The Clear Alpha Global Index^TM is constructed from five levels:

• Global Index: a constituent-weighted portfolio of the four sub-component strategy indices,
• Strategy Indices: a constituent-weighted portfolio of their respective Sub-Strategy Indices,
• Sub-Strategy Indices: a risk-weighted portfolio of the Peer Group Indices defined by asset class, and
• Peer Group Indices: equally weighted portfolios of the constituent Trading Strategy Indices.