The underlying Index is comprised of U.S. dollar denominated debt issued by non-sovereign emerging market issuers that are rated BB1 or lower (based on an average of Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Rating Services (“S&P”) and Fitch International Rating Agency (“Fitch”) and that are issued in the major domestic and Eurobond markets. In order to qualify for inclusion in the Index, an issuer must have risk exposure to countries other than members of the Group of Ten, all Western European countries and territories of the United States and Western European countries. The Group of Ten includes Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States.
