The S&P 500 buyback index was launched November 29, 2012 and has not outperformed the S&P 500 TR index over the last 5 years. If you use Bloomberg's Total Return Analysis (TRA) function, you can see the return of the index back tested since January 31, 1994. Accordingly the index should have delivered a total annualized return of 16.1% versus 9.0% for the S&P 500 TR index – a massive annual outperformance of 7.1% over a 25-year period. I find that hard to believe. Has anyone identified problems with Blomberg’s back test of indices or do you believe this reflects real outperformance?