These Additional Service Terms Applicable to the Provision of MSCI® Indexes via the Service (“MSCI® Additional Terms”) apply only in the event the provision of MSCI® Indexes via the Service is included in Customer’s Subscription per the applicable Order Form. For purposes of Customer’s Subscription for the provision of MSCI® Indexes via the Service, these MSCI® Additional Terms supplement the Master Terms and form a part of the Agreement between Customer and Dynamo. Terms not otherwise defined herein shall have the meaning ascribed to them in the Master Terms and the applicable Order Form.

The scope of MSCI data modules and indexes that Dynamo is currently authorized to make available via its DIF is limited to those listed in Part I below. MSCI data is provided by Dynamo only as index level value data (the “Index Level Data”) pursuant to an agreement between Dynamo and MSCI Inc. The additional terms that apply to the provision of such index level data are listed in Part II of these MSCI® Additional Terms.

Part I – Data Modules and Indexes

Dynamo will be redistributing daily index values only for the indices selected by the client. MSCI-provided returns or constituent data is not provided under the current agreement.

The following list of indices is available to all clients upon subscription:

  • AC ASIA PACIFIC
  • AC ASIA PACIFIC ex JAPAN
  • ACWI
  • ACWI ex USA
  • CHINA
  • CHINA A
  • EAFE
  • EM (EMERGING MARKETS)
  • EM (EMERGING MARKETS) SMALL CAP
  • EUROPE
  • USA
  • USA MICRO CAP
  • USA MID CAP
  • USA VALUE
  • WORLD
  • Other *

* Additional benchmark values beyond the ones specified above are provided in the list below and may be available upon request. The availability of additional benchmark values is subject to the condition that their implementation requires reasonable effort and compliance with data storage restrictions.

Dynamo has access to the following MSCI index groups:

GLOBAL EQUITY INDEXES:

  • Market Capitalization indexes (size and style segmentations)
  • Select DM and EM Sector, Industry group, and Industry Indexes
  • Select ESG/Factor/Thematic Indexes
  • DM and EM GDP Indexes
  • Exchange Rates for DM and EM countries
  • Gulf Corporation Council (GCC) Indexes
  • 10/40 Indexes
  • Select regional High Dividend Yield Indexes
  • Islamic Indexes
  • Frontier Markets Indexes
  • Data Included: Index Levels only (Price/Gross/Net variants)
  • Regions: Developed Markets, Emerging Markets, and Asia Pacific
  • Currencies: US Dollar and Local

Equity History: Full monthly from 1969 and daily from 1979 for standard indexes (pre-GIMI); Daily and Monthly History from May 31, 1994 for GIMI indexes (Investable Market Index (IMI), Large Cap, Mid Cap, and Small + Mid (SMID) indexes across key countries and regions; plus sector segmentations and value/growth.

Gulf Corporation Council (GCC) Indexes: Monthly and Daily from June 1, 2005

10/40 Indexes: History from December 31, 1998

Select regional High Dividend Yield Indexes: Daily from November 30, 1995

Islamic Indexes: History from May 31, 2002

Frontier Markets Indexes: History from February 7, 2008

Part II – Additional Terms Applicable to the Provision of MSCI Data

INDEX LEVEL DISTRIBUTION AGREEMENT

1.  Dynamo’s ability to provide the service Dynamo DIF – MSCI Data Feed (“Dynamo DIF Service”) may be affected by the rights of MSCI Inc. (“MSCI”) under the Index Level Distribution Agreement executed between MSCI and Dynamo Software, Inc., dated 1 February 2022 (“MSCI-Dynamo Agreement”), such as MSCI’s termination and suspension rights or MSCI’s right to request modifications in the specifications concerning the agreed Dynamo DIF Service or in the MSCI-Dynamo Agreement.

2.  The following is a list of provisions that, pursuant to the MSCI-Dynamo Agreement, must be present in the agreement between Dynamo and Customer and are hereby incorporated in these MSCI® Additional Terms with regard to the Dynamo DIF Service. For the purposes of this section, “Data” shall mean the data provided via the Dynamo DIF Service, as described in the Order Form.

i.  Customer represents that it will use the Data solely for internal purposes and will not redistribute the Data in any form or manner to any third party.

ii.  Customer represents that it will not use or permit anyone else to use the Data in connection with the creating, managing, advising, writing, trading, marketing or promotion of any securities or financial instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).

iii.  Customer represents that it will treat the Data as proprietary to MSCI. Further, the Customer acknowledges that MSCI is the sole and exclusive owner of the Data and any trade secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

iv.  Customer represents that it will not (i) copy any component of the Data, (ii) alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization (including, without limitation, Customer’s present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar arrangement.

v.  Customer is obligated to reproduce on all permitted copies of the Data all copyright, proprietary rights and restrictive legends appearing on the Data.

vi.  Customer acknowledges that it assumes the entire risk of using the Data and agrees to hold MSCI harmless from any claims that may arise in connection with any use of the Data by Customer or its permitted affiliates.

vii.  Customer acknowledges that MSCI may, in its sole and absolute discretion and at any time, terminate Customer’s right to receive and/or use the Data.

viii.  Customer acknowledges MSCI as a third-party beneficiary of Customer’s agreement with Dynamo, entitled to enforce all provisions of such agreement relating to the Data.

ix. CUSTOMER ACKNOWLEDGES THAT THE DATA ARE PROVIDED TO CUSTOMER ON AN “AS IS” BASIS. DYNAMO, MSCI. THEIR INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). DYNAMO, MSCI, THEIR INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE.

x.  CUSTOMER ASSUMES THE ENTIRE RISK OF ANY USE CUSTOMER MAY MAKE OF THE DATA. IN NO EVENT SHALL DYNAMO, MSCI, THEIR INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE CUSTOMER, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE CUSTOMER TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF DYNAMO, MSCI, ANY OF THEIR INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

xi.  Customer agrees to indemnify and hold harmless Dynamo, MSCI, their information providers, and any other third party involved in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys’ fees and costs, as incurred, arising in any manner out of the Customer’s or any third party’s use of, or inability to use, the Data or any breach by the Customer of any provision contained in this Agreement.

3.  Customer acknowledges that Dynamo (or its affiliates) may be obliged to assist MSCI in investigating any potential breach by Customer of Customer’s obligations towards MSCI and Customer agrees to cooperate with Dynamo in Dynamo’s reasonable efforts to comply with that obligation.

4.  Customer shall also indemnify Dynamo and hold Dynamo harmless and at Customer’s expense defend Dynamo against any loss, claim, demand or expense (including reasonable attorneys’ fees) arising in connection with (i) Dynamo’s provision of the Dynamo DIF Service in accordance with the Order Form, Dynamo’s performance of obligations to MSCI or MSCI’s exercise of rights under the MSCI-Dynamo Agreement in relation to Customer or the Dynamo DIF Service provided to Customer, or (iii) a breach of Customer’s obligations towards MSCI.

5.  Except to the extent set forth above, all existing arrangements between Dynamo and Customer remain in full force and effect.