Broad-based definition
Broad-based means an index or average that provides a substantial representation of the overall market. Broad-based does not include country, industry, sector, currency, or commodity specific annuities or funds or any other annuity or fund as determined by the Chief Compliance Officer.
Broad-based means that the ETF has at least 30 or more underlying components and securities and is meant to track the performance of a particular market or segment of the market (e.g., Energy, S&P Value or Mid-Cap).
Broad-based means an index or average that provides a substantial representation of the overall market. Broad-based does not include country, industry, sector, currency, or commodity specific annuities or funds nor does it include annuities or funds as determined by the Chief Compliance Officer.
More Definitions of Broad-based
Broad-based means that the ETF (i) is not composed of exposure to a single asset (e.g., GLD, OIL) or a single (non-G8) market (e.g., EWT), (ii) has at least 40 or more underlying components and securities and (iii) is not based on non-exchange traded instruments.
Broad-based means that the fund (i) is not composed of exposure to a single asset (e.g., GLD, OIL) \, (ii) has at least 20 or more underlying components and securities and (iii) no single position greater than 10%.
Broad-based means that (i) it is not composed of exposure to a single asset (e.g., GLD, OIL) or a single (non-G8) market (e.g., EWT), (ii) has at least 40 or more underlying components and securities and (iii) is not based on non- exchange traded instruments; provided that this exclusion does not apply to an ETF based on bank loan or high yield indices.