Copyright © 2013 by Horizon Kinetics LLC® (“Horizon Kinetics”), all rights reserved. Redistribution, reproduction and/or photocopying in whole or in part is prohibited without written permission. The Horizon Kinetics ISE Wealth Index (the “US Index”), the Horizon Kinetics ISE Global Wealth Index (the “Global Index”) and the Horizon Kinetics ISE Asia ex-Japan Index (the “Asia Index”) (collectively, the “Indexes”) were created in conjunction with the International Securities Exchange, LLC (“ISE”), which operates a leading U.S. options exchange and offers option trading on over 2,000 underlying equity, ETF, index and FX products. The US Index was launched in August 2011 and the Global Index and Asia Index were both launched in October 2011.

Nothing contained within this website or any link herein constitutes a solicitation to purchase or offer to sell securities or other investment products. The information on this website is only for informational purposes and should not be construed as investment recommendations or investment advice. Inclusion of a security within an index is not a recommendation to buy, sell or hold such security. Any returns or performance provided within any document or link is provided for illustrative purposes only.
It is not possible to invest directly in an index. Exposure to a specified asset class or strategy represented by the Index is only available through investable instruments based on the Indexes. Horizon Kinetics and ISE may receive compensation in connection with licensing the Indexes or through other use of the Indexes. Horizon Kinetics is parent company to several registered investment advisors which may manage investment products that are designed to track the Indexes. There is no assurance that investment products based on the Indexes will accurately track index performance or provide positive investment returns. Any decision to invest in any investment fund or other vehicle should only be considered after reviewing such fund’s most recent prospectus or other disclosure document and carefully considering the risks associated such investment.

All materials herein have been prepared solely for informational purposes based upon information generally available to the public from sources believed to be reliable. No content (including any ratings, credit-related analyses and data, model, software or other application or output there from) or any part thereof (“Content”) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Horizon Kinetics. The Content shall not be used for any unlawful or unauthorized purposes. Horizon Kinetics and ISE along with their affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively “The Parties”) do not guarantee the accuracy, completeness, timeliness or availability of the Content. The Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of any of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. THE PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, any warranties of merchantability or fitness for a particular purpose or use, freedom from bugs, software errors or defects, that the content’s functioning will be uninterrupted or that the content will operate with any software or hardware configuration. In no event shall The Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages.

Any credit-related analyses, including ratings, or statements used in any of the Content are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. Neither Horizon Kinetics nor ISE assume any obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. Horizon Kinetics and ISE opinions and analyses do not address the suitability of any security.
Horizon Kinetics and ISE, along with their affiliates provide a wide range of services and accordingly may receive fees or other economic benefits from such services.


Certain information herein may include performance of an index for a period of time prior to when the index was officially launched. Such information may reflect hypothetical historical performance and as such may be back-tested. Horizon Kinetics and ISE generally employ the same methodology in back-test calculations as they do when the actual index was officially launched. Anyone interested in better understanding the methodology for a specific index should review such indices’ methodology documents, which are available upon request. The methodology document will also provide details including the manner in which the index is rebalanced, the timing of such rebalancing, the criteria used in determining additions and deletions to the index, as well as all other index calculations.

Past performance is not an indication or guarantee of future results. In situations where back-tested performance of data has been employed, prospective application of the methodology used to construct the information of such index may not result in performance commensurate with the back-test returns shown.
A limitation associated with the hypothetical information of an index is that generally the index calculations are being prepared with the benefit of hindsight. Back-tested data reflects the application of the index methodology and selection of index constituents in hindsight. No hypothetical record can completely account for the impact of financial risk in actual trading. For example, there are numerous factors related to the equities (or fixed income, or commodities) markets in general which cannot be, and have not been accounted for in the preparation of the index information, all of which can affect actual performance.

Furthermore, the Indexes’ returns shown do not represent the results of actual trading of investor assets. The Indexes calculate the index levels and performance shown or discussed, but does not manage actual assets. Index returns do not reflect payment of any expenses, sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees and charges would cause actual and back-tested performance to be lower than the performance shown.

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Please see important disclaimers listed on ISE’s website, found here: