MSCI ACWI ex North America Value ADR Index

The MSCI ACWI ex North America Value ADR Index aims to reflect the performance of U.S.-listed securities of large and mid-cap companies that exhibit Value style characteristics, as identified by the MSCI ACWI ex North America Value Index. The Index is constructed from the constituents of the relevant regional component indexes, tilt-weighted using Value Inclusion Factors. The constituents are represented by their corresponding American Depositary Receipts (ADRs). The eligible universe comprises Level I, II and III ADRs traded on the New York Stock Exchange or the NASDAQ.