Enhanced Investments - Financial Portal

Published: 2023-04-25

West Fraser Timber Co. Ltd.
Condensed Consolidated Balance Sheets(in mil ions of United States dol ars, except where indicated - unaudited)
	March 31,	December 31,
	2023		2022
Cash and cash equivalents	$				847 $
Receivables					462
Income taxes receivable					155
Inventories				4		1,142
Prepaid expenses		56
		2,661
Property, plant and equipment		3,964
Timber licences					347
Goodwill and other intangible assets		2,346
Export duty deposits				14			360
Other assets					194
Deferred income tax assets		4
	$	9,877 $
Payables and accrued liabilities	$				658 $
Current portion of reforestation and decommissioning obligations		53
Income taxes payable		16
					727
Long-term debt				5			500
Other liabilities				6			298
Deferred income tax liabilities					779
		2,304
Share capital				8		2,667
Retained earnings		5,224
Accumulated other comprehensive loss					(318)
		7,573
	$	9,877 $

West Fraser Timber Co. Ltd.
Condensed Consolidated Statements of Earnings and Comprehensive Earnings(in mil ions of United States dol ars, except where indicated - unaudited)
	Three Months Ended
	March 31,	March 31,
	2023	2022
Sales	$	1,627 $	3,110
Costs and expensesCost of products sold
		1,245	1,177
Freight and other distribution costs			234	220
Export duties, net					14	13	27
Amortization			138	157
Sel ing, general and administration			76	94
Equity-based compensation			2	(5)
Restructuring and impairment charges			3	13
		1,712	1,683
Operating earnings			(85)	1,427
Finance income (expense), net					9			7	(7)
Other income					10	14	—
Earnings before tax			(63)	1,420
Tax recovery (provision)					11	21	(330)
Earnings	$		(42) $	1,090
Earnings per share (dol ars)Basic
					12 $	(0.50) $	10.35
Diluted					12	$	(0.52) $	10.25
Comprehensive earningsEarnings
	$		(42) $	1,090
Other comprehensive earningsItems that may be reclassified to earnings
Translation gain (loss) on operations with different functional currencies			13	(20)
Items that wil not be reclassified to earnings
Actuarial gain on retirement benefits, net of tax					7			8	94
			21	74
Comprehensive earnings	$		(21) $	1,164
						-2-

West Fraser Timber Co. Ltd.
Condensed Consolidated Statements of Changes in Shareholders' Equity
(in mil ions of United States dol ars, except where indicated - unaudited)
	Three Months Ended
	March 31,	March 31,
			2023	2022
Share capitalBalance - beginning of period
	2,667 $	3,402
Issuance of Common shares			8				—	—
Repurchase of Common shares for cancel ation			8				—	(85)
Balance - end of period	2,667 $	3,317
Retained earningsBalance - beginning of period
	5,284 $	4,503
Actuarial gain on retirement benefits, net of tax			7				8	94
Repurchase of Common shares for cancel ation			8				—	(148)
Earnings for the period				(42)	1,090
Dividends declared				(25)	(26)
Balance - end of period	5,224 $	5,513
Accumulated other comprehensive lossBalance - beginning of period
	$	(332) $				(249)
Translation gain (loss) on operations with different functional currencies				13	(20)
Balance - end of period	$	(318) $				(269)
Shareholders' Equity	7,573 $	8,561
						-3-

West Fraser Timber Co. Ltd.Condensed Consolidated Statements of Cash Flows(in mil ions of United States dol ars, except where indicated - unaudited)
	Three Months Ended
	March 31,	March 31,
			2023	2022
Cash provided by operating activitiesEarnings
	$			(42) $	1,090
Adjustments
Amortization				138	157
Restructuring and impairment charges				3	13
Finance (income) expense, net			9				(7)	7
Foreign exchange (gain) loss				—	7
Export duty			14				—	(9)
Retirement benefit expense				19	21
Contributions to retirement benefit plans				(16)	(19)
Tax (recovery) provision			11				(21)	330
Income taxes paid				(5)	(456)
Other				6	3
Changes in non-cash working capital
Receivables		(107)				(287)
Inventories		(105)				(300)
Prepaid expenses				6	3
Payables and accrued liabilities				(67)	3
		(198)				563
Cash used for financing activities
Repayment of lease obligations				(4)	(5)
Finance expense paid				(3)	(2)
Repurchase of Common shares for cancel ation				—	(189)
Dividends paid				(25)	(21)
				(32)	(217)
Cash used for investing activities
Additions to capital assets				(99)	(93)
Interest received				10	1
				(89)	(92)
Change in cash and cash equivalents		(319)				254
Foreign exchange effect on cash and cash equivalents				3	(6)
Cash and cash equivalents - beginning of period	1,162	1,568
Cash and cash equivalents - end of period	$			847 $	1,816
						-4-

West Fraser Timber Co. Ltd.Notes to Condensed Consolidated Financial Statements
For the three months ended March 31, 2023 and 2022(figures are in mil ions of United States dol ars, except where indicated - unaudited)
1.	Nature of operations
West Fraser Timber Co. Ltd. ("West Fraser", the “Company”, "we", "us" or "our") is a diversified wood products company
with more than 60 facilities in Canada, the United States (“U.S.”), the United Kingdom (“U.K.”), and Europe. From
responsibly sourced and sustainably managed forest resources, the Company produces lumber, engineered wood
products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals and renewable
energy. West Fraser’s products are used in home construction, repair and remodel ing, industrial applications, papers,
tissue, and box materials. Our executive office is located at 885 West Georgia Street, Suite 1500, Vancouver, British
Columbia. West Fraser was formed by articles of amalgamation under the Business Corporations Act (British Columbia)
and is registered in British Columbia, Canada. Our Common shares are listed for trading on the Toronto Stock Exchange
(“TSX”) and on the New York Stock Exchange (“NYSE”) under the symbol WFG.
2.	Basis of presentation
These condensed consolidated financial statements have been prepared in accordance with International Accounting
Standards (“IAS”) 34, Interim Financial Reporting as issued by the International Accounting Standards Board and use the
same accounting policies as the most recent audited annual consolidated financial statements. These condensed
consolidated interim financial statements were authorized for issue by the Audit Committee of the Company’s Board of
Directors on April 25, 2023. These condensed consolidated interim financial statements should be read in conjunction
with the Company's consolidated financial statements for the year ended December 31, 2022.
The Company’s fiscal year is the calendar year ending December 31. Effective January 1, 2023, the Company’s fiscal
quarters are the 13-week periods ending on the last Friday of March, June, and September with the fourth quarter ending
December 31. References to the three months ended March 31, 2023 and the first quarter of 2023 relate to the 13-week
period ended March 31, 2023.
Figures have been rounded to mil ions of dol ars to reflect the accuracy of the underlying balances and as a result certain
tables may not add due to rounding impacts.
3.	Seasonality of operations
Our operating results are subject to seasonal fluctuations that may impact quarter-to-quarter comparisons.
Consequently, interim operating results may not proportionately reflect operating results for a ful year.
Market demand varies seasonal y, as home building activity and repair-and-remodel ing work are general y stronger in
the spring and summer months. Extreme weather conditions, including wildfires in Western Canada and hurricanes in the
U.S. South, may periodical y affect operations, including logging, manufacturing and transportation. Log inventory is
typical y built up in the Northern regions of North America and Europe during the winter to sustain our lumber and EWP
production during the second quarter when logging is curtailed due to wet and inaccessible land conditions. This
inventory is general y consumed in the spring and summer months.
4.	Inventories
		March 31,		December 31,
As at			2023		2022
Manufactured products		$	420 $		428
Logs and other raw materials			485		376
Materials and supplies			237		228
		$	1,142 $			1,032
Inventories at March 31, 2023 were subject to a valuation reserve of $73 mil ion (December 31, 2022 - $61 mil ion) to
reflect net realizable value being lower than cost.
						-5-

5.	Operating loans and long-term debt
Operating loans
As at March 31, 2023, our credit facilities consisted of a $1 bil ion committed revolving credit facility which matures July
2026, $35 mil ion of uncommitted revolving credit facilities available to our U.S. subsidiaries, a $19 mil ion (£15 mil ion)
credit facility dedicated to our European operations, and a $10 mil ion (CAD$13 mil ion) demand line of credit dedicated
to our jointly		-owned newsprint operation.
As at March 31, 2023, our revolving credit facilities were undrawn (December 31, 2022 - undrawn) and the associated
deferred financing costs of $1 mil ion (December 31, 2022 - $1 mil ion) were recorded in other assets. Interest on the
facilities is payable at floating rates based on Prime, Base Rate Advances, Bankers’ Acceptances, or London Inter-Bank
Offered Rate (“LIBOR”) Advances at our option. Our $1 bil ion committed revolving credit facility contains transition
provisions relating to the elimination of LIBOR whereby Secured Overnight Financing Rate (“SOFR”) can be elected by
mutual consent with the lenders.
In addition, we have credit facilities total ing $131 mil ion (December 31, 2022 - $131 mil ion) dedicated to letters of
credit. Letters of credit in the amount of $39 mil ion (December 31, 2022 - $61 mil ion) were supported by these facilities.
Al debt is unsecured except the $10 mil ion (CAD$13 mil ion) jointly-owned newsprint operation demand line of credit,
which is secured by that joint operation’s current assets.
Long-term debt
			March 31,		December 31,
As at				2023		2022
Senior notes due October 2024; interest at 4.35%			$	300 $		300
Term loan due August 2024; floating interest rate				200		200
				500		500
Less: deferred financing costs				(1)		(1)
Less: current portion				—		—
			$	500 $		499
The fair value of the long-term debt at March 31, 2023 was $496 mil ion (December 31, 2022 - $491 mil ion) based on
rates available to us at the balance sheet date for long-term debt with similar terms and remaining maturities.
Interest rate swap contracts
At March 31, 2023, we had interest rate swap contracts to pay fixed interest rates (weighted average interest rate of
1.14%) and receive variable interest rates equal to 3-month LIBOR on $200 mil ion notional principal amount of
indebtedness. These interest rate swap agreements fix the interest rate on the $200 mil ion term loan disclosed in the
long-term debt table above. These agreements mature in August 2024.
The interest rate swap contracts are accounted for as a derivative, with the related changes in the fair value included in
other income on the consolidated statement of earnings. For the three months ended March 31, 2023, a loss of $2 mil ion
(2022 - gain of $7 mil ion) was recognized in relation to the interest rate swap contracts. The fair value of the interest rate
swap contracts at March 31, 2023 was an asset of $10 mil ion (December 31, 2022 - asset of $12 mil ion).
							-6-

6.	Other liabilities
		March 31,		December 31,
As at			2023		2022
Retirement liabilities		$	77 $		77
Long-term portion of reforestation			73		55
Long-term portion of decommissioning			26		15
Long-term portion of lease obligations			25		26
Export duties			76		73
Electricity swaps			2		4
Other			19		18
		$	298 $		268
7.	Retirement benefits
We maintain defined benefit and defined contribution pension plans covering most of our employees. The defined
benefit plans general y do not require employee contributions and provide a guaranteed level of pension payable for life
based either on length of service or on earnings and length of service, and in most cases do not increase after
commencement of retirement. We also provide group life insurance, medical and extended health benefits to certain
employee groups.
The status of the defined benefit pension plans and other retirement benefit plans, in aggregate, is as fol ows:
		March 31, December 31,
		2023			2022
Projected benefit obligations						$	(881) $		(856)
Fair value of plan assets							949	927
Impact of asset ceiling adjustments							(5)	(16)
						$	63 $	55
Represented by
Retirement assets						$	140 $	132
Retirement liabilities							(77)	(77)
						$	63 $	55
The significant actuarial assumptions used to determine our balance sheet date retirement assets and liabilities are as
fol ows:
		March 31, December 31,
		2023			2022
Discount rate		5.04%			5.17%
Future compensation rate increase		3.53%			3.53%
The actuarial gain on retirement benefits, included in other comprehensive earnings, is as fol ows:
		Three Months Ended
		March 31,		March 31,
		2023			2022
Actuarial gain						$	10 $	125
Tax provision							(3)	(31)
						$	8 $	94

8.	Share capital
Authorized
400,000,000 Common shares, without par value
20,000,000 Class B Common shares, without par value
10,000,000 Preferred shares, issuable in series, without par value
Issued
		March 31, 2023	December 31, 2022
		Number		Amount	Number		Amount
Common						81,274,319 $	2,667	81,273,936 $		2,667
Class B Common		2,281,478					—	2,281,478			—
Total Common						83,555,797 $	2,667	83,555,414 $		2,667
For the three months ended March 31, 2023, we issued 383 Common shares under our share option plans (2022 - no
Common shares) and no Common shares under our employee share purchase plan (2022 - no Common shares).
Rights and restrictions of Common shares
The Common shares and Class B Common shares are equal in al respects, including the right to dividends, rights upon
dissolution or winding up and the right to vote, except that each Class B Common share may at any time be exchanged
for one Common share. Our Common shares are listed for trading on the TSX and NYSE under the symbol WFG, while our
Class B Common shares are not. Certain circumstances or corporate transactions may require the approval of the holders
of our Common shares and Class B Common shares on a separate class by class basis.
Share repurchases
On February 22, 2023, we renewed our normal course issuer bid (“2023 NCIB”) al owing us to acquire up to 4,063,696
Common shares for cancel ation until the expiry of the bid on February 26, 2024.
For the three months ended March 31, 2023, we repurchased no Common shares under our 2023 NCIB or 2022 NCIB
(2022 - 2,574,124 Common shares under our 2021 NCIB and 2022 NCIB at an average price of $90.15).
9.	Finance income (expense), net
			Three Months Ended
			March 31,		March 31,
			2023					2022
Interest expense							$		(6) $	(6)
Interest income on cash equivalents								10			1
Net interest income on export duty deposits									4	(2)
Finance expense on employee future benefits								—			(1)
							$		7 $	(7)
						-8-

10. Other income
	Three Months Ended
	March 31,	March 31,
			2023	2022
Foreign exchange gain (loss)					$	— $	(7)
Gain on electricity swaps						14	—
Gain (loss) on interest rate swap contracts						(2)	7
Other						2	—
					$	14 $	—
11. Tax recovery (provision)
The tax provision differs from the amount that would have resulted from applying the B.C. statutory income tax rate to
earnings before tax as fol ows:
	Three Months Ended
	March 31,	March 31,
	2023	2022
Income tax recovery (provision) at statutory rate of 27%					$	17 $	(383)
Rate differentials between jurisdictions and on specified activities						—	48
Non-taxable (deductible) amounts						1	9
Other						3	(4)
Tax recovery (provision)					$	21 $	(330)
12. Earnings per share
Basic earnings per share is calculated based on earnings available to Common shareholders, as set out below, using the
weighted average number of Common shares and Class B Common shares outstanding.
Certain of our equity-based compensation plans may be settled in cash or Common shares at the holder’s option and for
the purposes of calculating diluted earnings per share, the more dilutive of the cash-settled and equity-settled method is
used, regardless of how the plan is accounted for. Plans that are accounted for using the cash-settled method wil require
adjustments to the numerator and denominator if the equity-settled method is determined to have a dilutive effect as
compared to the cash-settled method.
The numerator under the equity-settled method is calculated based on earnings available to Common shareholders
adjusted to remove the cash-settled equity-based compensation expense (recovery) charged to earnings and deducting a
notional charge using the equity						-settled method, as set out below. Adjustments to earnings are tax-effected as
applicable. The denominator under the equity-settled method is calculated using the treasury stock method. Share
options under the equity-settled method are considered dilutive when the average market price of our Common shares
for the period exceeds the exercise price of the share option.
The equity-settled method was more dilutive for the three months ended March 31, 2023 and March 31, 2022 and an
adjustment was required for both the numerator and denominator in both periods.
							-10-

A reconciliation of the numerator and denominator used for the purposes of calculating diluted earnings per share is as
fol ows:
	Three Months Ended
	March 31,	March 31,
	2023		2022
Earnings
Numerator for basic EPS				$	(42) $	1,090
Cash-settled recovery included in earnings					—	(6)
Equity-settled expense adjustment					(2)	(1)
Numerator for diluted EPS				$	(44) $	1,083
Weighted average number of shares (thousands)
Denominator for basic EPS					83,555	105,236
Effect of dilutive equity-based compensation					319	366
Denominator for diluted EPS					83,874	105,602
Earnings per share (dol ars)
Basic				$	(0.50) $	10.35
Diluted				$	(0.52) $	10.25
						-10-

13. Segment and geographical information
During the first quarter of 2023, the Company changed its measure of profit or loss for each reportable segment from
earnings before tax to operating earnings, as this is now the measure most used by the chief operating decision maker
when evaluating segment operating performance. Prior year comparatives have been updated to conform to current year
presentation.
Three Months Ended
			Pulp &	Europe	Corporate
	Lumber	NA EWP	Paper	EWP	& Other	Total	March 31, 2023Sales
To external customers	$						734 $	540 $	193 $	160 $	— $	1,627
To other segments							21	2	5					(28)	—
	$						755 $	542 $	198 $	160 $	(28) $	1,627
Cost of products sold							(596)	(404)	(151)	(123)					28	(1,245)
Freight and other distribution costs							(107)	(82)	(34)	(12)	—	(234)
Export duties, net							(13)	—	—	—				—	(13)
Amortization							(46)	(69)	(9)	(12)	(2)	(138)
Sel ing, general and administration							(40)	(24)	(6)	(5)				(1)	(76)
Equity-based compensation							—	—	—	—				(2)	(2)
Restructuring and impairment charges							(1)	—	(1)	—				—	(3)
Operating earnings	$						(48) $	(38) $	(2) $	8 $				(4) $	(85)
Three Months Ended
			Pulp &	Europe	Corporate
	Lumber	NA EWP	Paper	EWP	& Other	Total	March 31, 2022Sales
To external customers	$	1,484 $	1,214 $							171 $	241 $	— $	3,110
To other segments							17	3	—	—				(20)	—
	$	1,501 $	1,217 $							171 $	241 $	(20) $	3,110
Cost of products sold							(530)	(386)	(140)	(141)					20	(1,177)
Freight and other distribution costs							(97)	(71)	(37)	(15)	—	(220)
Export duties, net							(27)	—	—	—				—	(27)
Amortization							(46)	(83)	(9)	(17)	(2)	(157)
Sel ing, general and administration							(51)	(30)	(9)	(7)				3	(94)
Equity-based compensation							—	—	—	—				5	5
Impairment charges							—	—	(13)	—				—	(13)
Operating earnings	$						750 $	647 $	(37) $	61 $	6 $	1,427
The geographic distribution of external sales based on the location of product delivery is as fol ows:
					Three Months Ended
					March 31,	March 31,
					2023	2022
United States				$	1,010 $	2,273
Canada					285	440
U.K. and Europe					163	233
Asia					167	156
Other											2	8
				$	1,627 $	3,110
		-11-

14. Countervailing (“CVD”) and antidumping (“ADD”) duty dispute
Additional details, including our accounting policy, can be found in note 26 - Countervailing (“CVD”) and antidumping
(“ADD”) duty dispute of our audited annual consolidated financial statements for the year ended December 31, 2022.
Developments in CVD and ADD rates
We began paying CVD and ADD duties in 2017 based on the determination of duties payable by the United States
Department of Commerce (“USDOC”). The CVD and ADD cash deposit rates are updated upon the finalization of the
USDOC’s Annual Review (“AR”) process for each Period of Inquiry (“POI”).
On January 24, 2023, the USDOC released the preliminary results from AR4 POI covering the 2021 calendar year, which
indicated a rate of 2.48% for CVD and 6.90% for ADD for West Fraser. The duty rates are subject to an appeal process,
and we wil record an adjustment once the rates are finalized. If the AR4 rates were to be confirmed, it would result in a
recovery of $62 mil ion before the impact of interest for the POI covered by AR4. This adjustment would be in addition to
the amounts already recorded on our balance sheet. If these rates were finalized, our combined cash deposit rate would
be 9.38%.
The Cash Deposit Rates and the West Fraser Estimated ADD Rate for the periods presented are as fol ows:
	Cash Deposit
Effective dates for CVD	Rate
AR5 POI1
January 1, 2022 – January 9, 2022		5.06%
January 10, 2022 – August 8, 2022		5.08%
August 9, 2022 - December 31, 2022		3.62%
AR6 POI2
January 1, 2023 - March 31, 2023		3.62 %
1.	The CVD rate for the AR5 POI wil be adjusted when AR5 is complete and the USDOC finalizes the rate, which is not expected until 2024.
2.	The CVD rate for the AR6 POI wil be adjusted when AR6 is complete and the USDOC finalizes the rate, which is not expected until 2025.
	West Fraser
			Cash Deposit	Estimated
Effective dates for ADD			Rate	Rate
AR5 POI1
January 1, 2022 - August 8, 2022				6.06%	4.52%
August 9, 2022 - December 31, 2022				4.63%	4.52%
AR6 POI2
January 1, 2023 - March 31, 2023				4.63 %	4.63 %
1.	The ADD rate for the AR5 POI wil be adjusted when AR5 is complete and the USDOC finalizes the rate, which is not expected until 2024.
2.	The ADD rate for the AR6 POI wil be adjusted when AR6 is complete and the USDOC finalizes the rate, which is not expected until 2025.
					-12-

Impact on results
The fol owing table reconciles our cash deposits paid during the period to the amount recorded in our earnings
statement:
	Three Months Ended
	March 31,	March 31,
	2023		2022
Cash deposits1				$	(13) $	(36)
Adjust to West Fraser Estimated ADD rate2					—	9
Export duties, net				$	(13) $	(27)
1.	Represents combined CVD and ADD cash deposit rate of 8.25% for Q1-23, 11.12% for January 1 to January 9, 2022, and 11.14% for January 10 to
March 31, 2022.
2.	Represents adjustment to West Fraser Estimated ADD rate of 4.63% for Q1-23 and 3.79% for Q1-22.
As of March 31, 2023, export duties paid and payable on deposit with the USDOC were $796 mil ion.
Impact on balance sheet
Each POI is subject to independent administrative review by the USDOC, and the results of each POI may not be offset.
Export duty deposits receivable is represented by:
		March 31,
			2023
Beginning of period	$		354
Interest recognized on duty deposits receivable			6
End of period	$		360
Export duties payable is represented by:
		March 31,
			2023
Beginning of period	$		(73)
Interest recognized on the export duties payable			(2)
End of period	$		(76)
Appeals
Notwithstanding the deposit rates assigned under the investigations, our final liability for CVD and ADD wil not be
determined until each annual administration review process is complete and the related appeal processes are concluded.
15. Contingencies
We are subject to various investigations, claims and legal, regulatory and tax proceedings covering matters that arise in
the ordinary course of business activities, including civil claims and lawsuits, regulatory examinations, investigations,
audits and requests for information by governmental regulatory agencies and law enforcement authorities in various
jurisdictions. Each of these matters is subject to uncertainties and it is possible that some of these matters may be
resolved unfavourably. Certain conditions may exist as of the date the financial statements are issued, which may result
in an additional loss. In the opinion of management none of these matters are expected to have a material effect on our
results of operations or financial condition.
						-13-

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.