Every index, held together

The indices don't share a start date, so averaging their since-inception returns would compare different stretches of market. This chain-links them instead: each trading day is the equal-weight mean of whichever indices reported that day, compounded forward. Two benchmarks are shown, because they answer different questions.

Equal-weight, daily rebalanced, chain-linked. An index contributes only from its own first NAV day, so adding one later never rewrites earlier history and retiring one simply stops it contributing — which is what a real investor would have experienced. Days an index doesn't report are the mean of the others rather than a fabricated zero. The matched benchmark composites each index against its own sector ETF identically, and is measured from official closes rather than accumulated day over day, so a single bad print can't compound. Past performance does not predict future returns.