From the manufacturer:

Fender Custom Shop polishes and waxes are high-grade carnauba formulations containing no silicones, resins, polymers, bonding agents or alcohol. Our polishes are compatible with all finishes, including nitrocellulose. Fingerprinting and streaking on black finishes is greatly reduced, with absolutely no cloudy build-up. Special citrus/beeswax formulation is designed to lift dirt and grease from fingerboards, leaving a protective sheen that brings out a deep, rich grain.