| Benchmark | Returns as of 01/31/2023 | Month End YTD
as of
01/31/2023 |
Average Annual Total
Returns as of 01/31/2023 |
|---|
| 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year |
|---|
| Balanced Composite Index | 5.37% | 6.18% | 5.37% |
–7.79% | 5.44% | 6.38% | 8.26% |
| Bloomberg 1 Year Municipal Index | 0.84% | 1.95% | 0.84% |
0.36% | 0.47% | 1.13% | 0.90% |
| Bloomberg 1-15 Year Municipal Index | 2.25% | 6.33% |
2.25% | –1.42% | 0.02% | 2.07% | 2.15% |
| Bloomberg 1-5 Year Municipal Index | 1.47% | 3.78% | 1.47% |
–0.45% | 0.17% | 1.40% | 1.29% |
| Bloomberg CA Municipal Index | 2.70% | 7.76% | 2.70% |
–2.80% | –0.47% | 2.03% | 2.52% |
| Bloomberg Commodity Index TR | –0.49% |
–0.27% | –0.49% | 6.20% | 15.37% |
5.92% | –1.57% |
| Bloomberg GA Credit Idx Hedged USD | 3.18% | 6.67% | 3.18% |
–9.25% | –2.54% | 1.16% | 2.36% |
| Bloomberg GA ex-USD FlAdjRIC Cp Hgd | 2.16% | 1.87% |
2.16% | –9.58% | –3.55% | 0.47% | 2.13% |
| Bloomberg MA Municipal Index | 2.72% | 7.65% | 2.72% |
–3.15% | –0.59% | 1.91% | 2.19% |
| Bloomberg Municipal Bond Index | 2.87% | 7.99% | 2.87% |
–3.25% | –0.42% | 2.07% | 2.38% |
| Bloomberg Municipal CA Intermed Idx | 2.39% | 6.76% |
2.39% | –0.73% | –0.14% | 1.96% | 2.15% |
| Bloomberg NJ Municipal Index | 3.32% | 8.65% | 3.32% |
–3.00% | 0.13% | 2.94% | 2.98% |
| Bloomberg NY Municipal Index | 3.27% | 8.82% | 3.27% |
–3.22% | –0.52% | 1.87% | 2.29% |
| Bloomberg OH Municipal Index | 2.79% | 7.93% | 2.79% |
–3.60% | –0.47% | 1.96% | 2.46% |
| Bloomberg PA Municipal Index | 3.02% | 8.09% | 3.02% |
–3.74% | –0.41% | 2.28% | 2.64% |
| Bloomberg US 0-5 Year TIPS Index | 0.67% | 0.96% | 0.67% |
–1.55% | 2.57% | 2.76% | 1.41% |
| Bloomberg US 1-5 Year Credit Index | 1.49% | 3.60% | 1.49% |
–3.03% | –0.21% | 1.65% | 1.69% |
| Bloomberg US 1-5 Year Treasury Idx | 1.11% | 2.26% | 1.11% |
–3.51% | –0.78% | 0.97% | 0.80% |
| Benchmark | Returns as of 01/31/2023 | Month End YTD
as of
01/31/2023 |
Average Annual Total
Returns as of 01/31/2023 |
|---|
| 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year |
|---|
| Bloomberg US 1-5 Yr Corporate Index | 1.58% | 3.89% |
1.58% | –2.95% | –0.10% | 1.76% | 1.85% |
| Bloomberg US 1-5 Yr Government Idx | 1.10% | 2.25% | 1.10% |
–3.51% | –0.78% | 0.96% | 0.80% |
| Bloomberg US 10+ Year Corp Index | 6.90% | 15.27% | 6.90% |
–15.75% | –4.84% | 0.85% | 3.16% |
| Bloomberg US 5-10 Year Corp Index | 3.83% | 8.37% | 3.83% |
–8.12% | –1.83% | 1.90% | 2.64% |
| Bloomberg US 5-10 Year Credit Index | 3.70% | 8.11% |
3.70% | –8.12% | –1.91% | 1.82% | 2.51% |
| Bloomberg US 5-10 Yr Treasury Index | 2.72% | 4.99% |
2.72% | –8.37% | –2.54% | 1.04% | 1.12% |
| Bloomberg US Agg Float Adj Index | 3.04% | 6.31% | 3.04% |
–8.40% | –2.34% | 0.89% | 1.45% |
| Bloomberg US GNMA Index | 3.29% | 6.34% | 3.29% |
–6.69% | –2.14% | 0.36% | 0.98% |
| Bloomberg US Long Treasury Index | 6.41% | 12.00% | 6.41% |
–21.47% | –7.53% | –0.32% |
1.59% |
| Bloomberg US LongCredit A/Better Ix | 6.73% | 14.98% |
6.73% | –16.14% | –5.31% | 0.48% |
2.83% |
| Bloomberg US MBS Float Adj Index | 3.24% | 6.98% | 3.24% |
–7.27% | –2.28% | 0.38% | 1.12% |
| Bloomberg US Treas Bellwether:1Yr | 0.46% | 1.29% | 0.46% |
0.63% | 0.65% | 1.39% | 0.93% |
| Bloomberg US Trsy Inflat Prtcd Idx | 1.83% | 2.64% | 1.83% |
–8.38% | 1.12% | 2.66% | 1.37% |
| Bloomberg US Universal Index | 3.10% | 6.58% | 3.10% |
–8.28% | –2.13% | 0.99% | 1.70% |
| Bloomberg USD EmergMkt GovRIC CapIx | 3.25% | 11.23% |
3.25% | –11.81% | –4.36% | –0.20% |
— |
| CA Tax-Exempt Money Mkt Funds Avg | — | — |
— | — | — | — | — |
| Communication Services Spliced Idx | 14.99% | 12.37% |
14.99% | –25.07% | 0.96% | 1.77% | 5.10% |
| Conservative Growth Composite Index | 4.59% | 7.53% |
4.59% | –7.59% | 1.93% | 3.41% | 5.04% |
| Benchmark | Returns as of 01/31/2023 | Month End YTD
as of
01/31/2023 |
Average Annual Total
Returns as of 01/31/2023 |
|---|
| 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year |
|---|
| Consumer Discretionary Spliced Idx | 15.49% | 5.39% |
15.49% | –17.01% | 11.16% | 9.85% | 13.66% |
| CRSP US Total Market Index | 6.90% | 5.89% | 6.90% |
–8.42% | 9.42% | 9.05% | 12.25% |
| Dividend Growth Spliced Index | 2.90% | 5.81% | 2.90% |
–1.94% | 9.74% | 9.97% | 11.78% |
| FTSE All-World ex US Index | 7.88% | 19.81% | 7.88% |
–5.39% | 4.15% | 1.73% | 4.57% |
| FTSE All-World Index | 7.09% | 11.20% | 7.09% |
–7.53% | 7.18% | 5.86% | 8.65% |
| FTSE AW ex US High Div Yield Idx | 7.09% | 18.11% | 7.09% |
–1.38% | 6.01% | 2.38% | 4.31% |
| FTSE Emerging Index | 6.99% | 20.98% | 6.99% | –11.09% |
2.17% | –0.53% | 2.46% |
| FTSE Global All Cap Index Hdg. | 6.69% | 8.25% | 6.69% |
–4.65% | 8.40% | 7.53% | 10.12% |
| FTSE Global Small-Cap ex US Index | 7.86% | 17.84% | 7.86% |
–9.07% | 3.43% | 0.19% | 4.43% |
| FTSE High Dividend Yield Index | 2.35% | 5.04% | 2.35% |
2.50% | 10.14% | 7.90% | 11.31% |
| Global Wellesley Income Comp Index | 3.57% | 8.12% | 3.57% |
–5.44% | 1.41% | 2.69% | — |
| Global Wellington Composite Index | 5.68% | 8.78% | 5.68% |
–7.49% | 4.40% | 4.93% | — |
| Growth Composite Index | 6.41% | 10.06% | 6.41% |
–6.95% | 6.01% | 5.55% | 8.22% |
| High-Yield Corporate Composite Idx | 3.40% | 5.19% | 3.40% |
–4.67% | 1.29% | 3.16% | 4.12% |
| iMoneyNet MFR Treasury Funds Avg | — | — |
— | — | — | — | — |
| Income Composite Index | 3.68% | 6.25% | 3.68% |
–8.09% | –0.32% | 2.15% | 3.34% |
| Information Technology Spliced Idx | 9.72% | 6.41% | 9.72% |
–16.30% | 12.42% | 15.93% | 18.81% |
| JP Morgan EMBI Global Diversified | 3.17% | 11.36% | 3.17% |
–12.69% | –4.77% | –0.69% |
2.04% |
| Benchmark | Returns as of 01/31/2023 | Month End YTD
as of
01/31/2023 |
Average Annual Total
Returns as of 01/31/2023 |
|---|
| 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year |
|---|
| Managed Allocation Composite Index | 5.31% | 8.47% | 5.31% |
–6.51% | 4.92% | 4.77% | 6.25% |
| Moderate Growth Composite Index | 5.50% | 8.80% | 5.50% |
–7.20% | 4.04% | 4.55% | 6.67% |
| MSCI AC World Growth ex US | 8.46% | 20.08% | 8.46% |
–9.23% | 2.67% | 2.11% | 5.17% |
| MSCI AC World Index ex USA Net | 8.11% | 19.97% | 8.11% |
–5.72% | 3.64% | 1.36% | 4.20% |
| MSCI AC World Index Net | 7.17% | 10.94% | 7.17% |
–7.99% | 6.83% | 5.53% | 8.24% |
| MSCI All Country World Index Value | 4.94% | 10.49% |
4.94% | –1.80% | 6.18% | 3.49% | 6.38% |
| MSCI US Broad Market Index | 7.02% | 6.03% | 7.02% |
–8.14% | 9.73% | 9.23% | 12.37% |
| MSCI US Prime Market 750 Index | 6.71% | 5.90% | 6.71% |
–8.76% | 9.68% | 9.45% | 12.60% |
| MSCI US Small Cap 1750 Index | 10.25% | 7.39% | 10.25% |
–1.56% | 10.44% | 7.37% | 10.46% |
| Multi-Sector Income Bond Composite Index | 3.00% | 6.53% |
3.00% | –6.30% | — | — | — |
| NY Tax-Exempt Money Mkt Funds Avg | — | — |
— | — | — | — | — |
| Real Estate Spliced Index | 10.43% | 11.33% | 10.43% |
–11.15% | 2.66% | 6.77% | 7.19% |
| Russell 1000 Growth Index | 8.33% | 4.60% | 8.33% |
–16.02% | 9.89% | 11.22% | 14.53% |
| Russell 1000 Index | 6.70% | 5.94% | 6.70% | –8.55% |
9.66% | 9.38% | 12.51% |
| Russell 1000 Value Index | 5.18% | 7.25% | 5.18% |
–0.43% | 8.54% | 6.94% | 10.15% |
| Russell 2000 Growth Index | 9.95% | 4.56% | 9.95% |
–6.50% | 4.26% | 4.68% | 9.54% |
| Russell 2000 Index | — | — | — |
— | — | — | — |
| Russell 2000 Value Index | 9.54% | 5.48% | 9.54% |
–0.52% | 9.94% | 5.78% | 8.84% |
| Benchmark | Returns as of 01/31/2023 | Month End YTD
as of
01/31/2023 |
Average Annual Total
Returns as of 01/31/2023 |
|---|
| 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year |
|---|
| Russell 2500 Growth Index | 10.01% | 6.54% | 10.01% |
–6.49% | 6.16% | 6.97% | 10.94% |
| Russell 2500 Value Index | 9.99% | 8.65% | 9.99% |
0.72% | 9.96% | 6.50% | 9.25% |
| Russell 3000 Index | 6.89% | 5.88% | 6.89% | –8.24% |
9.51% | 9.12% | 12.28% |
| Russell Midcap Growth Index | 8.73% | 7.76% | 8.73% |
–8.52% | 6.46% | 8.26% | 11.67% |
| Russell Midcap Value Index | 8.08% | 9.07% | 8.08% |
–0.69% | 9.31% | 6.89% | 10.17% |
| S&P 500 Growth Index | 5.62% | 2.54% | 5.62% | –18.62% |
8.71% | 9.94% | 13.77% |
| S&P 500 Index | 6.28% | 5.76% | 6.28% | –8.22% |
9.88% | 9.54% | 12.68% |
| S&P 500 Value Index | 7.00% | 9.01% | 7.00% | 3.08% |
9.66% | 8.17% | 10.91% |
| S&P Completion Index | 10.80% | 7.28% | 10.80% |
–9.47% | 6.72% | 6.23% | 9.93% |
| S&P Global ex U.S. Property Index | 5.72% | 17.84% | 5.72% |
–15.90% | –6.80% | –3.76% |
1.15% |
| S&P MidCap 400 Growth Index | 7.12% | 6.45% | 7.12% |
–3.13% | 8.65% | 6.58% | 10.40% |
| S&P MidCap 400 Index | 9.23% | 9.49% | 9.23% | 2.34% |
11.41% | 7.99% | 10.98% |
| S&P MidCap 400 Value Index | 11.40% | 12.61% | 11.40% |
7.95% | 13.59% | 9.03% | 11.24% |
| S&P National AMT-Free Muni Bond Idx | 2.87% | 7.60% |
2.87% | –2.97% | –0.31% | 2.02% | 2.22% |
| S&P SmallCap 600 Growth Index | 7.22% | 4.24% | 7.22% |
–5.85% | 8.05% | 6.85% | 11.25% |
| S&P SmallCap 600 Index | 9.49% | 6.40% | 9.49% |
–0.94% | 10.53% | 7.28% | 11.20% |
| S&P SmallCap 600 Value Index | 11.96% | 8.79% | 11.96% |
4.09% | 12.63% | 7.48% | 10.99% |
| S&P U.S. Dividend Growers Index TR | 2.90% | 5.81% | 2.90% |
–1.94% | — | — | — |
| Benchmark | Returns as of 01/31/2023 | Month End YTD
as of
01/31/2023 |
Average Annual Total
Returns as of 01/31/2023 |
|---|
| 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year |
|---|
| Spl Bloomberg US 5-10Yr G/Cr FltAdj | 3.13% | 6.29% |
3.13% | –8.32% | –2.11% | 1.48% | 1.83% |
| Spl Bloomberg US Long Treasury Idx | 6.41% | 12.00% |
6.41% | –21.47% | –7.53% | –0.32% |
1.59% |
| Spl Bloomberg US Treas 1-3 Yr Idx | 0.74% | 1.57% | 0.74% |
–2.42% | –0.40% | 0.95% | 0.73% |
| Spl Bloomberg US Treas 3-10 Yr Idx | 2.23% | 4.23% | 2.23% |
–6.93% | –2.00% | 1.00% | 1.04% |
| Spl Bloomberg US1-5YrGov/Cr FlAdjIx | 1.23% | 2.68% |
1.23% | –3.36% | –0.57% | 1.20% | 1.11% |
| Spl Bloomberg USLongGv/Cr FltAdj Ix | 6.59% | 13.66% |
6.59% | –18.28% | –5.79% | 0.47% |
2.50% |
| Spl S&P Global Ex-US Dividend Growers Idx USD NTR | 5.75% |
15.47% | 5.75% | –5.42% | 5.12% | 4.50% | — |
| Spl Total International Stock Index | 7.88% | 19.62% |
7.88% | –5.76% | 4.07% | 1.58% | 4.57% |
| Spliced Alternative Strategies Idx | 0.37% | 1.00% | 0.37% |
1.87% | 0.79% | 2.71% | — |
| Spliced Bloomberg USAgg Flt AdjIx | 3.04% | 6.31% | 3.04% |
–8.40% | –2.34% | 0.89% | 1.45% |
| Spliced Developed ex US Index | 8.22% | 19.37% | 8.22% |
–3.87% | 4.70% | 2.25% | 5.26% |
| Spliced Emerging Markets Index | 6.95% | 20.31% | 6.95% |
–10.94% | 2.58% | –0.43% | 2.31% |
| Spliced Energy Index | 1.84% | 4.45% | 1.84% | 11.88% |
1.45% | –2.23% | –0.84% |
| Spliced Equity Income Index | 2.35% | 5.04% | 2.35% |
2.50% | 10.14% | 7.90% | 11.31% |
| Spliced European Stock Index | 8.74% | 21.34% | 8.74% |
–4.37% | 4.95% | 2.46% | 5.10% |
| Spliced Extended Market Index | 10.80% | 7.28% | 10.80% |
–9.47% | 6.72% | 6.23% | 9.93% |
| Spliced Global Capital Cycles Index | 8.20% | 15.59% |
8.20% | –3.30% | 9.23% | 3.75% | 0.15% |
| Spliced Global Equity Index | 7.17% | 10.94% | 7.17% |
–7.99% | 6.83% | 5.53% | 8.24% |
| Benchmark | Returns as of 01/31/2023 | Month End YTD
as of
01/31/2023 |
Average Annual Total
Returns as of 01/31/2023 |
|---|
| 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year |
|---|
| Spliced Growth Index | 10.38% | 5.84% | 10.38% |
–18.57% | 8.53% | 10.36% | 13.48% |
| Spliced Health Care Index | –0.44% | 4.14% |
–0.44% | 1.13% | 8.56% | 8.29% | 10.87% |
| Spliced Inst Total Stock Market Idx | 6.90% | 5.89% |
6.90% | –8.42% | 9.42% | 9.05% | 12.25% |
| Spliced International Explorer Index | 7.47% | 19.39% |
7.47% | –10.71% | 1.38% | –0.68% |
5.79% |
| Spliced International Index | 8.11% | 19.97% | 8.11% |
–5.72% | 3.64% | 1.36% | 4.20% |
| Spliced Large Cap Index | 6.42% | 5.60% | 6.42% |
–9.33% | 9.47% | 9.33% | 12.54% |
| Spliced Market Neutral Index USD | 0.37% | 1.00% | 0.37% |
1.87% | 0.79% | 1.30% | 0.77% |
| Spliced Mega Cap Growth Index | 10.71% | 5.56% | 10.71% |
–19.48% | 8.87% | 10.70% | 14.01% |
| Spliced Mega Cap Index | 6.08% | 4.99% | 6.08% |
–10.30% | 9.52% | 9.56% | 12.78% |
| Spliced Mega Cap Value Index | 1.80% | 4.62% | 1.80% |
1.48% | 10.11% | 8.38% | 11.64% |
| Spliced Mid Cap Growth Idx | 8.94% | 7.89% | 8.94% |
–11.06% | 7.48% | 8.65% | 11.19% |
| Spliced Mid Cap Index | 7.95% | 8.46% | 7.95% |
–4.73% | 9.02% | 8.07% | 11.26% |
| Spliced Mid Cap Value Index | 7.11% | 8.98% | 7.11% |
1.31% | 9.86% | 7.09% | 11.01% |
| Spliced Pacific Stock Index | 7.31% | 19.74% | 7.31% |
–2.90% | 3.25% | 0.92% | 5.14% |
| Spliced S&P U.S. Dividend Growers Index TR | 2.90% | 5.81% |
2.90% | –1.94% | 9.74% | 9.97% | 11.78% |
| Spliced Small and Mid Cap Index | 9.16% | 8.59% | 9.16% |
–2.30% | 10.39% | 8.38% | 11.44% |
| Spliced Small Cap Growth Index | 11.70% | 7.49% | 11.70% |
–8.52% | 4.70% | 6.62% | 9.78% |
| Spliced Small Cap Index | 10.14% | 8.18% | 10.14% |
–1.51% | 9.08% | 7.38% | 10.49% |
| Benchmark | Returns as of 01/31/2023 | Month End YTD
as of
01/31/2023 |
Average Annual Total
Returns as of 01/31/2023 |
|---|
| 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year |
|---|
| Spliced Small Cap Value Index | 9.05% | 8.66% | 9.05% |
3.52% | 11.55% | 7.21% | 10.56% |
| Spliced Social Index | 7.69% | 6.19% | 7.69% | –12.26% |
8.58% | 9.56% | 13.20% |
| Spliced Total Stock Market Index | 6.90% | 5.89% | 6.90% |
–8.42% | 9.42% | 9.05% | 12.24% |
| Spliced Total World Stock Index | 7.30% | 11.23% | 7.30% |
–7.27% | 7.17% | 5.72% | 8.58% |
| Spliced U.S. Government Money Market Funds Average | — |
— | — | — | — | — | — |
| Spliced US IMI Consumer Stapl 25/50 | –0.15% |
2.55% | –0.15% | 0.21% | 8.81% | 7.99% | 10.23% |
| Spliced US IMI Energy 25/50 | 2.94% | 0.35% | 2.94% |
42.94% | 25.86% | 8.36% | 4.67% |
| Spliced US IMI Financials 25/50 | 7.80% | 7.74% | 7.80% |
–4.84% | 8.78% | 6.26% | 11.85% |
| Spliced US IMI Health Care 25/50 | –0.83% |
1.68% | –0.83% | 1.80% | 11.14% | 10.05% | 13.91% |
| Spliced US IMI Industrials 25/50 | 5.54% | 8.94% | 5.54% |
3.02% | 9.75% | 7.07% | 11.72% |
| Spliced US IMI Materials 25/50 | 9.71% | 15.49% | 9.71% |
4.15% | 16.44% | 7.82% | 10.05% |
| Spliced US IMI Utilities 25/50 | –1.59% |
4.33% | –1.59% | 3.09% | 3.08% | 9.41% | 10.29% |
| Spliced Value Index | 2.79% | 5.36% | 2.79% | 1.76% |
10.16% | 8.16% | 11.57% |
| STAR Composite Index | 5.55% | 8.44% | 5.55% | –6.40% |
5.10% | 5.33% | 7.13% |
| Target Retirement 2020 Composite Ix | 4.46% | 7.25% |
4.46% | –6.88% | 3.20% | 3.97% | 6.29% |
| Target Retirement 2025 Composite Ix | 5.17% | 8.32% |
5.17% | –7.15% | 3.93% | 4.44% | 6.96% |
| Target Retirement 2030 Composite Ix | 5.66% | 9.04% |
5.66% | –7.19% | 4.62% | 4.79% | 7.53% |
| Target Retirement 2035 Composite Ix | 6.00% | 9.51% |
6.00% | –7.09% | 5.35% | 5.16% | 8.10% |
| Benchmark | Returns as of 01/31/2023 | Month End YTD
as of
01/31/2023 |
Average Annual Total
Returns as of 01/31/2023 |
|---|
| 1 Month | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year |
|---|
| Target Retirement 2040 Composite Ix | 6.34% | 9.98% |
6.34% | –7.01% | 6.07% | 5.52% | 8.61% |
| Target Retirement 2045 Composite Ix | 6.68% | 10.45% |
6.68% | –6.94% | 6.79% | 5.93% | 8.92% |
| Target Retirement 2050 Composite Ix | 6.86% | 10.68% |
6.86% | –6.87% | 6.93% | 6.01% | 8.97% |
| Target Retirement 2055 Composite Ix | 6.86% | 10.68% |
6.86% | –6.87% | 6.93% | 6.01% | 8.97% |
| Target Retirement 2060 Composite Ix | 6.86% | 10.68% |
6.86% | –6.87% | 6.93% | 6.01% | 8.97% |
| Target Retirement 2065 Composite Ix | 6.86% | 10.68% |
6.86% | –6.87% | 6.93% | 6.01% | — |
| Target Retirement 2070 Composite Index | 6.86% | 10.68% |
6.86% | –6.87% | 6.93% | 6.01% | 8.73% |
| Target Retirement Income Compos. Ix | 3.77% | 6.20% |
3.77% | –6.63% | 1.72% | 3.14% | 4.14% |
| Tax-Exempt Money Mkt Funds Average | — | — |
— | — | — | — | — |
| Tax-Managed Balanced Compos. Index | 4.48% | 6.28% | 4.48% |
–4.36% | 5.56% | 6.29% | 7.63% |
| US Gov't Money Market Funds Average | — | — |
— | — | — | — | — |
| Wellesley Income Composite Index | — | — |
— | — | — | — | — |
| Wellington Composite Index | 5.32% | 6.52% | 5.32% |
–8.16% | 5.78% | 6.84% | 9.04% |
Index performance is provided as a benchmark. It is not illustrative of any particular investment. An investment cannot be made in an index.
