How you use the SCI determines whether you must have a license for its use.
A License is required for:
The SCI as the Basis for an Advertised Aspect of a Fund
Various financial institutions may use the SCI or its inverse as a basis for retail and institutional “indexed” hedge and mutual funds. A license from EWI is required for any product based on or linked to the SCI or its inverse.
The SCI as the Basis for a Financial Instrument
A wide range of institutions may use the SCI or its inverse as a basis for various financial instruments. Examples include options, swaps, warrants, other derivatives, ETFs, certificates of deposit and insurance products. A license from EWI is required for any product based on or linked to the SCI or its inverse.