Active and Passive Investing

Index Definitions Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in an index. The Russell 3000 Index is a market cap weighed index that seeks to be a benchmark for the entire US equity market and is composed of the 3000 largest US traded stocks. The Russell 2000 Index is a market capitalization index that is designed to measure equity market performance of the 2,000 smallest companies in the Russell 3000 Index. The S&P 500 Index is a market-capitalization weighted composite of the 500 largest stocks in the U.S. stock market. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure the large and mid cap equity market performance of 23 developed countries. AQR 256/635 20

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