Index composition
AAP Life Settlement Index was developed for providing investors a transparent, representative benchmark in the area of traded US insurance policies which is constructed and calculated following clear rules. Along the lines of other well known indices in the area of non-traditional investment strategies, the AAP Life Settlement Index reflects the performance of the according fund universe.
A fund qualifies for the index if it meets ALL of the following conditions:
| (a) | The fund follows a strategy in the area of traded US life insurance contracts. The part of other strategies in the portfolio is permanently smaller than 25% of the fund volume. | |
| (b) | The fund is open-ended, which means it accepts new investors and allows redemptions. Funds with a soft-closing or restricted liquidity for the investors still qualify for the index. | |
| (c) | Subscriptions can be made at least quarterly. | |
| (d) | Redemptions can be made at least quarterly. | |
| (e) | The fund calculates monthly a NAV in USD and the NAV is publicly available or is provided for the calculation of the index. | |
| (f) | The fund is not US domiciled. | |
| (g) | The fund is not a fund of funds. The fraction of open-end or closed-end funds is persistently smaller than 33%. |