FNDF targets large companies in developed markets outside the US, selecting and weighting its constituents based on three RAFI signature fundamental factors: sales, cash flow and dividends (including buybacks). The underlying index measures large-cap companies from its parent index FTSE Global Total Cap based on these fundamental factors rather than market cap. The top 87.5% of the companies by cumulative fundamental score are included in the index. The Index weights are determined annually in March but are implemented across the year rather than at one point in time to help increase investment capacity and minimize entry point risk. To do this, the index is divided into four equal segments and each of the segment is rebalanced on a rolling quarterly basis starting each March. Prior to December 1, 2016, FNDFs underlying index is Russell Fundamental Developed ex-U.S. Large Company Index. There are no changes in the index methodology and the resulting exposure.
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