october 2023

STOXX’s SFDR Article 2 (17)Sustainable Investment
Methodology
Robert A. Stubbs, PhD, Senior Principal, Incubation, Stoxx

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Table of Contents
1. Introduction

2. Definition of sustainable investment & regulatory guidelines
2.1. regulatory uncertainties

2.2. A cornerstone of the eU’s sustainable finance framework

2.3. overview of StoXX’s sustainable investment methodology

2.4. Framework methodology overview

3. Detailed methodology

3.1. Screening pillar: do no significant harm

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3

4

5

6

7

8

8

3.2. Screening pillar: good governance9

3.4. Aggregation methodology at index level

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3.3. Positive contribution: product and service revenues
3.5. Future developments

910

4. research process overview

124.2. Data sources

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4.1. ongoing monitoring and update cycle

5. contacts and further information

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StoXX’s SFDr Article 2 (17) Sustainable Investment Methodology

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1. Introduction
this document presents StoXX’s methodology for reporting the sustainable investment percentage(“SI %”) of its indices in line with the eU’s Sustainable Finance Disclosures regulation (SFDr) requirements(“sustainable investment methodology” or “SI methodology”).
this document highlights some key elements of context to understand how the concept of Sustainable
Investment is being considered under the european regulation. It contains an overview of StoXX’s
methodological approach and a more detailed presentation of the individual steps within it and too shows
how portfolio aggregation of the SI % is calculated.

2. Definition of sustainable investment & regulatory guidelines
Article 2 (17) of the SFDr1 defines sustainable investment as follows:“ ’Sustainable investment’ means an investment in an economic activity that contributes to an environmental
objective, as measured, for example, by key resource eﬃciency indicators on the use of energy, renewable energy,
raw materials, water and land, on the production of waste, and greenhouse gas emissions, or on its impact
on biodiversity and the circular economy, or an investment in an economic activity that contributes to a social
objective, in particular an investment that contributes to tackling inequality or that fosters social cohesion, social
integration and labour relations, or an investment in human capital or economically or socially disadvantaged
communities, provided that such investments do not significantly harm any of those objectives and that theinvestee companies follow good governance practices, in particular with respect to sound management structures,
employee relations, remuneration of staff and tax compliance”.
While the definition provides clear guiding principles (mentioned below), it does not set specific criteria
underpinning the assessment. An investee company can only qualify as a sustainable investment if:
1. It follows good governance practices
2. It does no significant harm to environmental and social objectives
3. Investee companies deliver a positive contribution in one or both of the following ways:
a. by investing in an economic activity that contributes to environmental objectives
b. by investing in an economic activity that contributes to social objectives
Figure 1: Key building blocks for defining sustainable investment.
Screens
Do no significant harm

Good governance+Positive contribution
Environmental objectives

Social objectives

Source: StoXX.

1

official Journal of the european Union, regulation (eU) 2019/2088 of the european Parliament and of the council of
27 November 2019 on sustainability-related disclosures in the financial services sector, Article 2(17).

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StoXX’s SFDr Article 2 (17) Sustainable Investment Methodology

4Additionally, Article 2(17) of the SFDr deﬁnes sustainable investment as an investment in social integration,
human capital or socially disadvantaged communities.
this document shows how StoXX has identified pragmatic solutions within this overarching frameworkthat allow investments to be classified as sustainable or not. this methodology was developed using
a “best efforts” approach, taking the following facts into account:– the SFDr does not provide any clear indications on measurement metrics. Whereas this allows for ﬂexibility, diﬀerent stakeholders may have diverging views, depending on their own sustainability preferences.
– Data availability remains a constraining factor when it comes to implementing specific criteria andis temporarily limiting the operational viability of the target methodology. Phased implementationis therefore required, while proxies may be needed during the transition period until satisfactory datareporting at the corporate level is guaranteed.
– regulatory uncertainties still exist in relation to major components of the methodology (see below).
In view of the above, StoXX will periodically review its methodology and adapt it to reflect the latest
regulatory developments, data availability and market practices.

2.1. regulatory uncertainties
Several uncertainties regarding implementation of the eU SFDr’s definition of sustainable investment
were flagged by the european Supervisory Authorities (eSAs) in their letter to the european commission
dated September 9, 20222. these include the following:– Should a company be considered to be a “sustainable investment” as a whole (binary approach, i.e.,
0% or 100% based on a particular threshold of sustainable economic activity that qualifies it as such)or in part (i.e., reﬂecting the exact share of its economic activity that can be considered as is sustainable)?
– can transition plans be considered beyond actual performance metrics?
on April 14, 2023, the eU commission published the answers to those questions stating the “SFDr does not
set out minimum requirements that qualify concepts such as contribution, do no signiﬁcant harm, or good
governance, i.e. the key parameters of a ‘sustainable investment’. Financial market participants must carryout their own assessment for each investment and disclose their underlying assumptions”.
regarding transition plans we can read that “investments considered as ‘sustainable investment’ under
Article 2, point (17) SFDr shall not significantly harm any of the objectives referred to in that Article.
therefore, referring to a transition plan aiming to achieve that the whole investment does not significantly harm any environmental and social objectives in the future could for instance not be considered
as sufficient”.
While these responses put the onus back on Investment Managers to determine the thresholds to be adopted,
they also hint at the possibility that certain rules may become more restrictive.
It is therefore our task, at StoXX, to use the most selective criteria in interpreting the rules, to remain
as faithful as possible to the spirit of the SFDr, and to monitor legislative developments in the field.

2

List of additional SFDr queries requiring the interpretation of Union law, Jc 2022 47.

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StoXX’s SFDr Article 2 (17) Sustainable Investment Methodology

52.2. A cornerstone of the eU’s sustainable finance framework
Sustainable investment as defined in the SFDr is a cornerstone of the eU’s sustainable financeregulatory agenda:– It determines the eligibility of securities to be included in Article 9 products under SFDr: “A financial
product to which Article 9(1), (2) or (3) of regulation (eU) 2019/2088 applies may invest in a wide rangeof underlying assets, provided these underlying assets qualify as ‘sustainable investments’, as definedin point 17 of Article 23”– It entails a concept of good governance that is part of the exclusion base layer for Articles 8 and 9of the SFDr
– It overlaps with the taxonomy under development (see below; positive contribution: product andservice revenues)– It represents one of the three ways in which end investors can express their sustainability preferences
under MIFID 2,4 alongside the eU taxonomy and the Principle Adverse Impact (PAI) indicators also
provided for in the SFDr 5
Figure 2: common requirements under SFDr, MiFID II and the eU taxonomy.

SFDR
Article 8

Taxonomy
Article 9Good governanceDo no significant harm (PAI)

Do no signiﬁcant harm (Taxonomy technical criteria)
Positive contribution

Final investors can highlight the share of their portfolio
to be made of sustainable investments
Option 1: PAI

Option 2: Sustainable investments

Option 3: Taxonomy

MiFID II
Source: StoXX.

3
4

5

Question related to regulation (eU) 2019/2088 of the european Parliament and of the council of 27 November 2019 on
sustainability-related disclosures in the ﬁnancial services sector (Sustainable Finance Disclosure regulation 2019/2088).

commission Delegated regulation (eU) 2021/1253 of 21 April 2021, amending Delegated regulation (eU) 2017/565
as regards the integration of sustainability factors, risks and preferences into certain organisational requirements andoperating conditions for investment firms.
regulation (eU) 2020/852 of the european Parliament and of the council of 18 June 2020 on the establishmentof a framework to facilitate sustainable investment, and amending regulation (eU) 2019/2088; regulation (eU)
2019/2088 of the european Parliament and of the council of 27 November 2019 on sustainability-related
disclosures in the financial services sector.

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StoXX’s SFDr Article 2 (17) Sustainable Investment Methodology

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2.3. overview of StoXX’s sustainable investment methodology
StoXX used the following guiding principles when developing the sustainable investment (SI) methodology
presented in this document:
Consistency with the existing reference frameworks for the eU’s SI regulations:– the DNSH screening layer should be based as far as possible on the PAIs and should be aligned withthe taxonomy’s minimum safeguards.
– the assessment of any positive contribution should be based on revenue alignment with the taxonomy
and should accommodate further developments to the latter, provided that the data reported by companies
permits sufficient coverage and consistent relative performance assessment.
– Since the taxonomy’s perimeter is still expanding to include more economic activities, positive contributions made by investee companies may fall outside of its scope. An alternative approach is therefore
developed to account for positive contributions, such as those made to the United Nations’ Sustainable
Development Goals (SDG) 6,
Specificity, so as to reflect the current recommendations in the SFDr as far as possible:– Speciﬁc metrics should be sought to account for the four dimensions of good governance – management
structures, employee relations, staﬀ remuneration and tax compliance – to the extent that data availability
permits sufficient coverage.
– Since some sustainability objectives (e.g., gender equality, human rights and biodiversity) cannot be
attained simply through products and services, the definition of sustainable investment used should
also allow for operating performance once the european commission has provided clear guidanceon how to implement such an approach.7
Integrity, to avoid any risk of greenwashing:– In line with the methodological approach used in the taxonomy, a comparable assessment of revenue
contributions to environmental and social objectives would ideally reflect the share of revenue aligned.
However, the SFDr requires that Article 9 products should invest exclusively in underlying assets that
qualify as sustainable investments. Such a target can only be reached if the sustainable investment classification used has a binary basis, with 100% of the activity of a company being classified as sustainable
if a given threshold of revenues generating positive contributions is exceeded.
– Similarly, when accounting for operational performance a non-binary metric should be implemented
to support granular assessment of investee companies.
Cohesiveness across all indices:– classiﬁcation of securities as sustainable investments should be consistent across all StoXX products(uniform methodology). Qualification as a sustainable investment is a reporting attribute, and must
be distinguished from SI metrics that could potentially be used in index design and for which specificreporting is needed (to be supplied by the data provider for the specific index in question).

Flexibility, to account for different approaches and evolving regulation:– StoXX acknowledges that its clients may have different views on this issue and will make every effort
to enable them to assess its products based on their own definition of sustainable investment as longas it is consistent with the SFDr spirit.
– Some indices may be designed with a specific approach to sustainable investment; for example, theymight leverage sustainability data from a given provider. In addition to its measurement of sustainable
investment across all its products using the same data provider for uniformity, StoXX will facilitate
specific measurement using the data embedded in these indices, if this should differ.
– Since the regulatory framework is evolving, StoXX commits to adjusting its definition of sustainable
investment in a timely manner while taking market feedback into consideration.
6
7

Sustainable Development Goals – the United Nations

See the requests for clariﬁcation by the eSAs to the european commission mentioned earlier.

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2.4. Framework methodology overview
Figure 3: StoXX’s sustainable investment measurement framework.

Step 1

Screens
Do no significant harm

Good governance

For all entities: minimum safeguards

Tax compliance, employee relations,staff remuneration,
management structure

Pass or fail

Step 2

Positive contribution
Revenues based contribution:• to the Taxonomy, and• to sustainable objectives
not covered by the Taxonomy+

Operational performance:• Investee companies outperforming
their peers with respect to the socialand environmantal characteristicsof their operations

Will be developed
subject to pending
data availability
and regulatory
clarifications

Step 3% of sustainable investment at investee companies

Source: StoXX.

Aggregation at index level

Index % sustainable investment in index

this methodological framework is based on the following fundamental choices, which aim to
maximize robustness in an evolving context:
Implementation of a conservative approach towards interpreting the regulation and no anticipationof regulatory clarifications/developments– With respect to regulatory confusion, a binary SI % measurement using a 20% sustainable revenue
alignment threshold at the company level will be implemented while waiting for further clarification– Similarly, measurement of the positive contribution through investee companies’ social and environmental operational outperformance will only be implemented in a future version.
Adoption of an approach that is supported by the greatest data coverage currently available– Use of the taxonomy as the prime reference framework to measure SI % will only be implemented
in an updated version, once sufficient reporting by corporations becomes available.
– the positive contribution will be measured using the Sustainable Development Goals framework until
the taxonomy is fully developed.

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3. Detailed methodology
the following sections describe in detail the individual steps in StoXX’s SI % measurement methodology,
as shown in the overview chart on page 7 (Figure 3).

3.1. Screening pillar: do no significant harm
Latest regulatory context8: the principle of “do no signiﬁcant harm” (DNSH) is a key component of the SFDr.
It is linked to the disclosures of the Principal Adverse Impacts (PAIs) on sustainability factors of investment decisions:– Financial product disclosures relating to the DNSH principle should explain how the adverse impact
indicators have been taken into account.
– What is more, as these disclosures are closely linked to regulation (eU) 2020/852 of the european
Parliament and of the council, it makes sense to require additional information on the alignmentof investments with the minimum safeguards set out in that regulation.
– In the case of ﬁnancial products making sustainable investments, chapter III Article 22 of the taxonomy
regulation also lays down requirements regarding compliance with the DNSH principle set out in Article
2(17) of the SFDr. Information must be provided on whether investments are aligned with the oecD
Guidelines for Multinational enterprises and the UN Guiding Principles on business and Human rights,
plus the principles and rights set out in the eight fundamental conventions identified in the Declarationof the International Labour organization on Fundamental Principles and rights at Work and the International bill of Human rights. the objective of these requirements is to bring DNSH disclosures under
Article 2(17) of the SFDr into line with the minimum safeguards set out in Article 18 of the taxonomy
regulation.

based on these current regulatory requirements, StoXX has adopted the following criteria and approachfor the DNSH step of its methodology:– Screening of all investee companies for involvement in the manufacture or selling of controversial
weapons, in line with PAI 14,9. companies which derive > 0% of revenues from controversial weapons
are excluded from the “sustainable investment” percentage calculation.
– Screening for PAI 10 breaches: companies in breach of UN Global compact standards and/or involvedin the highest level of controversies.
– excluding companies that derive more than 5% of their revenue from tobacco production and distribution
and thermal coal extraction and power generation.
– Monitoring evolution of data coverage for PAI 1110 to permit its future inclusion, since data availability
currently appears to be low (less than 20% of the StoXX tMI for the main data providers assessed).
– As part of its DNSH screen for SI % calculation, and in line with the vote by the european Parliament,11
StoXX does not exclude companies generating revenues in the nuclear and natural gas sectors.
these companies are eligible under the eU taxonomy. However, StoXX acknowledges that someinvestors may have different views on this topic12 and undertakes to support them in calculating
the SI % according to their preferences.

08
09
10
11
12

ec Delegated regulation (April 2022).

PAI 14 is measured as exposure to controversial weapons (antipersonnel mines, cluster munitions, chemical weapons
and biological weapons).
PAI 11 is measured as a lack of processes and compliance mechanisms to monitor compliance with the principlesof the UN Global compact and the oecD Guidelines for Multinational enterprises.
https://ec.europa.eu/commission/presscorner/detail/en/ip_22_4349.

For example, UZ 49 – the Austrian eco label – excludes companies involved in the nuclear sector.

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StoXX’s SFDr Article 2 (17) Sustainable Investment Methodology

93.2. Screening pillar: good governanceLatest regulatory context13: good governance is defined in regulation (eU) 2019/2088 (the SFDr). Article 8
specifies that the assessment of good governance practices forms an integral part of financial productsthat promote environmental or social characteristics, or that have sustainable investment as their objective.
therefore, financial market participants that make financial products promoting environmental or social
characteristics available, or that have a sustainable investment objective, must disclose information on theirpolicies for assessing good governance practices at investee companies. Good governance practices
at investee companies must be assessed across four dimensions: sound management structures, employee
relations, staff remuneration and tax compliance.
based on these current regulatory requirements, StoXX has adopted the following criteria and approach:– StoXX screens all investee companies for violations of the principles of the UN Global compact (UNGc)
and the oecD Guidelines for Multinational enterprises (MNe Guidelines), in line with PAI 1014. Different
aspects of the UNGc and the MNe Guidelines adequately cover the four dimensions of good governancespecified in the SFDr.
– companies with no very serious controversies relating to good governance practices (topics covered
include bribery, accounting, anti-competitive behavior, money laundering, child labor, forced labor,
violation of union rights, workplace discrimination, workplace standards, taxes) are considered to havegood governance practices.
– StoXX will regularly monitor the evolution of the data available to qualify companies’ performancein the four dimensions of good governance, so as to aid the future evolution of its methodology.
our research led to the conclusion that insufficient data is available at this stage to permit consistent
implementation across our index universe.

3.3. Positive contribution: product and service revenues
StoXX’s recent research shows that only 1% of companies in its total Market Index (StoXX tMI) havea taxonomy alignment percentage of more than 10%. this ﬁnding is corroborated by the results of similar
studies undertaken by the european Union’s Platform on Sustainable Finance (0.6% out of 12,000 companies).
these very low ﬁgures can be explained by the facts that (i) the taxonomy framework is not fully available
yet15 and (ii) the number of companies fully reporting their alignment with the taxonomy is currently still
very limited.
this being the case, StoXX has adopted the following approach to measuring the positive contribution
made by investee companies:– StoXX deﬁnes sustainable investment companies as companies deriving at least 20% of their revenues
from products and services that make a net positive contribution to the SDGs (binary approach). According
to the ISS SDG Solutions Assessment, 12% of companies in the StoXX tMI have at least 20% of revenuesaligned with the SDGs. the SDGs are a well-established normative framework against which investors
and data providers can measure the share of revenues making a positive contribution.

13
14
15

ec Delegated regulation (April 2022).

PAI 10 is measured using violations of the principles of the UN Global compact and the organisation for economic
cooperation and Development (oecD) Guidelines for Multinational enterprises.
only two out of six environmental objectives and none of the social objectives are available.

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StoXX’s SFDr Article 2 (17) Sustainable Investment Methodology

10– StoXX will continue to explore the use of speciﬁc environmental and social metrics and KPIs from various
data providers to complement its SFDr reporting and provide investors with additional information
on individual products’ sustainability performance in the context of their distinct environmental andsocial goals.

3.4. Aggregation methodology at index level
StoXX uses a market value-weighted approach to aggregate the SI % (positive contribution) at portfolio
level. We think this methodology is the most robust approach and properly reﬂects the actual aggregatedpositive contribution, since it is aligned with the regulatory recommendation for measuring taxonomy
alignment at portfolio level (see the formula below).
Figure 4: Aggregation formula for taxonomy alignment at portfolio level.

Article 16b
Calcutation of the taxonomy alignment of investments
1. The taxonomy alignment of investments shall be calculated in accordancewith the following formula:market value of all taxonomy-aligned investments of the financial productmarket value of all investments of the financial productwhere “taxonomy-aligned investments of the financial product” shall be the sum of the market
values of the following investments of the financial product:(a) for debt securities and equities of investee companies, where a proportion of activities of thoseinvestee companies is associated with Taxonomy-aligned economic activities, the market valueof that proportion of those debt securities or equities;
Source: SFDr Final report on draft regulatory technical Standards, october 2021.

3.5. Future developments
StoXX is committed to updating its methodology as the regulatory environment develops and more data
becomes available, with a view to implementing the desired framework presented in the overview section
above. the following additional methodological developments will be considered for implementation
as soon as the required feasibility conditions are met:
3.5.1. Do no significant harm

As data coverage improves, driven by the new corporate Sustainability Due Diligence Directive (cSDDD),
adopted by ec in February 2022, StoXX will continue to investigate additional indicators from a numberof data providers to assess companies against the DNSH principle. Specifically, StoXX will seek to add
PAI 11 (which relates to due diligence processes for monitoring compliance with the UNGc and the MNe

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Guidelines) to its DNSH requirements, in line with the recommendations by the Platform on Sustainable
Finance. currently, data coverage for the largest reference universe (i.e., the total Market Index) appears
to be too low for this, with only 50% of constituents being assessed by the main data providers.
3.5.2. Good governance

StoXX will continue to investigate the use of speciﬁc eSG scores from various data providers with a viewto using more granular social and governance metrics to assess investee companies’ performance on
the four dimensions highlighted by the regulation: tax compliance, employee relations, sound management
structures and staff remuneration. companies will be expected to meet the minimum requirements
reﬂected in this “governance practices” score. this “governance practices” score could be based on the ISS
Good Governance Practice indicator.16
currently, the data coverage for the largest reference universe (i.e., the total Market Index) appears
to be too low, with only 50% of constituents being assessed by the main data providers. As data coverage
improves in response to the new corporate Sustainability reporting Directive (cSrD) expected to apply
from 2025, StoXX will exclude companies with poor governance practices from its Article 8 and Article 9
products, and from the reporting of their sustainable investment percentage.
3.5.3. Positive contribution: product and service revenues

over time, StoXX plans to adopt a two-stage approach to measuring the revenue-based positive
contribution of investee companies:– Measurement of percentage alignment with the taxonomy, and– the percentage alignment with environmental and social objectives not yet covered by the taxonomy.

In the latter case, StoXX relies at present on revenue contribution to the SDGs. Since the taxonomy
currently covers the climate change mitigation and adaptation objectives, StoXX would not then consider
SDGs 7 (“Affordable and clean energy”) and 13 (”climate Action”).

this recommendation is aligned with the PrI’s view as set out in its document entitled “eU regulation
on sustainability related disclosures in the financial services sector” (February 2022).
Figure 5: breakdown of investments required for Article 9 disclosures.

Investments

Sustainable
investments
Not sustainable

Environmental
objectives
Social objectives

Taxonomy-aligned
Other

Source: eU regulation on sustainability related disclosures in the financial services sector, February 2022

16

ISS Good Governance Practices – Medium to excellent Performance: this factor provides a true/False indicator
to whether the issuer has received a minimum score of 1.75 or c-rating in all of the following relevant scoresand topic areas: corporate Governance rating, business ethics rating, Staff rating; and has no direct corporate
involvement in tax-related controversies assessed as amber or red.

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this approach will eventually maximize consistency with the taxonomy. Avoiding sector overlap whenmeasuring revenue alignment under the taxonomy and the SDGs prevents potential discrepancies.
this approach also recognizes the taxonomy as the leading framework for deﬁning sustainable investment
assets within the eU regulatory framework.
this methodology ensures additionality as much as possible, and we consider that adding the percentage
revenue contribution to the taxonomy and to complementary SDGs entails only a limited risk of overlap.
the latter is expected to disappear as the taxonomy progressively becomes the sole reference framework.
3.5.4. Positive contribution: operational performancethe inclusion of a complementary criterion focusing on top sustainability operational performanceacknowledges the fact that some sustainability objectives cannot be pursued through commercial
activities alone (gender equality, biodiversity, human rights), but can be significantly impacted by how
companies run their businesses.
Whereas the SFDr’s Principle Adverse Impact indicators (PAIs) could serve to measure operational performance, we feel they are better suited to use in an exclusion/screening process. Some environmental, socialand governance scores are the most developed and available sustainability metrics for qualifying companies’
operational performance. It therefore seems appropriate to eventually rely on the aggregated eSG score
to qualify the extent to which companies are delivering a positive contribution to broad environmental andsocial objectives through their operations (e.g., overall environ-mental footprint, diversity and inclusion,
local communities and broader stakeholder engagement).
StoXX awaits further clarification from the eSAs on how to account for operational performance whencalculating sustainable investment percentages.

4. Research process overview
StoXX conducted research on the StoXX total Market index universe when developing this methodology.

4.1. ongoing monitoring and update cycle
StoXX regularly updates the indices in its index governance framework. Given the highly evolving context
of the SFDr and the fact that european sustainable finance regulation is still at an early stage overall,
StoXX expects to see both new regulatory guidelines and evolving market practice in the short term.
It will therefore review this methodology twice a year until January 2024, and to adjust it as necessary.

4.2. Data sources
StoXX uses an open data architecture that allows best-of-breed sustainability data providers to be selectedin specific use cases across index design and reporting. As a consequence, StoXX will regularly assess
what data providers offer the best solutions for each step in the sustainable investment classification:
DNSH, good governance, revenue-based positive contributions and operations-based positive contributions.

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Figure 6: At the time of publication, the data providers used are as follows:

SI % Step

Do no significant harm

Good governance

Data provider

ISS Norms-based researchscore and exposure andproduct involvement
research (controversial
weapons, tobacco andthermal coal)

ISS Norms-based researchscore

ISS SDG Solution score

Sustainalytics Global
Standards Screening
research

Sustainalytics’ Impact
Metrics (Sustainable
Development Goals score)

Data provider

Sustainalytics Global
Standards Screening
research and productinvolvement research(controversial weapons,
tobacco and thermal coal)

Revenue-based positive
contribution

Source: StoXX.

the choice of the eSG data provider is related to the index construction. Additionally, as a customercentric organization StoXX will make every effort to facilitate the reporting of SI % for clients wishing
to implement a different methodology and/or leverage other data providers.
Lastly, in the case of specific indices whose design is based on positive contribution datasets that are
different to those used in its generic SI % reporting, StoXX will complement its reporting by a specificmeasurement based on the data in question.

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5. Contacts and further information
Learn more about how StoXX can help you better manage risk and enhance your investment process.
stoxx.com
europeFrankfurt
Mergenthalerallee 6165760 eschborn, Germany+49 69 2 11 0

London8 old Jewry
4th Floor
London ec2r 8DN, United Kingdom+44 20 7862 7680

Paris
19 boulevard Malesherbes
75008, Paris, France+33 1 55 27 38 38

PragueFuturama business Park building e
Sokolovska 662/136e
186 00 Prague 8, czech republic+420 228 889 234

Zugtheilerstrasse 1A
6300 Zug, Switzerland+41 43 430 71 60

AmericasAtlanta
400 Northridge road, Suite 550
Atlanta, GA 30350, USA+1 678 672 5400

Buenos Aires
corrientes Avenue 800, 33rd Flooroﬃce 101buenos Aires c1043AAU, Argentina+54 11 5983 0320

Chicago20 N. Upper Wacker Drive
10th Floor
chicago, IL 60606, USA+1 224 324 4279

New York
17 State Street, Suite 2700
New York, NY 10004, USA+1 212 991 4500

San Francisco
201 Mission Street, Suite #2150
San Francisco, cA 94105, USA+1 415 614 4170

Asia PacificHong Kong
28/F LHt tower
31 Queen’s road central
Hong Kong+852 3107 8030

Singapore
80 robinson road, #02-00
Singapore 068898, Singapore+852 3107 8030

Sydney139 Macquarie Street, Level 11
Sydney, NSW 2000, Australia+852 3107 8030

Tokyo
27F Marunouchi Kitaguchi building,
1-6-5 Marunouchi chiyoda-ku
tokyo 100-0005, Japan+81 3 4578 6688

Part of

StoXX Ltd. (StoXX) and Qontigo Index GmbH (together “StoXX”) research reports are for informational purposes onlyand do not constitute investment advice or an oﬀer to sell or the solicitation of an oﬀer to buy any security of any entity
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is not necessarily indicative of future results. exposure to an asset class, a sector, a geography or a strategy represented
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