View from the Observation Deck 

1. From 3/9/09-7/17/18 (current bull market), all four of the technology-related indices featured in the chart outperformed the S&P 500 Index.
2. As of 7/18/18, Information Technology accounted for 26.30% of the S&P 500 Index, up from 17.84% on 3/9/09, according to Bloomberg and Bespoke Investment Group. It is the most heavily weighted sector in the index, followed by Health Care at 14.21%.
3. The average annualized total returns shown in the chart are as follows: ISE Cloud Computing Index (+30.59%); Dow Jones Internet Composite Index (+30.44%); Philadelphia Semiconductor Index (+25.47%); S&P 500 Information Technology Index (+23.67%); and S&P 500 Index (+18.90%), according to Bloomberg.
4. Year-to-date through 7/18/18, the S&P 500 Information Technology Index posted a total return of 16.51%, compared to 6.41% for the S&P 500 Index, according to Bloomberg. It was the top-performing sector index, followed by the S&P 500 Consumer Discretionary Index, up 15.19%.
5. As of 7/13/18, Bloomberg's Q2'18 consensus earnings growth rate estimate for the S&P 500 Information Technology Index was 30.9%, compared to 20.3% for the S&P 500 Index.

The chart and performance data referenced are for illustrative purposes only and not indicative of any actual investment. The index performance data excludes the effects of taxes and brokerage commissions or other expenses incurred when investing. Investors cannot invest directly in an index. There can be no assurance that any of the projections cited will occur. The S&P 500 Index is a capitalization-weighted index comprised of 500 stocks used to measure large-cap U.S. stock market performance. The ISE Cloud Computing Index is a modified equal-dollar weighted index designed to track the performance of companies actively involved in the cloud computing industry. The Dow Jones Internet Composite Index is a modified capitalization-weighted index designed to track companies involved in Internet-related activities. The Philadelphia Semiconductor Index is a modified capitalization-weighted index comprised of companies that are involved in the design, distribution, manufacturing, and sale of semiconductors. The S&P 500 Information Technology Index is capitalization-weighted and comprised of S&P 500 constituents representing the technology sector.

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