The next generation of innovators

Source: Bloomberg L.P., as of December 31, 2023. R&D expense as a percentage of revenue is calculated as R&D expense divided by revenue. Most current data available. An investor cannot invest directly in an index. For illustrative purposes only. The time period selected was based on the Nasdaq Next Generation 100 Index’s first value date of December 18, 2009. The Nasdaq Next Generation 100 Index was created on August 24, 2020. *Index data shown before the creation date has been reconstructed and are calculated on a basis consistent with their current basis of calculation. The reconstructed performance is hypothetical and for illustrative purposes only. An investor cannot invest directly in an index. Index performance does not reflect fees and expenses that would be applicable to a fund. The hypothetical performance data for the index should not be taken as indicating that if the index had, in fact, existed during the shown time periods before its creation that the index would have achieved the hypothetical results shown as actual results might have differed.