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XA Investments LLC (“XAI”) SUBSCRIPTION SERVICE TERMS AND CONDITIONS

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XAI Interval Fund IndexTM (INTVL)

The Definitive Benchmark for Tracking the Interval Fund Marketplace

Fact Sheet Methodology Index Constituents Interval Fund Education

_
Price as of _

_
Market Cap1, 2

_
Index Constituents2

Index Overview

The XAI Interval Fund Index (the “Index” or “INTVL”) is a rules‐based total return index designed to track the performance of non-listed closed-end interval funds and tender offer funds registered under the Investment Company Act of 1940. The Index is calculated daily on a net total return basis and assumes the reinvestment of distributions. To be included in the Index, a fund must meet certain eligibility criteria including, but not limited to a sufficient track record and minimum net assets.

Total Return:

Historical Performance

INTVL is designed to display a comprehensive view of the internal and tender offer fund market.

1Market Cap is based on the aggregate net assets of all index constituents.

2Figure is updated at quarter-end.

3ITD stands for "Inception to Date".

Index Highlights

Comprehensive Data

XA Investments has a proprietary database for all interval and tender offer funds in the marketplace and publishes industry leading research on interval fund market trends.

Market Leading

INTVL is the first published index to track total return for 1940 Act interval and tender offer funds.

Trusted Source

XA Investments provides trusted closed-end fund market research consulting, specializing in interval and tender offer funds.

Asset Class Breakdown

View All Constituents

Top 10 Constituents by Net Assets1,2

1. See Summary Methodology section "Constituent Weighting Constraints" for more information on how fund weights are determined.

2. Tickers reflect the institutional share class; the share class with the lowest net expense ratio is used for Index calculations.

Summary Methodology

Index Eligibility Criteria
To be eligible for the Index, a fund must:
  • Have its domicile in the United States
  • Be registered under the Investment Company Act of 1940 (the "1940 Act") as:
    • An interval fund; or
    • A non-listed closed-end fund that offers periodic share tenders (a "tender offer fund")
  • Not have shares listed on a national stock exchange (or other stock exchange), with the exception of preferred shares
  • Have minimum total net assets of $100 million US Dollars as of rebalancing date
  • Have an inception date or commencement of operations of at least three months prior to base date or rebalancing date
  • Have a Nasdaq Fund Network (NFN) ticker symbol for at least one class of shares that is updated on a daily or weekly basis
Constituent Weighting Constraints
The Index is weighted based on each constituent fund’s NAV. Any constituent fund with an Index weight greater than 15% will be capped at 15% and the remaining weight of that constituent fund will be redistributed proportionally to the remaining constituent funds in the Index. The five (5) highest-weighted constituent funds will be capped at a cumulative 75% of the Index’s weight; the remaining cumulative weight of the five (5) constituent funds will be redistributed proportionally to the remaining constituent funds in the Index.
Reconstitutions and Rebalances
The Index is reconstituted and rebalanced on a quarterly schedule. The rebalanced Index is calculated effective as of the end of day on the last trading day of March, June, September and December each year. The rebalance date may be changed for various reasons including market holidays occurring on or around the scheduled rebalance date. Any such change will be announced with proper advance notice when possible.

Index Information

Base Value $100.00
Base Date January 1, 2023
Rebalance Cycle End of the last trading day in March, June, September, and December
Currency USD
Calculation Frequency Daily
Calculation Method Net Total Return
Index Calculation Agent Indxx, Inc.
Bloomberg Code INTVL

License INTVL

To inquire regarding a license to use the Index or the information presented, click Learn More below.

Disclosures

The XAI Interval Fund Market Index (the “Index”) is the exclusive property of XA Investments LLC. Use of the Index for any commercial purpose must be accompanied by a license from XAI. The information contained herein may not be reproduced, in whole or in part, or used in any manner, without the prior written consent of XA Investments. Distribution in hard or soft copy is strictly prohibited without prior permission. To inquire regarding a license to use the Index or the information presented, call (888) 903-3358 or email info@xainvestments.com.

This information is presented in summary form and is, therefore, subject to qualification and further explanation. It is intended for informational purposes only and not intended for trading or investment purposes. The addition, removal or inclusion of a security in the Index is not a recommendation to buy, sell, or hold that security, nor is it investment advice. It is not possible to invest directly in an index. Index performance does not reflect the deduction of any fees and expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

The information presented is current as of the publication date or as indicated. However, the information is not all-inclusive and should not be relied upon as such. XAI does not warrant the accuracy, timeliness, or completeness of the information presented and it is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. This information does not constitute a solicitation of an offer to sell and buy any specific security offering. Such an offering is made by the applicable prospectus only. A prospectus should be read carefully by an investor before investing. Investors are advised to consider investment objectives, risks, charges and expenses carefully before investing. Financial advisors should determine if the risks associated with an investment are consistent with their client’s investment objective.

This material is subject to change without notice and should not be relied upon by the reader as research or investment advice. With regard to sources of information, certain of the information contained herein has been obtained from published sources and/or prepared by third parties. While such sources are believed to be reliable, XAI employees or representatives do not assume any responsibility for the accuracy of such information.

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