Index Factsheet

MSCI USA Index (USD)

The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. With 611 constituents,
the index covers approximately 85% of the free float-adjusted market capitalization in the US.
For a complete description of the index methodology, please see Index methodology - MSCI.

CUMULATIVE INDEX PERFORMANCE — GROSS RETURNS (USD) ANNUAL PERFORMANCE (%)

(MAY 2009 – MAY 2024)
Year MSCI USA MSCI World MSCI ACWI
800
MSCI USA 765.68 2023 27.10 24.42 22.81
MSCI World 2022 -19.46 -17.73 -17.96
MSCI ACWI 2021 26.97 22.35 19.04
600 2020 21.37 16.50 16.82
2019 31.64 28.40 27.30
510.40 2018 -4.50 -8.20 -8.93
460.18 2017 21.90 23.07 24.62
400 2016 11.61 8.15 8.48
2015 1.32 -0.32 -1.84
2014 13.36 5.50 4.71
2013 32.61 27.37 23.44
200
2012 16.13 16.54 16.80
2011 1.99 -5.02 -6.86
50 2010 15.45 12.34 13.21
May 09 Aug 10 Nov 11 Feb 13 May 14 Aug 15 Nov 16 Feb 18 May 19 Aug 20 Nov 21 Feb 23 May 24

INDEX PERFORMANCE — GROSS RETURNS (%) (MAY 31, 2024) FUNDAMENTALS (MAY 31, 2024)
ANNUALIZED

1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr DecSince Div Yld (%) P/E P/E Fwd P/BV

31, 1987

MSCI USA 4.78 3.65 28.37 10.91 8.85 15.72 12.60 11.18 1.38 25.79 20.86 4.76

MSCI World 4.53 3.99 25.51 9.77 7.18 13.31 9.71 8.45 1.85 21.70 18.33 3.32

MSCI ACWI 4.12 3.95 24.13 9.11 5.62 12.21 8.95 8.26 1.94 20.87 17.42 3.03

INDEX RISK AND RETURN CHARACTERISTICS (MAY 31, 2024)

ANNUALIZED STD DEV (%) 2 SHARPE RATIO 2 , 3 MAXIMUM DRAWDOWN
Since
Turnover 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr Dec 31, (%) Period YYYY-MM-DD
(%) 1 1987

MSCI USA 2.00 18.01 18.55 15.50 0.40 0.77 0.75 na 54.91 2007-10-09—2009-03-09

MSCI World 2.29 17.22 17.97 15.02 0.32 0.67 0.59 na 57.46 2007-10-31—2009-03-09

MSCI ACWI 2.57 16.75 17.60 14.83 0.24 0.63 0.55 0.39 58.06 2007-10-31—2009-03-09
1 2 3
Last 12 months Based on monthly gross returns data Based on NY FED Overnight SOFR from Sep 1 2021 & on ICE LIBOR 1M prior that date

The MSCI USA Index was launched on Mar 31, 1986. Data prior to the launch date is back-tested test (i.e. calculations of how the index might have performed over that time
period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested
-- is no indication or guarantee of future performance.

MSCI USA Index (USD) | msci.com

MAY 31, 2024 Index Factsheet

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI USA Float Adj Mkt Index Sector
Number of 611 Cap Wt. (%)
( USD Billions)
Constituents MICROSOFT CORP 2,931.09 6.35 Info Tech
Mkt Cap ( USD Millions)
APPLE 2,823.92 6.12 Info Tech
Index 46,157,862.37
NVIDIA 2,707.94 5.87 Info Tech
Largest 2,931,087.31 AMAZON.COM 1,641.00 3.56 Cons Discr
Smallest 2,165.16 META PLATFORMS A 1,036.18 2.24 Comm Srvcs
Average 75,544.78 ALPHABET A 1,020.86 2.21 Comm Srvcs
Median 27,577.77 ALPHABET C 896.33 1.94 Comm Srvcs
LILLY (ELI) & COMPANY 661.94 1.43 Health Care
BROADCOM 590.85 1.28 Info Tech
JPMORGAN CHASE & CO 585.81 1.27 Financials
Total 14,895.91 32.27

FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURN

MSCI FACTOR BOX MSCI FaCS
UNDERWEIGHT NEUTRAL OVERWEIGHT
VALUE
Relatively Inexpensive Stocks

LOW SIZE
Smaller Companies

MOMENTUM
Rising Stocks

QUALITY
Sound Balance Sheet Stocks

YIELD
Cash Flow Paid Out

LOW VOLATILITY
Lower Risk Stocks

MSCI FaCS provides absolute factor exposures

relative to a
<-1.5 0 +1.5< broad global index - MSCI ACWI IMI.
MSCI USA MSCI World
Neutral factor exposure (FaCS = 0) represents
MSCI ACWI IMI.

SECTOR WEIGHTS
9.32% 8.84%

5.91%
9.94%
3.9%

2.38%
11.85%
2.36%

2.23%
12.8%
30.46%

Information Technology 30.46% Financials 12.8% Health Care 11.85%

Consumer Discretionary 9.94% Communication Services 9.32% Industrials 8.84%

Consumer Staples 5.91% Energy 3.9% Utilities 2.38% Materials 2.36%

Real Estate 2.23%

MSCI USA Index (USD) | msci.com

MAY 31, 2024 Index Factsheet

MSCI FACTOR BOX AND FaCS FRAMEWORK (Please refer to complete description of the MSCI FaCS methodology here)
MSCI FaCS is a standard method for evaluating and reporting the Factor characteristics of equity portfolios. MSCI FaCS consists
of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic
literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructed
by aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta)
from the latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use.
The MSCI Factor Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposures
of funds/indexes and their benchmarks along 6 Factor Groups that have historically demonstrated excess market returns over
the long run.

ABOUT MSCI
MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 45 years of expertise in research, data and technology, we power better investment
decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use
to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

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MSCI USA Index (USD) | msci.com