SmartALPHA® Defensive Equity Strategy

SmartALPHA® Defensive Equity Strategy aims to outperform the market over a full market cycle. It is expected to strongly out-perform during periods of economic contraction through recession phases. The portfolio is managed to track an equal-weighted blend of the SmartALPHA® Defensive Growth and Value Indexes with the goal of further factor and style diversification. The indexes are constructed with a rules-based process with quarterly reconstitution and annual rebalancing to maintain the focused fundamental profile.