Terms of Use

By accessing or otherwise using the content available on these pages (such content, including the indices, the analytics and the information on such pages, collectively, the "Content"), you agree to be bound by and abide by the terms of use governing use of this web site and these Supplemental Terms of Use (collectively, the "Terms of Use"). By clicking "Accept" below you confirm that each access to and use of any Content by you indicates your continued acceptance of the Terms of Use. If you do not accept the Terms of Use, you should click the "decline" button and you will not have access to the Content. As used herein, the words "you" or "your" refer to the person accepting the Terms of Use.

The information provided herein was prepared for information purposes only by BNP Paribas (together with its affiliates, hereinafter "BNP Paribas"). The Content is indicative and should not be construed as an offer to buy or sell or a solicitation of offers to buy or sell any financial instrument. The Content is not intended to predict actual results, which may differ substantially from those reflected.

The Index herein has been developed by BNP Paribas (the "Sponsor") and will be calculated and rebalanced by BNP Paribas Arbitrage SNC (the "Calculation Agent"). Notwithstanding the foregoing, conflicts of interest may exist where: (i) the Sponsor acts in multiple capacities with respect to the BNP Paribas Index, including but not limited to functioning as index sponsor, licensing agent, and/or publisher; (ii) the Sponsor uses price contributions from BNP Paribas trading desks as a primary pricing source for the BNP Paribas Index; and (iii) BNP Paribas's Sales, Trading or Structuring desks launch tradable products linked to the performance of the BNP Paribas Index. BNP Paribas has in place policies, information barriers and governance procedures that are designed to avoid or otherwise appropriately manage such conflicts of interest and ensure the independence and integrity of its indices.

The BNP Paribas Index discussed within is the property of BNP Paribas and is protected by applicable intellectual property and other laws. The non-exclusive right to use this Index as underlying for any products is granted only upon completion of a license agreement with BNP Paribas. The Sponsor and its affiliates disclaim any responsibility for any unauthorized use of the BNP Paribas Index Information by any third party.

Any product that is linked to the performance of the BNP Paribas Index herein is not sponsored, endorsed, sold or promoted by BNP Paribas or any of its affiliates (collectively, " BNP Paribas "). Neither BNP Paribas nor any other party (including without limitation any calculation agents or data providers) makes any representation or warranty, express or implied, regarding the advisability of purchasing any products linked to the BNP Paribas Index discussed within.


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The BNP Paribas High Dividend Plus Index (the “BNPP Index”) is the exclusive property of BNP Paribas ("BNPP") and is determined, composed and calculated by BNPP or its affiliates. BNP, BNPP, BNP Paribas and The BNP Paribas High Dividend Plus Index (collectively, the “BNPP Marks”) are trademarks or service marks of BNPP. S&P® and S&P 500® are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by BNPP.


The BNPP Index is the BNP Paribas High Dividend Plus Index, an index developed by BNP Paribas which aims to track the excess returns of a portfolio of stocks and options over a hypothetical cash position accruing daily at 3-Month USD LIBOR. In calculating the performance of the BNPP Index, BNPP deducts on a daily basis a servicing cost of 1% per annum. In addition, the BNPP Index methodology embeds certain costs in the strategy which cover amongst other things, transaction, replication, trading friction and funding costs in running the BNPP Index. The levels of such costs (if any) may vary over time in accordance with market conditions as determined by BNPP acting in a commercially reasonable manner. These costs reduce the potential positive change in the BNPP Index.

BNPP reserves the right to amend or adjust the BNPP Index methodology from time to time and accepts no liability for any such amendment or adjustment. BNPP is not under any obligation to continue the calculation, publication or dissemination of the BNPP Index and accepts no liability for any suspension or interruption in the calculation thereof. Neither BNPP nor any BNPP Index investment advisor accepts any liability in connection with the publication or use of the level of the BNPP Index at any given time.

BNPP may enter into derivative transactions or issue financial instruments (together, the “BNPP Index Products”) linked to the BNPP Index. The BNPP Index Products are not in any way sponsored, endorsed, sold or promoted by the sponsor of any index component (or part thereof) which may comprise the BNPP Index (each a “Reference Index”) that is not affiliated with BNPP (each such sponsor, a “Reference Index Sponsor”). The Reference Index Sponsors make no representation whatsoever, whether express or implied, either as to the results to be obtained from the use of the relevant Reference Index and/or the levels at which the relevant Reference Index stands at any particular time on any particular date or otherwise. No Reference Index Sponsor shall be liable (whether in negligence or otherwise) to any person for any error in the relevant Reference Index and the relevant Reference Index Sponsor is under no obligation to advise any person of any error therein. None of the Reference Index Sponsors makes any representation whatsoever, whether express or implied, as to the advisability of purchasing or investing in, or assuming any risk in connection with, the BNPP Index Products. BNPP shall have no liability to any party for any act or failure to act by any Reference Index Sponsor in connection with the calculation, adjustment or maintenance of the relevant Reference Index and have no affiliation with or control over any Reference Index or the relevant Reference Index Sponsor or the computation, composition or dissemination of any Reference Index. Although BNPP will obtain information concerning each Reference Index from publicly available sources that it believes reliable, it will not independently verify this information. Accordingly, no representation, warranty or undertaking (express or implied) is made and no responsibility is accepted by BNPP as to the accuracy, completeness and timeliness of information concerning any Reference Index.

BNPP may act in a number of different capacities in relation to the BNPP Index and/or products linked to the BNPP Index, which may include, but not be limited to, acting as hedging counterparty, index sponsor and/or index calculation agent.

Terms & Conditions

Please read these terms and conditions carefully. By accessing this web site and any pages hereof, you are indicating that you have read, acknowledge and agree to be bound by these Terms of Use. If you do not agree to these Terms of Use, do not access this web site. BNP Paribas reserves the right to change these Terms of Use which you are responsible for regularly reviewing and your continued use of this web site constitutes agreement to all such changes. As used herein, BNP Paribas means BNP Paribas and its affiliates.

General Information
This web site is comprised of various web sites operated by BNP Paribas (collectively, the "web site"). Certain sections of or pages on this web site may contain separate terms and conditions, which are in addition to these Terms of Use. You should read those additional terms and conditions carefully. By accessing such sections or pages, you agree to be bound by those additional terms and conditions. In the event of a conflict, those additional terms and conditions will govern your use of those sections or pages.

Unauthorized use of BNP Paribas's web site and systems, including, but not limited to, unauthorized entry into BNP Paribas's systems, misuse of passwords or misuse of any other information, is strictly prohibited. You may not use this web site in any manner that could damage, disable, overburden, or impair any BNP Paribas site or service or interfere with any other party's use and enjoyment of any BNP Paribas site or service. You may not attempt to gain unauthorized access to any BNP Paribas site or service, computer systems or networks connected to any BNP Paribas site or service, through hacking, password mining or any other means. You agree that you will not engage in any activities related to this web site that are contrary to applicable laws or regulations.

BNP Paribas reserves the right, in its sole discretion, without any obligation and without any notice requirement, to change, improve or correct the information, materials and descriptions on this web site and to suspend and/or deny access to this web site for scheduled or unscheduled maintenance, upgrades, improvements or corrections. The information and materials on this web site may contain typographical errors or inaccuracies. Any dated information is published as of its date only, and BNP Paribas does not undertake any obligation or responsibility to update or amend any such information. BNP Paribas may discontinue or change any product or service described in or offered on this web site at any time.

Disclaimer of Warranty and Limitation of Liability
The information, products and services on this web site are provided on an "AS IS," "WHERE IS" and "WHERE AVAILABLE" basis. BNP Paribas does not warrant the information or services provided herein or your use of this web site generally, either expressly or impliedly, for any particular purpose and expressly disclaims any implied warranties, including but not limited to, warranties of title, non-infringement, merchantability or fitness for a particular purpose. BNP Paribas will not be responsible for any loss or damage that could result from interception by third parties of any information or services made available to you via this web site. Although the information provided to you on this web site is obtained or compiled from sources we believe to be reliable, BNP Paribas cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither BNP Paribas, nor any of its affiliates, directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this web site, or resulting from the act or omission of any other party involved in making this web site, the data contained herein or the products or services offered on this web site available to you, or from any other cause relating to your access to, inability to access, or use of the web site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of BNP Paribas or of any vendor providing software or services. In no event will BNP Paribas or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if BNP Paribas or any other such party has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user's equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure. BNP Paribas cannot and does not guarantee continuous, uninterrupted or secure access to the web site.

Proprietary Rights
All right, title and interest in this web site and any content contained herein is the exclusive property of BNP Paribas, except as otherwise stated. Unless otherwise specified, this web site is for your personal and non-commercial use only and you may print, copy and download any information or portion of this web site for your personal use only. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, frame, create derivative works from, transfer, or otherwise use in any other way for commercial or public purposes in whole or in part any information, software, products or services obtained from this web site, except for the purposes expressly provided herein, without BNP Paribas's prior written approval. If you copy or download any information or software from this web site, you agree that you will not remove or obscure any copyright or other notices or legends contained in any such information.

BNP Paribas, the BNP Paribas logo and other BNP Paribas trademarks and service marks referenced herein are trademarks and service marks of BNP Paribas. The names of other companies and third-party products or services mentioned herein may be the trademarks or service marks of their respective owners. You are prohibited from using any marks for any purpose including, but not limited to use as metatags on other pages or sites on the World Wide Web without the written permission of BNP Paribas or such third party, which may own the marks.

Use of Links
This web site contains links to third party web sites. These links are provided only as a convenience. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by BNP Paribas of any information contained in any third party web site. In no event shall BNP Paribas be responsible for the information contained on that site or your use of or inability to use such site. You should also be aware that the terms and conditions of such site and the site's privacy policy may be different from those applicable to your use of this web site.

Securities Products
None of the information contained in this web site constitutes a recommendation, solicitation or offer by BNP Paribas or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. The information contained in this web site has been prepared without reference to any particular user's investment requirements or financial situation. Certain transactions give rise to substantial risk and are not suitable for all investors. Prior to the execution of any transaction by you involving information you received from this web site, you should consult your business advisor, attorney and tax and accounting advisors with respect to the price, suitability, value, risk or other aspects of any stock, mutual fund, security or other investment. Pricing and other information generated through the use of data or services made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. The information and services provided on this web site are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or clearing organization or where BNP Paribas is not authorized to provide such information or services. Some products and services described in this web site may not be available in all jurisdictions or to all clients.

Privacy & Cookies
BNP Paribas may process personal data as part of and/or in connection with your access and/or use of this web site. This includes using cookies and similar technology to collect information about your use of our web site and your preferences.

To find out more information about how BNP Paribas processes personal data, how we use cookies and how to reject cookies, see Our Privacy & Cookies Policy.

By accessing or using this web site you consent to BNP Paribas processing personal data and using cookies as further detailed in Our Privacy & Cookies Policy. You acknowledge and agree that if you choose to reject our cookies, some or all parts of the web site may not function properly or may not be accessible.

Choice of Law
These Terms of Use shall be governed by and construed in accordance with the laws of the state of New York, without regard to conflicts of laws provisions. Sole and exclusive jurisdiction for any action or proceeding arising out of or related to these Terms of Use shall be in an appropriate state or federal court located in the County of New York, State of New York and the parties unconditionally waive their respective rights to a jury trial. Any cause of action you may have with respect to your use of this web site must be commenced within one (1) year after the claim or cause of action arises. If for any reason a court of competent jurisdiction finds any provision of these Terms of Use, or a portion thereof, to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to affect the intent of these Terms of Use, and the remainder of these Terms of Use shall continue in full force and effect. These Terms of Use constitutes the entire agreement between BNP Paribas and you with respect to this site and it supersedes all prior or contemporaneous communications, agreements and understandings between BNP Paribas and you with respect to the subject matter hereof. BNP Paribas and you acknowledge and agree that unless expressly included in any other agreement between BNP Paribas and you the requirements of the E-Commerce Directive (00/31/EC) as implemented are excluded to the fullest extent permissible by law. A printed version of these Terms of Use shall be admissible in judicial or administrative proceedings.

The strategy underlying the Index may not be successful.  There is a risk that the rules-based methodology of the BNP Paribas High Dividend Plus Index (“the Index”) or the BNP Paribas High Dividend Yield US Equity Long TR USD Index (the underlying “Dividend Index” upon which the Index is based) does not prove to be efficient or meet their stated objectives, resulting in a underperformance compared to any of the benchmark indices. 

The BNP Paribas High Dividend Plus Index Has Limited Historical Information.  The BNP Paribas High Dividend Plus Index is a new index, launched on July 28, 2014. The performance shown before that date is hypothetical past performance, based on hypothetical back-tested information. This website also contains certain performance data based on back-testing, i.e., calculations of the hypothetical performance of the Index as if it had actually existed during a defined period of time, and may in certain circumstances contain simulated performance information where the index or asset described has recently been established or issued. Further, you must note that such analysis is based on a number of working assumptions that may not be capable of duplication in actual trading terms. Unlike actual performance records, hypothetical or simulated performances, returns or scenarios may not necessarily reflect certain market factors such as liquidity constraints, fees and transaction costs. Actual historical or back-tested past performance does not constitute an indication of future results.

The synthetic call and put option strategies can reduce performance of the overall Index strategy.  By writing synthetic call options in return for the receipt of premiums, the Index will give up the opportunity to benefit from potential increases in the value of the securities above the exercise prices of the written options. The premiums received from the options may not be sufficient to offset any losses sustained from the underlying stocks in the Dividend Index, and therefore the Index, over time.

The Index’s volatility control mechanism may result in a lower Index Level and the actual volatility of the Index may not equal the target volatility The Index’s Risk Control Overlay allows the Index to dynamically adjust the exposure to the Base Index and cash component, depending on the volatility environment. However, the risk control overlay might limit overall performance of the Index in rising equity markets and may provide perfect limited protection in falling equity markets, particularly against sudden, large equity losses.  No assurance can be given that the Index methodology will achieve its target volatility goals or that the Index will outperform any alternative investment.

The Closing Levels of the Index will include the deduction of a Servicing Cost. The closing level of the Index includes a deduction from the aggregate values of its constituents of a servicing cost equal to 1.00% per annum. As a result of this deduction, the value of the Index will trail the value of a hypothetical identical portfolio from which no such amount is deducted.

The Index is an excess return index. The index is calculated on an excess return basis over an equivalent cash investment, which means that the index level reflects the deduction of the 3-month USD Libor interest rate that would apply to such a cash investment.

The Closing Levels of the Indices is net of BNP Paribas’ estimated funding, trading friction and other costs. The Closing Levels of the Indices are net of BNP Paribas’ estimated funding, trading friction and other costs in replicating the Indices. As a result of these costs, the value of the Indices could trail the value of a hypothetical identical portfolio from which no such amount is deducted.

The staggered rebalancing schedule of the Dividend Index may result in lower performance of the Index than the performance experienced by other stock indices. The Dividend Index, which is a sub-index of the Index, is comprised of up to 480 stocks of U.S. companies. It is comprised of twelve sub-portfolios each containing 40 securities, equally weighted. Each sub-portfolio is reconstituted annually. Thus, one-twelfth of the total Dividend Index membership is reset each month. There is no assurance that this staggered rebalancing method will result in better performance than a quarterly or annually rebalancing method, which is used in other stock indices. As a result, the Indices may not perform as well as other stock indices with other rebalancing schedules. In addition, since one-twelfth of the constituents of the Dividend Index is subject to change monthly, the Dividend Index has a higher degree of constituent turnover than other indices that reconstitute annually or that have index constituent continuity as a goal in their reconstitution process. Because constituents may be added to or deleted from the Dividend Index regularly, the opportunity to participate in longer-term price appreciation of the constituent stocks may be less than in a more static index.

Changes in the values of the stocks in the Dividend Index may offset each other.  The Dividend Index is linked to the performance of a basket of stocks of U.S. companies which collectively represent a range of sectors, price movements between these stocks may not correlate with each other. Performances of the Dividend Index stocks may become highly correlated from time to time, including, but not limited to, periods in which there is a substantial decline in a particular sector or asset type represented by the Dividend Index stocks. At a time when the value of a stock linked to a particular sector increases, the values of other stocks linked to other sectors may not increase as much or may decline. Therefore, in calculating the level of the Dividend Index, increases in the values of some of the stocks may be moderated, or more than offset, by lesser increases or declines in the levels of other stocks. High correlation during periods of negative returns among Dividend Index stocks could have an adverse effect on the levels of the Dividend Index, and therefore the Index. 

Stock and option prices may change unpredictably, affecting the level of the Index in unforeseeable ways.   Trading in the stocks and options that comprise the Index is speculative and can be extremely volatile. Market prices of components of the Dividend Index may fluctuate rapidly based on numerous factors, including: the supply and demand characteristics of the market, including the availability of alternate investment opportunities; changes in interest and yield rates in the market; and the dividend rate on the common stocks of the S&P 500® Index. These factors may affect the value of the Dividend Index, and different factors may cause the prices of the components of the Dividend Index, and the volatilities of their prices, to move in inconsistent directions at inconsistent rates.