The S&P 500® Advantage 15% VT TCA Index applies an intraday risk control mechanism to provide exposure to the S&P 500 while targeting a 15% volatility level. The index rebalances throughout the trading day based on volatility observed in seven intraday windows and estimates of future market movements derived from hypothetical option prices. The index responds to changing market conditions during the day by adjusting equity exposure up or down and includes a transaction cost adjustment (TCA).
