represented by S&P 500 INDUSTRIALS TR INDEX
Single Stock Real Estate Stocks Represented by S&P 500 Real Estate TR USD

Indexes are unmanaged and are shown for illustrative purposes only. It is not possible to invest directly in an index.