S&P Global is best known for its credit ratings business, which assigns the letter-grade ratings that help investors judge the risk of corporate and government bonds, but the company has grown well beyond that single business. It also owns S&P Dow Jones Indices, which licenses benchmark indices like the S&P 500 to funds and financial products, earning fees tied to how much money is invested in products tracking those indices. Its market intelligence and commodity insights divisions sell data, analytics and price benchmarks that financial professionals and commodity traders rely on daily. Much of S&P Global's revenue is tied to bond issuance volumes and to assets under management in index-tracking funds, both of which have grown structurally over time as passive investing has gained share from active management.