IN THIS LIST

Systematic S&P 500 Strategies Targeting Stability and Growth Potential

Why Do U.S. Equities and the S&P 500 Matter in South Korea?

Tracking Next Gen Factors across Economic Regimes

Understanding the iBoxx Tadawul SAR Indices

Bringing Global Credit Index Innovation to the Brazilian Market

Index TV - Mar 30, 2026

Systematic S&P 500 Strategies Targeting Stability and Growth Potential

Length 4:41

Length 4:41

Meet the S&P 500 Futures Intraday Edge Indices, a dynamic index series built to react to changes in market conditions as they seek to capitalize on trends, optimize S&P 500 exposure, maintain stability and enhance growth potential.

[TRANSCRIPT]

Systematic S&P 500 Strategies Targeting Stability and Growth Potential

Advances in volatility control techniques, coupled with the robust and liquid trading ecosystem around the S&P 500, have supported the development of the S&P 500 Futures Intraday Edge Indices. The S&P 500 Futures Intraday Edge Indices are an innovative index family that measure strategies which dynamically adjust exposure to the S&P 500 while seeking to enhance growth potential. The indices use an intraday rebalancing mechanism leveraging three different signals. First, the indices look at two volatility measures:

Realized volatility, based on historical price changes of the S&P 500

Implied volatility, a forward-looking estimate of future price movements

The second signal assesses intraday trends, and lastly, an overnight signal, which further strengthens the rebalancing approach built into the indices. These features work together to help the indices react to changes in market conditions as they seek to capitalize on trends and optimize S&P 500 exposure while maintaining stability and enhancing growth potential.

How do the S&P Futures Intraday Edge Indices work? The indices seek to maintain a target volatility level by dynamically adjusting exposure to the S&P 500. Under the volatility control framework, exposure can increase up to 180% in lower volatility environments as the indices seek higher upside capture potential. In addition, exposures can shift into cash (up to 100%) during higher volatility periods as the indices seek to reduce potential drawdowns.

Complementing this framework, the indices include volatility rotation, intraday trend and an overnight signal to respond more effectively to market events and capture momentum signals. The exposure can scale up or down based on these features, which helps improve the indices’ responsiveness compared to more traditional risk control approaches. Let's take a closer look at how these three features help the indices maintain stability and increase growth potential.

Volatility Rotation: Dynamically shifts between realized and implied volatility; this is a key feature of the indices' “Edge” component. When expected volatility is consistently increasing, the indices use implied volatilities to better reflect forward-looking risk. In periods of stable expected volatility, the indices will only adjust their exposures based on realized (or past) volatility, prioritizing recent market conditions. This combination enables the indices to adjust exposures more proactively while maintaining their predefined volatility targets.

Intraday Trend: At multiple points during the trading day, the indices evaluate price movements to estimate the potential strength of market trends. When these movements exceed a predefined threshold, the indices systematically adjust their allocations to align with the direction of the market. This approach is applied in both rising and falling conditions, helping the indices respond dynamically to material intraday movements.

Overnight Signal: The indices apply an overnight adjustment factor that identifies short-term deviations in market trends and adjusts their allocations accordingly. After a sharp market decline, this mechanism allows the indices to increase S&P 500 exposure, helping them participate in potential rebounds.

The end result is a family of dynamic indices that react to changes in market conditions as they seek to:

Capitalize on trends

Optimize S&P 500 exposure

Maintain stability

Enhance growth potential

To learn more about the S&P 500 Futures Intraday Edge Indices and to get the latest performance data, visit spglobal.com/spdji.

Index TV - Mar 09, 2026

Why Do U.S. Equities and the S&P 500 Matter in South Korea?

Length 7:36

Length 7:36

S&P DJI’s Sue Lee examines the importance of the S&P 500 in the global equity opportunity set, key diversification and sector composition differences between notable U.S. equity and Korean benchmarks and the challenges faced by active managers in the U.S. and South Korea to outperform this iconic index.

[TRANSCRIPT]

Ongoing political changes, economic shifts and growing geopolitical tensions are contributing to uncertainty in global markets. In this video, let’s take a closer look at why U.S. equities and the S&P 500® continue to play an important role in global investment strategies in today’s markets and historically across a range of market environments.

Why do U.S. equities matter globally?

The U.S. market has played a major role in the global economy for a long time, and it continues to do so today as the largest contributor to the global GDP. When we look at the global equity opportunity set, using the S&P Global BMI as a reference, U.S. companies play an even bigger role, making up over 60% of the global investable universe.

In the S&P Global BMI, 37 out of the 50 highest-weighted stocks are U.S.-domiciled companies. These companies include globally recognized brands like Apple, Microsoft, Amazon, Google, Coca-Cola and McDonald’s—companies that operate worldwide.

U.S. companies are not just economically significant but they also play a significant role in the global investment landscape. As a result, U.S. equities matter for most equity investors, not just those aiming for broad market exposure.

Why does the S&P 500 matter?

The S&P 500 is widely regarded as the best single gauge of large-cap U.S. equities. The S&P 500 comprises approximately 500 companies and represents about 80% of the available market capitalization of the U.S. equity market.

Not just this broad coverage, the S&P 500 constituent companies have historically demonstrated higher operating margins compared to global peers represented by the S&P Global BMI. There is also a robust trading ecosystem surrounding the S&P 500 including futures, options and exchange-traded funds. These are traded globally around the clock and provide significant liquidity, helping enable easier and more cost-efficient access to large-cap U.S. equities. Compared to other common U.S. large-cap indices, such as Dow Jones Industrial Average and Nasdaq-100, the S&P 500 has the largest number of constituents, making it the most diverse of these indices. It also reflects the highest market coverage and U.S. revenue exposure relative to The Dow and the Nasdaq-100.

Why is the S&P 500 relevant in South Korea?

The KOSPI 200 is widely regarded as a primary indicator of overall equity market performance in South Korea. So is the S&P 500 for the U.S.

Compared to the KOSPI 200, the S&P 500 has greater diversification among stocks and sectors. When we look at the historical performance of those two indices over the past 15 years, the S&P 500 has demonstrated stronger performance than the KOSPI 200 on both an absolute and risk-adjusted basis.

While both indices exhibited similar levels of volatility over the past 15 years, the S&P 500 experienced a smaller maximum drawdown compared to the KOSPI 200. Notably, the S&P 500 performance improved over the same period in Korean won terms, reflecting the index performance for Korea-based market participants without any currency hedging, due to the strengthening of the U.S. dollar in recent years. Additionally, the U.S. dollar has demonstrated so-called safe-haven characteristics, its historical tendency to appreciate during market corrections, which further contributed to the reduced drawdown of the S&P 500 when measured in Korean won, highlighting the potential benefits of the U.S. dollar exposure embedded in the S&P 500.

The non-perfect correlation between the S&P 500 and KOSPI 200 as well as the negative correlation between the equity market and the U.S. dollar relative to the Korean won demonstrates the potential to diversify risk of a South Korea-based equity strategy. Back-tested hypothetical data from our study showed incorporating U.S. equities into a Korean broad-market equity strategy would have reduced volatility and enhanced historical performance over the period examined.

How have active managers performed versus passive benchmarks historically?

S&P Dow Jones Indices publishes the SPIVA Scorecards, which compares the performance of actively managed funds against benchmarks like the S&P 500. The data shows that a majority of actively managed U.S. equity funds, both in the U.S. and South Korea, have underperformed the S&P 500 over time. This underperformance trend for active managers has tended to expand over longer-time horizons. Put simply, passive tends to outperform active over the long term.

Closing

The U.S. equity market represents a significant portion of the global equity opportunity set. Investing in a diversified basket of U.S. equities has become significantly easier, cheaper and more transparent through the widespread availability of index-linked products around the world, including index funds and ETFs. The S&P 500 includes many of the largest companies in the U.S., and many of these names are the world’s most recognizable companies, with high operating margins. For South Korea-based equity strategies, the greater stock diversification and different sector makeup of the S&P 500 may offer a complementary blend that has historically improved the performance and risk-adjusted return, based on hypothetical back-testing.

Thank you very much. I hope you find this video informative. Please find more details in our paper, Why Does the S&P 500 Matter to Korea?

Index TV - Mar 03, 2026

Tracking Next Gen Factors across Economic Regimes

Length 9:55

Length 9:55

Why does index methodology matter when evaluating the next generation of factor solutions? S&P DJI’s Elizabeth Bebb and Xtrackers’ Sturmius Schneider explore the metrics powering the next generation of S&P 500 factor indices and how these new tools are helping inform market participants applying factors strategically and tactically.

[TRANSCRIPT]

Jenny Ellice:

Why does index methodology matter when evaluating the next generation of factor solutions?

Hello, I'm Jenny Ellice from Asset TV. Joining me today to discuss the new S&P 500 Factor Indices that track market leaders, quality companies at the intersection of growth and value, and the companies from the S&P 500 returning the most value to shareholders are Liz Bebb of S&P Dow Jones Indices and Sturmius Schneider of Xtrackers.

So, Liz, Sturmius, welcome. So Liz, I'm going to come to you first, and let's zero in about the indices we'll be talking about today. S&P Dow Jones Indices launched the S&P 500 Market Leaders Index, the S&P 500 GARP 100 Index, and the S&P 500 Resilient Shareholder Yield Index at the end of 2024. So, how were these indices designed, and what data sets are powering them, and why are they so unique?

Elizabeth Bebb:

I think they're unique in many ways. When you look at the traditional factor indices, for example, we know that they're usually defined by several metrics which relate to certain characteristics with indices which drive the performance, and the performance can be different in different market environments. When you look at the S&P 500 indices that we've put in the next generation, let's take the S&P 500 Market Leaders Index, for example. That particular index uses a syntax dataset. This dataset is a very granular version of market share scores. So, we can actually calculate market share scores and define leaders by their market shares. When we add in the free cash flow margins, which look at the profitability of those companies, the returns on investing capital metrics that also look at how well the companies generate future returns or generate current returns, we can see that these S&P 500 Market Leaders Indices are quite, the metrics actually tilt toward quality. So, it's very much a quality base. And, then, on top of that, we used the float market caps to do the weighting, tilting back to that Market Leader ideology. And, this also gives some diversification within the index, because we use a stock cap as well of 4.5% per stock, which reduces the Information Technology weights, et cetera. So, they're quite well diversified as well.

And, if we look at the other versions, so, the S&P 500 GARP 100 Index, for example, that version uses a quality-value metric and the growth metrics to derive the actual selection of the constituents. And, on top of that, it uses a float market cap multiplied by the growth score. So, again, you're tilting back to that growth metric. So, the S&P 500 GARP 100 Index looks at a quality-value and growth metric in its construction, which can create a constituent selection that can be very different to the other indices. And, it can be diversified versus the S&P 500, the universe that it comes from. Additionally to that, it uses a growth metric when it's multiplied in the weighting via its float market cap, and that tilts back toward growth as well. So, we see that coming through in the index again.

And, if we look at the S&P 500 Resilient Shareholder Yield Index, we see a similar thing. The S&P 500 Resilient Shareholder Yield Index is looking at the dividend income of those companies, it's looking at the share repurchases of those companies, and it's also looking at the share repurchases. And, those three metrics together are driving a set of performances within that index through the constituent selection and the characteristics that it produces. Alongside that, we actually use the shareholder yield score to actually weight the index as well against float market cap and have that capping again. So, again, you see this methodology being quite unique in these aspects.

Jenny Ellice:

And Sturmius, from your perspective, what was interesting about these indices and why?

Sturmius Schneider:

So, what really stood out for me about these indices is how they captured a hybrid factor signal. So, essentially, they try to codify what active investors have intuitively pursued for many years. Traditional factor indices usually only cover a single dimension for factors, value or growth. And, by blending multiple factors, they can be a very transparent and structural approach to a factor blending.

Take the S&P 500 GARP 100 Index, for example. So, the GARP Index seeks to address a key shortcoming of traditional growth exposure, which, recently is trading at P/E multiples north of 30. These are levels we haven't seen since the dot-com bubble. And, by integrating quality and also valuation characteristics into a growth index, this can actually bring down, or address, this key shortcoming. What's really compelling about these indices is also the methodology. The methodology is very transparent, and that clarity is a key for investors. Investors actually get and can understand what they are getting: a diversified, rules-based approach which is actually addressing what they are looking for in terms of risk and returns.

Jenny Ellice:

And, coming back to you, Liz, can you expand on these indices' performances? How have different factors played out in different environments historically?

Elizabeth Bebb:

Thank you. I think when you think about traditional factor indices in different market environments, they perform in different ways. So, for example, your value factor is going to perform well in cyclically recovering markets. You're going to see, perhaps, good momentum in trending markets, whether they're trending up or down. And, you're also going to see a good performance in quality in most markets. It does very well in the majority of markets. And, when you look at the next generation of indices, or the new generation indices, they're very similar.

We did some analysis research in-house, and what we did was we took each of the macro backdrops, and we looked at it in different ways. So, we categorized markets into high and low growth and high and low inflation. So, we ended up with four different categories. And, when we looked at this particular new generation of indices, what we saw was they performed very differently in very different market environments. So, for example, when we thought about the S&P 500 Resilient Shareholder Yield Index, what we saw was this performs really well in falling growth, rising inflation markets. The S&P 500 GARP 100 Index does really well in rising growth and falling inflation markets. But, the S&P 500 Market Leaders Index actually performs quite strongly across all markets. And, that's because of various factors. Both the methodology construction we've talked about before, but, also, because of the fact that its quality bias and those characteristics are showing through. So, quality tends to do well in most markets.

Jenny Ellice:

And Sturmius, how are you seeing market participants using factor strategies in their portfolios, and what's driving decision-making?

Sturmius Schneider:

So, we're seeing two types of factor investors. On the one hand, there are factor investors that use factor products strategically. So, they believe in the long-term factor premium and allocate to the same factor over a long time. On the other hand, there are factor investors that use factor products, or factor indices, more tactically. So, they would, based on, for example, the macroeconomic environment indicators, rotate from one factor to another. And, what's very interesting about the S&P DJI indices that we're talking about is that they address actually both types of factor investors. So, on the one hand, they show in simulations, over very long periods, they show improved risk-adjusted performance. And, on the other hand, they have a clear factor tilt. So, the S&P 500 GARP 100 Index aligns with growth, the S&P 500 Market Leaders Index with quality, and the S&P 500 Resilient Shareholder Yield Index with value and minimal volatility. So, well-known and traditional factor exposures.

Unlike sector investing, factor investing is not a zero-sum game. So, blending different factors can actually rather enhance than dilute portfolio outcomes, and they feel particularly relevant in today's market environments. So, equity valuations are skyrocketing, concentration is increasing, and dividend yields, for example, of the S&P 500, they have compressed toward 1%. So, a difficult market environment. And, identifying companies that may be the market leaders of the future, or identifying companies that are growth companies and that have growth potential, but still at reasonable valuations, or companies that offer total shareholder returns, is actually an interesting way to navigate today's markets. This allows investors to seek for different performance and return drivers in today's environment.

Jenny Ellice:

That's really interesting, and it shines a light on why index methodology is so important, especially when looking at this new generation of factor indices. So, Liz and Sturmius, thank you for joining us.

Well, to learn more about S&P DJI’s factor indices and to explore the latest factor research and data, visit the link below.

spglobal.com/spdji/factors

Index TV - Feb 24, 2026

Understanding the iBoxx Tadawul SAR Indices

Length 6:32

Length 6:32

How are indices bringing greater transparency to Saudi Arabia’s sukuk and fixed income markets? S&P DJI’s Jessica Tan joins GCMA’s Michael Grifferty for a closer look at the trends driving the evolution of these markets and how index-based tools are helping market participants evaluate the region’s opportunity set.

[TRANSCRIPT]

Michael Grifferty:

Hello, and welcome to our session on understanding the iBoxx Tadawul Riyal Government Sukuk and Bond Index and the iBoxx Tadawul SAR Government Sukuk Index Series. My name is Michael Grifferty, President of the GCMA, and I'm here with Jessica Tan of S&P Dow Jones Indices.

Jessica Tan:

Hello, Michael.

Michael Grifferty:

So what is inside the iBoxx Tadawul Riyal Government Sukuk and Bond Index and how does it gain us a better understanding of the fixed income landscape?

Jessica Tan:

So the iBoxx Tadawul Riyal Government Sukuk and Bond Index captures the riyal-denominated sukuk and bonds issued by the Saudi government in the Saudi market. The index serves as a benchmark for domestic and global investors to monitor the pricing, yields and performance of the Saudi debt market itself.

Michael Grifferty:

Terrific. How has the composition of the sukuk market changed since the launch of the iBoxx index several years ago?

Jessica Tan:

So the index was launched in 2020, with the sukuk index having history going back to 2019, and at the beginning, in 2020, the weight of the conventional bond compared to the sukuk proportion within the index was actually about 30% to 70% in terms of ratio. And as of Q3 2025, what we have seen is that that conventional bond weight within the index actually dropped below 3%. And that shift shows the Saudi government's commitment to the local sukuk program, as the market itself has actually tripled in size, but the conventional bond issuances have actually been less of a focus for the Saudi government.

Michael Grifferty:

Well, what kind of initiatives and steps has the Saudi government taken to further develop the market?

Jessica Tan:

So from my perspective, the Saudi government has actually taken a two-pronged approach to actually develop the domestic debt market. The first category of their approach, I will categorize this, would be their goal to actually improve the accessibility and liquidity of the market. And how they are doing it is actually through the primary dealer program, where they work with domestic banks as well as global banks to actually help to broaden their investor base. Secondly, they are also tapping on existing issuances rather than issuing new issuances so that they can provide sukuk issuances in the market that are actually big enough for each individual sukuk, that's enough scale for investors to invest into.

And then the second category that I would categorize their approach, their objective under would be their goal to actually provide transparency over the debt market. So what they have done is actually, build up a comprehensive yield curve, covering all different tenors for investors to actually have a benchmark, a yield curve benchmark to refer to. And also they designate different sukuk for different tenors as on-the-run issues so that there's a reference point for investors in the market to look to.

Michael Grifferty:

Interesting. How does the iBoxx Tadawul Government & Agencies Sukuk Index differ from the iBoxx Tadawul Government Saudi Riyal Index in terms of composition and utilization?

Jessica Tan:

So the iBoxx Tadawul Saudi Riyal Government Sukuk Index only captures Saudi riyal-denominated government sukuk, while the iBoxx Tadawul Government & Agencies Sukuk Index captures both Saudi riyal-denominated sukuk issued by the government and USD-denominated sukuk issued by government and agencies issuers within the Saudi Arabian market.

So, in terms of the weight within the iBoxx Tadawul Government & Agencies Sukuk Index, it's about 80% in Saudi riyal-denominated sukuk, and 20% of the remaining weight is in USD-denominated, government and agencies sukuk. So, that gives it a performance that's sort of aligned with the iBoxx Tadawul Saudi Riyal Government Sukuk Index while giving it some diversification benefits from the USD proportion of the index itself. So in terms of investors using the benchmark, it can actually help them to monitor the public sector financing conditions of the Saudi market.

Michael Grifferty:

How do the iBoxx Tadawul SAR Government Sukuk Indices help investors to better understand the landscape and progress of the Saudi market?

Jessica Tan:

So the index series comes with different maturity bands in terms of sub-indices. So there's 1-3, 3-5, etc. in terms of the indices that investors can refer to to look at the performance of different tenors, as well as because it captures all of the government sukuk that meets the minimum amount outstanding criteria, it gives investors a benchmark in terms of the yield curve of how the yield pricing and performance trend within the market itself over different times. Especially during market events, it's meaningful to look at the performance, the yield performance, in terms of how they react to different market events. And so this is a good monitor for those domestic and global investors investing in the Saudi riyal sukuk market.

Michael Grifferty:

Thank you very much, Jessica.

Jessica Tan:

Thank you, Michael.

Index TV - Feb 18, 2026

Bringing Global Credit Index Innovation to the Brazilian Market

Length 2:26

Length 2:26

Look inside two fixed income indices that use innovative cash/bond/futures frameworks as they seek to reduce FX volatility while preserving yield potential.

[TRANSCRIPT]

Bringing Global Credit Index Innovation to the Brazilian Market

S&P Dow Jones Indices has launched two innovative indices for the Brazilian fixed income market: the iBoxx USD Liquid Investment Grade BRL Hedge Carry Index and iBoxx USD Liquid High Yield BRL Hedge Carry Index

Both indices use a cash/bond/futures framework that seeks to reduce FX volatility while preserving yield potential

The long bond sleeve measures the performance of liquid, USD-denominated corporate bonds. The short position in BRL/USD mini futures aims to offset the BRL FX exposure created by expressing the bond returns in BRL, leaving the hypothetical portfolio exposed to USD credit risk.

The remaining long allocation sits in theoretical cash component, which not only generates cash carry and provides cash margin for the derivatives, but it also dampens volatility from credit exposure

For example, to help manage the overall volatility of the index, the iBoxx USD Liquid Investment Grade BRL Hedge Carry Index has a70% weight to cash earning the CETIP interbank rate and 30% weight to liquid investment grade bonds through the iBoxx $ Liquid Investment Grade Index, while it applies a -30% BRL/USD futures overlay for a structural FX hedge against currency risk via the S&P/B3 BRL-USD Mini Futures Index

Similarly, the iBoxx USD Liquid High Yield BRL Hedge Carry Index has a 30% weight to cash and 70% weight to liquid high yield bonds through the iBoxx $ Liquid High Yield Index TR (BRL), while it applies a -70% BRL futures overlay for a structural FX hedge against currency risk

Both indices rebalance monthly to restore the target allocation weight of each of their index components. These indices offer a way to measure USD credit while addressing FX risk as Brazilian investors can be exposed to significant fluctuations of the Brazilian real against the U.S. dollar when investing internationally at rates which have sometimes reached 20% annually

By embedding a structural hedge, the indices have historically tended to show smoother BRL-adjusted performance that could integrate more naturally into local strategies

The indices’ high local carry has helped to enhance yield potential while reducing overall volatility

From a global perspective, these indices are rules-based tools that can help translate international credit market exposures into Brazilian market terms

Comparing the back-tested performance of the iBoxx USD Liquid Investment Grade BRL Hedge Carry Index with the iBoxx $ Liquid Investment Grade Index TR (BRL) from Jan. 31, 2014, to Jan. 31, 2025, shows that this bond/cash/futures structure often reduced volatility while maintaining competitive performance versus the credit sleeve

There were also reduced drawdowns, where hedging mitigated the sharp FX-driven losses often seen in stress periods

Built on S&P DJI’s extensive experience in fixed income benchmarks and a decade collaboration with B3, the launch of these two indices showcases the breadth of S&P DJI’s capabilities—from corporate debt to derivative and tradable products, and emerging market (EM) local currency exposure to USD EM indices

To learn more about these innovative indices at spglobal.com/spdji.

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