S&P Equity Long/Short Index (ELSI) is designed to represent the range of hedge funds that relies on fundamentally driven, bottom-up research for long and short stock picks, and that attempts to create alpha on both sides of the market while limiting overall portfolio risk. This index includes all Equity Long/Short funds represented in the flagship S&P Hedge Fund Index, as well as additional funds needed to create a broader, more representative single strategy index. S&P ELSI includes two regional sub-indices: one with a U.S. focus and one with a Global Ex-U.S. focus.

Index Governance and Policy
This index is maintained by the S&P ELSI Committee. It stipulates that an independent, rigorous, and standardized due diligence be conducted on all index candidates. Members of the S&P ELSI Committee participate in the formal review of the hedge funds which involves an interview with the hedge fund manager regarding the fund’s style purity, trading strategy and practices, infrastructure, and operations. An outside consulting firm is engaged to perform these analyses.

Disclaimer
Standard & Poor's does not sponsor, endorse, sell, or promote any investment fund or other vehicle that is offered by a third party and that seeks to provide an investment return based on the returns of any index in the S&P Hedge Fund index series. A decision to invest in any such investment fund or other vehicle should not be made in reliance on any of the statements set forth on this Web site. Prospective investors are advised to make an investment in any such fund or vehicle only after carefully considering the risks associated with investing in hedge funds, as detailed in an offering memorandum or similar document that is prepared by or on behalf of the issuer of the investment fund or vehicle.