*Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the organization as a whole. IWS is not a licensed securities dealer, broker or investment adviser or investment bank.
The performance of the Smart-X strategies is based on portfolios consisting of stocks selected via the AER Smart-X strategies that were rebalanced monthly (see additional details regarding rebalancing below) with zero transaction costs. These are not the returns of actual portfolios of stocks. Returns are computed monthly based on the beginning of the month and end of the month stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. The S&P 500 is an unmanaged index. These returns are higher than the returns an investor would achieve investing real money in a portfolio of AER Smart-X strategy stocks because the returns of the portfolios exclude commissions incurred for trading, the average bid ask spread and the price impact of the trading.
Value-Book to Market.pdf