$10,000 invested in the global stock market since January 1, 1970

Source: Global Financial Data (GFD), as of 8/30/2023. MSCI World Total Return Index, monthly from 12/31/1969 to 12/31/1989, daily from 1/1/1990 to 8/29/2023; GFD USA Total Return T-Bill Index, daily from 12/31/1969 to 8/29/2023. Presented in US dollars. Investing in securities involves the risk of loss. Past performance is no guarantee of future results. Return illustrated here assumes growth of $10,000 USD dollars invested on 12/31/1969 to 8/29/2023 and held for cumulative growth through 8/29/2023.The MSCI World Index is a free float-adjusted, market capitalization-weighted index designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indexes. Unless otherwise specified, returns shown include dividends after deducting estimated withholding taxes. MSCI calculates estimated withholding taxes using the maximum rate of the constituent company’s country of incorporation applicable to non-resident institutional investors that do not benefit from double-taxation treaties.

$21,043

$141,264

$170,535

$451,175

$562,910

$1,080,139

$1,358,212