Index Ticker Terms and Conditions

These Additional Terms of Use govern your access or use of index data, other data and prices, and related information and materials ("Data") provided and/or licensed by MSCI Inc. or its affiliates (collectively, “MSCI”), or otherwise available to you on the MSCI web site. Access or use of the Data (including via the MSCI web site) is subject to these Additional Terms of Use.

As a user of information contained in the Data, you assume the entire risk of any use you directly or indirectly make of the Data. You understand and agree that the Data is provided "as is" and MSCI does not represent or warrant the accuracy, completeness, non-infringement, originality, timeliness, merchantability or any other characteristic of the Data. Except where MSCI has provided its prior written approval or agreed to specific terms and conditions in a license agreement, the Data is for your informational, non-commercial purposes only.

The Data is not an offer or recommendation to buy or sell or a solicitation of an offer to buy or sell any security, instrument or other asset or to participate in any particular trading strategy. Further, none of the Data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Reproduction, redistribution or any other form of copying or transmission of the Data without MSCI's prior written consent is strictly prohibited. Without limiting the generality of the foregoing and without MSCI’s prior written consent, the Data and other MSCI intellectual property you access may not, without MSCI's prior written permission (which may include in accordance with specific terms and conditions in a license agreement with MSCI), be used as a basis for any financial instruments or products (including, without limitation, passively managed funds and index-linked derivative securities) or other products or services, or used to verify or correct data in any other compilation of data or index, or used to create any other data or index (custom or otherwise), or used to create any derivative works, or used for any other commercial purposes.

In no event shall MSCI, any of its information providers or any third party involved in, or related to, compiling, computing or creating any of the Data (collectively, the "MSCI Parties") have any liability to any person or entity for any damages, whether direct, indirect, special, incidental, punitive, consequential (including, without limitation, loss of use, lost profits or revenues or any other economic loss) arising in any manner out of your use or inability to use any of the Data, even if such party might have anticipated, or was advised or notified of, the possibility of such damages.

You agree to indemnify, defend and hold harmless the MSCI Parties from and against any claims, losses, damages, liabilities, costs and expenses, including, without limitation, reasonable attorneys' and experts' fees and costs, as incurred, arising in any manner out of your use of, or inability to use, any Data.

You acknowledge and agree that (i) Data and all components thereof constitute copyrighted, trade secret and/or proprietary information of substantial value to MSCI or the relevant MSCI Parties (ii) that you receive no proprietary rights whatsoever in or to the Data, and (iii) that title and ownership rights in and to the Data and all the rights therein and legal protections with respect thereto remain exclusively with MSCI or the relevant MSCI Parties. You shall not, and shall not assist any third party to, assert any rights in the Data or any component thereof or challenge MSCI's rights therein.

The terms and conditions contained herein are in addition to any applicable terms and conditions in the general Terms of Use at msci.com/terms-of-use, which are incorporated herein by reference. By accepting these Additional Terms of Use you are also expressly agreeing to the general Terms of Use. As used herein, “you” or “your” means any person, entity or organization, as applicable.

 

Evaluations

The following additional provisions apply to the Data including any data that is not current, real time traded prices and any other aspects of the Data relating to indicative prices, evaluated pricing or other information based on estimates or evaluations (all of the foregoing, collectively, the “Evaluations”):

  • Securities having Evaluations are typically complicated financial instruments and other assets having Evaluations are typically very difficult to value. There are many methodologies (including computer based analytical modeling and individual security and asset evaluations) available to generate Evaluations, and there is significant professional disagreement about which methodology (if any) is best or appropriate. No evaluation method, including those used by MSCI and its third party data suppliers (collectively, the “Evaluation Parties”), may consistently generate evaluations or estimates that correspond to actual “traded” prices of any relevant securities or other assets. Evaluations are subject to change at any time without notice and without any duty to update or inform you.
  • Evaluations may not reflect prices at which actual transactions may occur or have occurred or collateral calls may be made. The market price of securities, financial instruments and other assets can be determined only if and when executed in the market. There may be no, or may not have been any, secondary trading market for the relevant securities, financial instruments or other assets. Evaluations may incorporate information from the markets to which a source has access and, consequently, may not represent an estimate of the market price of the relevant security, financial instrument or other asset in other markets.
  • The methodologies used by the Evaluation Parties to provide the Evaluations may rely on approximations, estimates, models and other data and assumptions. Further, there may be errors or defects in the software, databases, calculations, methodologies, models, assumptions and other techniques and processes used by the Evaluation Parties. Accordingly, you acknowledge that Evaluations may contain or based on inaccuracies and may be inappropriate for use in certain contexts or applications.
  • Regardless of any efforts made by the Evaluation Parties, you assume all responsibility for the appropriateness of your use of the Evaluations and any other data contained in the Data. Evaluations are provided at your request for informational purposes only and are not intended as a pricing service or recommendation or as an offer or solicitation for the purchase or sale of any security or other asset. You should consult with your own auditors and other experts and advisors before deciding the uses to which the Evaluations may be put. The Evaluation Parties are not acting as your advisor, agent or fiduciary in providing any Evaluations.