Equity

S&P 500® SHARIAH INDEX

AS OF APRIL 30, 2025

Description
The S&P 500® Shariah includes all Shariah-compliant constituents of the S&P 500, the leading benchmark for the U.S. equity
market.

Index Attributes
The S&P 500 is widely regarded as the best single gauge of large-cap U.S. equities. Created in 1957, it was the first U.S. market-
cap-weighted stock market index. Today it is the basis of many listed and over-the-counter investment instruments. This world-
renowned index includes 500 of the top companies in leading industries of the U.S. economy. Focusing on the large-cap segment of
the market, the S&P 500 covers approximately 80% of available U.S. market cap.

"Shariah" refers to Islamic canonical law based on the teachings of the Koran. To ensure that our Shariah indices comply with
Shariah law, we collaborate with Ratings Intelligence Partners (RI), an independent London/Kuwait-based consulting company that
specializes in solutions for the global Islamic investment market. RI's team of qualified Islamic researchers work directly with a
Shariah Supervisory Board of five Islamic scholars that interprets business issues and recommends actions related to the indices.

Methodology Construction
The following methodology summary is provided for convenience purposes only. For complete details, please view the methodology
document at https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-shariah-indices.pdf.

• Universe. All constituents must be U.S. companies.

• Eligibility Market Cap. Companies with market cap of USD 4.6 billion or greater. All constituents of the S&P 500 Shariah are
screened for Shariah compliance in two categories: sector-based (businesses that offer products and services non-compliant with
Shariah law such as gambling, alcohol or tobacco), and accounting-based (companies whose financial ratio may violate compliant
threshold.) These screens are monitored on an ongoing basis.
• Public Float. At least 50% of shares outstanding must be available for trading.
• Financial Viability. Companies must have positive as-reported earnings over the most recent quarter, as well as over the most
recent four quarters (summed together).
• Adequate Liquidity and Reasonable Price. Consists of highly tradable common stocks, with active and deep markets.

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Quick Facts
WEIGHTING METHOD Float-adjusted market cap weighted
REBALANCING FREQUENCY Monthly
CALCULATION FREQUENCY Real time
CALCULATION CURRENCIES USD, EUR
LAUNCH DATE December 19, 2006
FIRST VALUE DATE December 29, 2000
METHODOLOGY S&P Shariah Indices Methodology
All information for an index prior to its Launch Date is hypothetical back-tested, not actual performance, based on the index methodology in effect on the Launch Date. Back-
tested performance reflects application of an index methodology and selection of index constituents with the benefit of hindsight and knowledge of factors that may have
positively affected its performance, cannot account for all financial risk that may affect results and may be considered to reflect survivor/look ahead bias. Actual returns
may differ significantly from, and be lower than, back-tested returns. Past performance is not an indication or guarantee of future results. This back-tested data may have
been created using a “Backward Data Assumption”. For more information on “Backward Data Assumption” and back-testing in general, please see the Performance
Disclosure at the end of this material.

Historical Performance
Depending on index launch date, all charts below may include back-tested data.
* Data has been re-based at 100

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S&P 500 Shariah Index TR S&P 500 (TR)

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Performance
INDEX LEVEL RETURNS ANNUALIZED RETURNS

1 MO 3 MOS YTD 1 YR 3 YRS 5 YRS 10 YRS

Total Return
8,064.34 -0.81% -10.08% -8.38% 8.3% 12.03% 15.87% 13.21%
Price Return
5,426.01 -0.86% -10.31% -8.66% 7.19% 10.68% 14.45% 11.47%
Net Total Return
7,160.55 -0.82% -10.15% -8.47% 7.96% 11.63% 15.44% 12.68%
BENCHMARK* Total Return
12,276.39 -0.68% -7.5% -4.92% 12.1% 12.18% 15.61% 12.32%
BENCHMARK* Price Return
5,569.06 -0.76% -7.8% -5.31% 10.59% 10.46% 13.84% 10.32%
BENCHMARK* Net Total Return
10,606.49 -0.7% -7.59% -5.04% 11.64% 11.66% 15.08% 11.72%
* The index benchmark is the S&P 500

Calendar Year Performance

2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Return
25.91% 33.31% -22.46% 33.3% 23.86% 33.83% -2.52% 24.24% 8.51% 2.06%
Price Return
24.6% 31.6% -23.48% 31.78% 22.01% 31.45% -4.22% 21.95% 6.33% 0.1%
Net Total Return
25.52% 32.79% -22.77% 32.84% 23.3% 33.11% -3.03% 23.55% 7.86% 1.47%
BENCHMARK* Total Return
25.02% 26.29% -18.11% 28.71% 18.4% 31.49% -4.38% 21.83% 11.96% 1.38%
BENCHMARK* Price Return
23.31% 24.23% -19.44% 26.89% 16.26% 28.88% -6.24% 19.42% 9.54% -0.73%
BENCHMARK* Net Total Return
24.5% 25.67% -18.51% 28.16% 17.75% 30.7% -4.94% 21.1% 11.23% 0.75%
* The index benchmark is the S&P 500

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Risk
ANNUALIZED RISK ANNUALIZED RISK-ADJUSTED RETURNS

3 YRS 5 YRS 10 YRS 3 YRS 5 YRS 10 YRS

Total Return
17.41% 17.32% 15.97% 0.69 0.92 0.83
Price Return
17.39% 17.28% 15.96% 0.61 0.84 0.72
Net Total Return
17.4% 17.31% 15.97% 0.67 0.89 0.79
BENCHMARK* Total Return
16.38% 16.13% 15.39% 0.74 0.97 0.8
BENCHMARK* Price Return
16.36% 16.09% 15.38% 0.64 0.86 0.67
BENCHMARK* Net Total Return
16.38% 16.12% 15.39% 0.71 0.94 0.76
Risk is defined as standard deviation calculated using monthly values.

* The index benchmark is the S&P 500

Fundamentals
P/E (TRAILING) P/E (PROJECTED) P/B INDICATED DIV YIELD P/SALES P/CASH FLOW
32.75 22.72 7.84 1.1% 4.23 35.52
P/E (Projected) and Dividend Yield are as of April 30, 2025; P/E (Trailing), P/B, P/Sales, and P/Cash Flow are as of December 31, 2024. Fundamentals are updated on
approximately the fifth business day of each month.

Index Characteristics
NUMBER OF CONSTITUENTS 259
CONSTITUENT MARKET [USD MILLION]
MEAN TOTAL MARKET CAP 130,896.99
LARGEST TOTAL MARKET CAP 3,192,190.51
SMALLEST TOTAL MARKET CAP 6,065.75
MEDIAN TOTAL MARKET CAP 39,812.51
WEIGHT LARGEST CONSTITUENT [%] 9.8
WEIGHT TOP 10 CONSTITUENTS [%] 48.3

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ESG Carbon Characteristics

CARBON TO VALUE INVESTED (METRIC TONS CO2e/$1M INVESTED)* 25.74
CARBON TO REVENUE (METRIC TONS CO2e/$1M REVENUES)* 118.02
WEIGHTED AVERAGE CARBON INTENSITY (METRIC TONS CO2e/$1M REVENUES)* 84.33
FOSSIL FUEL RESERVE EMISSIONS (METRIC TONS CO2/$1M INVESTED) 454.04
*Operational and first-tier supply chain greenhouse gas emissions.
For more information, please visit: www.spglobal.com/spdji/en/esg-metrics.

Top 10 Constituents By Index Weight

CONSTITUENT SYMBOL SECTOR*
Apple Inc. AAPL Information Technology
Microsoft Corp MSFT Information Technology
Nvidia Corp NVDA Information Technology
Amazon.com Inc AMZN Consumer Discretionary
Meta Platforms, Inc. Class A META Communication Services
Alphabet Inc A GOOGL Communication Services
Broadcom Inc AVGO Information Technology
Tesla, Inc TSLA Consumer Discretionary
Alphabet Inc C GOOG Communication Services
Eli Lilly & Co LLY Health Care
*Based on GICS® sectors

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Sector* Breakdown

*Based on GICS® sectors

The weightings for each sector of the index are rounded to the nearest tenth of a percent; therefore, the aggregate weights for the index may not equal 100%.

Country/Region Breakdown
COUNTRY/REGION NUMBER OF CONSTITUENTS TOTAL MARKET CAP [USD MILLION] INDEX WEIGHT [%]

United States 259 33,902,321.14 100

Based on index constituents’ country of domicile.

Tickers
BLOOMBERG TICKER REUTERS
Net Total Return SPSHXN .SPSHXN
Price Return SHX .SPSHX
Total Return SPSHXT .SPSHXT
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Disclaimer
Performance Disclosure/Back-Tested Data
Source: S&P Dow Jones Indices LLC.

The launch date of the S&P 500 Shariah Index was December 19, 2006. The launch date of the S&P 500 was March 4, 1957.

Where applicable, S&P Dow Jones Indices and its index-related affiliates (“S&P DJI”) defines various dates to assist our clients by providing transparency. The First Value
Date is the first day for which there is a calculated value (either live or back-tested) for a given index. The Base Date is the date at which the index is set to a fixed value for
calculation purposes. The Launch Date designates the date when the values of an index are first considered live: index values provided for any date or time period prior to the
index’s Launch Date are considered back-tested. S&P DJI defines the Launch Date as the date by which the values of an index are known to have been released to the public,
for example via the company’s public website or its data feed to external parties. For Dow Jones-branded indices introduced prior to May 31, 2013, the Launch Date (which
prior to May 31, 2013, was termed “Date of introduction”) is set at a date upon which no further changes were permitted to be made to the index methodology, but that may
have been prior to the Index’s public release date.

Please refer to the methodology for the Index for more details about the index, including the manner in which it is rebalanced, the timing of such rebalancing, criteria for
additions and deletions, as well as all index calculations.

Information presented prior to an index’s launch date is hypothetical back-tested performance, not actual performance, and is based on the index methodology in effect on
the launch date. However, when creating back-tested history for periods of market anomalies or other periods that do not reflect the general current market environment,
index methodology rules may be relaxed to capture a large enough universe of securities to simulate the target market the index is designed to measure or strategy the index
is designed to capture. For example, market capitalization and liquidity thresholds may be reduced. In addition, forks have not been factored into the back-test data with
respect to the S&P Cryptocurrency Indices. For the S&P Cryptocurrency Top 5 & 10 Equal Weight Indices, the custody element of the methodology was not considered; the
back-test history is based on the index constituents that meet the custody element as of the Launch Date. Also, the treatment of corporate actions in back-tested
performance may differ from treatment for live indices due to limitations in replicating index management decisions. Back-tested performance reflects application of an
index methodology and selection of index constituents with the benefit of hindsight and knowledge of factors that may have positively affected its performance, cannot
account for all financial risk that may affect results and may be considered to reflect survivor/look ahead bias. Actual returns may differ significantly from, and be lower
than, back-tested returns. Past performance is not an indication or guarantee of future results.

Typically, when S&P DJI creates back-tested index data, S&P DJI uses actual historical constituent-level data (e.g., historical price, market capitalization, and corporate
action data) in its calculations. As ESG investing is still in early stages of development, certain datapoints used to calculate certain ESG indices may not be available for the
entire desired period of back-tested history. The same data availability issue could be true for other indices as well. In cases when actual data is not available for all relevant
historical periods, S&P DJI may employ a process of using “Backward Data Assumption” (or pulling back) of ESG data for the calculation of back-tested historical
performance. “Backward Data Assumption” is a process that applies the earliest actual live data point available for an index constituent company to all prior historical
instances in the index performance. For example, Backward Data Assumption inherently assumes that companies currently not involved in a specific business activity (also
known as “product involvement”) were never involved historically and similarly also assumes that companies currently involved in a specific business activity were involved
historically too. The Backward Data Assumption allows the hypothetical back-test to be extended over more historical years than would be feasible using only actual data.
For more information on “Backward Data Assumption” please refer to the FAQ. The methodology and factsheets of any index that employs backward assumption in the back-
tested history will explicitly state so. The methodology will include an Appendix with a table setting forth the specific data points and relevant time period for which backward
projected data was used. Index returns shown do not represent the results of actual trading of investable assets/securities. S&P DJI maintains the index and calculates the
index levels and performance shown or discussed but does not manage any assets.

Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the Index or investment funds that are intended
to track the performance of the Index. The imposition of these fees and charges would cause actual and back-tested performance of the securities/fund to be lower than the
Index performance shown. As a simple example, if an index returned 10% on a US $100,000 investment for a 12-month period (or US $10,000) and an actual asset-based fee
of 1.5% was imposed at the end of the period on the investment plus accrued interest (or US $1,650), the net return would be 8.35% (or US $8,350) for the year. Over a three-
year period, an annual 1.5% fee taken at year end with an assumed 10% return per year would result in a cumulative gross return of 33.10%, a total fee of US $5,375, and a
cumulative net return of 27.2% (or US $27,200).

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ESG Indices Disclaimer

S&P DJI provides indices that seek to select, exclude, and/or weight index constituents based on, but not limited to, certain environmental, social or governance (ESG)
indicators, or a combination of those indicators, including the following: environmental indicators (including the efficient use of natural resources, the production of waste,
greenhouse gas emissions, or impact on biodiversity); social indicators (such as, inequality and investment in human capital); governance indictors (such as sound
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sustainability or values-related company involvement indicators (for example, production/distribution of controversial weapons, tobacco products, or thermal coal), or
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ESG scores, ratings, and other data, whether from an external and/or internal source, is based on a qualitative and judgmental assessment, especially in the absence of
well-defined market standards, and due to the existence of multiple approaches and methodologies to assess ESG factors and considerations. An element of subjectivity
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of such ESG scores, ratings, or data. No single clear, definitive test or framework (legal, regulatory, or otherwise) exists to determine ‘ESG’, ‘sustainable’, ‘good governance’,
‘no adverse environmental, social and/or other impacts’, or other equivalently labelled objectives. In the absence of well-defined market standards and due to the existence
of multitude approaches, the exercise of judgment is necessary. Accordingly, different persons may classify the same investment, product and/or strategy differently
regarding ‘ESG’, ‘sustainable’, ‘good governance’, ‘no adverse environmental, social and/or other impacts’, or other equivalently labelled objectives. Furthermore, the legal
and/or market position on what constitutes an ‘ESG’, ‘sustainable’, ‘good governance’, ‘no adverse environmental, social and/or other impacts’, or other equivalently labelled
objectives may change over time, especially as further regulatory or industry rules and guidance are issued and the ESG sustainable finance framework becomes more
sophisticated.

Prospective users of an S&P DJI ESG Index are encouraged to read the relevant index methodology and related disclosures carefully to determine whether the index is
suitable for their potential use case or investment objective.

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