On November 1, 2017, the CUIT Small Cap Equity Index benchmark changed from the Russell 2000 Index to the S&P SmallCap 600 Index.
We believe the change offers prospects for improved performance over time, with lower volatility, and little or no change to the target asset class. The revised Investment Objective language for the Fund, which is included in the revised Offering Memorandum (effective November 1, 2017):
The Small Cap Index Fund’s investment objective is to replicate the price and yield performance of the S&P SmallCap 600 Index, an index which emphasizes small-capitalization companies. The S&P SmallCap 600 Index is designed to track the small-cap segment of the U.S. equity market. The S&P SmallCap 600 Index was created to be an efficient benchmark composed of small cap companies that meet investability and financial viability criteria.
For further details, please review the benchmark update brief on our website.
The S&P SmallCap 600 Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by CBIS. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by CBIS. The CUIT Small Capitalization Equity Index Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P SmallCap 600 Index.