Also known as: UKX Index (Bloomberg) · .FTSE (RIC)
At a glance
- Weighting schemeFree float market cap
- Review frequencyQuarterly
- Constituent count100
- Buffer90 / 111
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 14 fields | |||
| Return variants | Price, Total return, Net total return, Currency translated, Currency hedged, Midday valuation, Capped, Sector | capital and total return indices; – net total-return indices based on specified withholding tax rates; – indices calculated in currencies other than the base currency (GBP); – currency hedged indicesOpen p.3 ↗ |
Certain indices have capital, total return, net total return, non-GBP, currency-hedged, midday, capped, and sector variants. |
| Index name | FTSE UK Index Series | The FTSE UK Index Series is designed to represent the performance of the major capital and industry segments of the UK market.Open p.3 ↗ |
The official index series name is the FTSE UK Index Series. |
| Administrator | FTSE Russell | FTSE Russell hereby notifies users of the index series that it is possible that circumstances, including external events beyond the control of FTSE Russell, may necessitate changesOpen p.4 ↗ |
FTSE Russell is the index provider and administrator of the Ground Rules. |
| Calculation agent | FTSE Russell | Selected indices are calculated and disseminated on a real-time basis.Open p.3 ↗ |
Selected indices in the series are calculated and disseminated on a real-time basis by FTSE Russell. |
| Index family | FTSE UK Index Series | The FTSE UK Index Series includes the following indices: FTSE 100 ) FTSE 250 ) FTSE 350 )Open p.3 ↗ |
The index belongs to the FTSE UK Index Series. |
| Currency | GBP | The base currency of the benchmark is GBP. Index values may also be published in other currencies.Open p.4 ↗ |
The base currency of the benchmark is GBP, although index values may also be published in other currencies. |
| Methodology version | v17.3 | The Ground Rules document is version v17.3. | |
| Benchmark type | Not stated | — (not found verbatim in the PDF) |
The document does not classify the benchmark as regulated, significant, or non-significant. |
| Objective | The FTSE UK Index Series is designed to represent the performance of the major capital and industry segments of the UK market. | The FTSE UK Index Series is designed to represent the performance of the major capital and industry segments of the UK market.Open p.3 ↗ |
The series is designed to represent the performance of the major capital and industry segments of the UK market. |
| Intended use | reflect the UK market or market tranches defined by index titles, facilitate detailed market analysis, benchmark for financial contracts, benchmark for financial instruments, performance benchmark for investment funds | The indices and index statistics are intended to reflect the UK market or those tranches of the market defined by the index titles and to facilitate their detailed analysis.Open p.4 ↗ |
The indices and statistics are intended to reflect specified UK market tranches, support analysis, and may be referenced by financial contracts, instruments, or investment funds. |
| Market classification | Developed | Companies assigned a developed market nationality are required to have greater than 5% of the company’s voting rightsOpen p.13 ↗ |
The UK nationality rules refer to companies assigned developed market nationality, and the series covers the UK market. |
| Size segment | All cap | FTSE 100 ) FTSE 250 ) FTSE 350 ) FTSE 350 Supersectors ) Real-time calculation FTSE 350 Sectors ) FTSE Small Cap ) FTSE All-Share ) FTSE Fledgling )Open p.3 ↗ |
The series covers multiple UK capital segments from the FTSE 100 through the FTSE Fledgling and includes the FTSE All-Share. |
| Index family type | Market cap | To determine index membership, all companies with eligible securities will be ranked by their full market capitalisation (i.e. before the application of any investability weightings).Open p.15 ↗ |
The core series ranks companies by full market capitalisation and represents capital segments of the UK market. |
| Limitations | ESG factors are not incorporated in index design., External events may require changes to or cessation of the index series., FTSE Russell disclaims liability for reliance, errors, non-application or misapplication of policies, and compilation or constituent-data errors. | The FTSE UK Index Series does not take account of ESG factors in its index design.Open p.4 ↗ |
The series does not account for ESG factors, may change or cease because of circumstances, and is subject to the stated liability limitations. |
| M2 Universe · 10 fields | |||
| Eligible listing categories | Equity Shares (commercial companies), Closed-ended investment funds | Only equity shares listed on the Equity Shares (commercial companies) or Closed-ended investment fund categories, as defined by the Financial Conduct Authority in its Listing Rules SourcebookOpen p.9 ↗ |
Eligible securities must be listed in the FCA-defined Equity Shares (commercial companies) or Closed-ended investment fund categories. |
| Trading currencies | GBP, EUR, USD | with a Sterling, Euro or US Dollar denominated trading price on SETS, and have a minimum free float of 10%Open p.9 ↗ |
Eligible securities must have a Sterling, Euro, or US Dollar denominated trading price on SETS. |
| Multiple quote selection | Sterling quote has priority; otherwise the most liquid quote is selected, subject to all other eligibility criteria. | FTSE Russell will include the sterling quote as eligible for index inclusion in priority over any other currency. Where there is no sterling option (or if the sterling quote fails the liquidity criteria)Open p.10 ↗ |
When one share class trades in multiple currencies, the sterling quote is preferred; if it is unavailable or fails liquidity, the most liquid quote is selected. |
| Partly paid share treatment | Market price is adjusted to include predetermined and known future calls, producing the fully paid price for market capitalisation. | Where a company’s shares are issued partly or nil paid and the call dates are already determined and known, the market price will, for the purposes of calculating its market capitalisationOpen p.10 ↗ |
Partly or nil paid shares with known call dates are valued at the fully paid price for market-capitalisation purposes. |
| Markets | United Kingdom | The FTSE UK Index Series is designed to represent the performance of the major capital and industry segments of the UK market.Open p.3 ↗ |
The index series covers the UK market. |
| Exchanges | London Stock Exchange | which have been admitted to trading on the Main Market of the London Stock Exchange with a Sterling, Euro or US Dollar denominated trading price on SETSOpen p.9 ↗ |
Eligible securities must be admitted to trading on the Main Market of the London Stock Exchange. |
| Boards | Main Market, SETS | Only equity shares listed on the Equity Shares (commercial companies) or Closed-ended investment fund categories, as defined by the Financial Conduct AuthorityOpen p.9 ↗ |
Eligible securities must be listed in specified Main Market categories and trade on SETS. |
| Security types | Common, Other | Only equity shares listed on the Equity Shares (commercial companies) or Closed-ended investment fund categories, as defined by the Financial Conduct AuthorityOpen p.9 ↗ |
The universe includes eligible equity shares of commercial companies and closed-ended investment funds, while ineligible non-equity and other entity types are excluded. |
| Nationality rule | Each company is allocated a single country based on UK incorporation/listing, governance-code compliance, and factors including investor protection, tax domicile, operations, headquarters, meetings, shareholders, board, share currency, investor perception, and relative liquidity. | A company will be allocated to a single country.Open p.11 ↗ |
FTSE assigns each company one nationality using incorporation, listing, governance and investor-protection factors plus operational, headquarters, shareholder, board, currency, investor-perception, and liquidity considerations. |
| Exclusions | Equity Shares (international commercial companies secondary listing), Equity Shares (transition), Equity Shares (shell companies), Non-Equity Shares, Non-Voting Equity Shares, open-end and miscellaneous investment vehicles classified by ICB as 30205000, cash shells, ineligible split capital investment trusts, venture capital trusts, convertible preference shares and loan stocks before conversion into eligible equity shares, units comprising equity and non-equity | Equity shares listed on the following Main Market categories are not eligible: Equity Shares (international commercial companies secondary listing) Equity Shares (transition) Equity Shares (shell companies) Non-Equity Shares and Non-Voting Equity SharesOpen p.9 ↗ |
Specified secondary listing, transition, shell, non-equity, non-voting, open-end investment, venture capital trust, unconverted convertible, and mixed equity/non-equity securities are excluded. |
| M3 Eligibility screens · 10 fields | |||
| Price reliability requirement | An accurate and reliable price must be available to determine company market value. | There must be an accurate and reliable price for the purposes of determining the market value of a company.Open p.13 ↗ |
Securities must have an accurate and reliable price for market-value determination. |
| Foreign ownership limit treatment | A security restricting UK investors may be included using the foreign ownership limit as its investability weight, while actual calculated free float determines free-float eligibility. | a security that restricts the number of shares that a UK investor can hold may be included in the FTSE UK Index Series with an investability weight equal to the foreign ownership limitOpen p.14 ↗ |
Securities with UK-investor ownership limits may be included at an investability weight equal to the foreign ownership limit, subject to the actual free-float test. |
| Secondary line size requirement | Metric: Full market cap; Threshold: 25 pct of principal line | provided that the secondary line’s full market capitalisation (i.e. before the application of any investability weightings), is greater than 25% of the full market capitalisationOpen p.9 ↗ |
A secondary equity line is eligible only if its full market capitalisation is greater than 25% of the principal line and it independently passes all eligibility rules and screens. |
| Secondary line annual review deletion threshold | Metric: Full market cap; Threshold: 20 pct of principal line | fall below 20% of the full market capitalisation of the company’s principal line at an annual review, the secondary line will be deleted from the relevant index unlessOpen p.9 ↗ |
At an annual review, an existing secondary line below 20% of the principal line's full market capitalisation is deleted unless it remains above the FTSE All-Share qualification level. |
| Liquidity volume venues | London Stock Exchange, Cboe CXE, Cboe BXE, Cboe OTC | volume data will be aggregated from those venues exhibiting a market share of greater than 2%.Open p.33 ↗ |
Liquidity-screen volume is aggregated from trading venues with more than 2% market share, currently including LSE, Cboe CXE, Cboe BXE, and Cboe OTC. |
| Liquidity screen | Metric: Liquidity ratio | For full details of the liquidity screening please refer to the FTSE UK Index Series – Guide to Calculation Method for the Median Liquidity TestOpen p.15 ↗ |
Eligible securities must pass FTSE's median liquidity test, but the supplied sections refer to a separate guide for the detailed metric, window, and thresholds. |
| Minimum size | Metric: Full market cap | To determine index membership, all companies with eligible securities will be ranked by their full market capitalisation (i.e. before the application of any investability weightings).Open p.15 ↗ |
Companies are ranked by full market capitalisation before investability weighting for membership, but the numerical minimum threshold is not stated in the supplied sections. |
| Minimum free float | 10% | with a Sterling, Euro or US Dollar denominated trading price on SETS, and have a minimum free float of 10%Open p.9 ↗ |
Eligible securities must have a minimum free float of 10%. |
| Minimum voting rights | Minimum value: 5%; Rule: Greater than; Scope: unrestricted shareholders | Companies assigned a developed market nationality are required to have greater than 5% of the company’s voting rightsOpen p.13 ↗ |
Developed-market companies must have more than 5% of total voting rights held by unrestricted shareholders. |
| Business or ESG exclusions | Certain investment vehicles are ineligible based on ICB classification., Venture capital trusts are ineligible., The core index design does not take account of ESG factors. | The following investment entities are regarded as ineligible: – companies whose business is classified by the Industry Classification Benchmark as open end and miscellaneous investment vehiclesOpen p.10 ↗ |
Specific investment-entity types are excluded, but the series itself does not apply ESG-factor exclusions by design. |
| M4 Selection and constituent count · 7 fields | |||
| Index specific composition | The FTSE 350 combines the FTSE 100 and FTSE 250; FTSE SmallCap contains eligible FTSE All-Share companies below the FTSE 350; FTSE All-Share combines the FTSE 350 and SmallCap; FTSE Fledgling contains eligible companies too small for the All-Share; and FTSE All-Small combines SmallCap and Fledgling. | The FTSE 350 will consist of the companies in the FTSE 100 and FTSE 250. Thus, it will represent the largest 350 companies included in the FTSE UK Index Series.Open p.16 ↗ |
Several UK index-series indices are defined as combinations of lower- or higher-tier constituent sets rather than by a standalone count. |
| Yield index split rule | Higher yield target (%): 50; Lower yield target (%): 50; Basis: market capitalisation of the FTSE 350 | These companies are ranked in order of dividend yield and the boundary between the FTSE 350 Higher Yield and FTSE 350 Lower Yield indices is determined so that the market capitalisation of each index is approximately 50% of the market capitalisation of the FTSE 350 index.Open p.16 ↗ |
The FTSE 350 Higher Yield and Lower Yield boundary is set after ranking FTSE 350 companies by dividend yield so each yield index has approximately half the FTSE 350 market capitalisation. |
| Fledgling to all share size threshold | 0.2% | At the quarterly reviews in September, December and March, companies whose full market capitalisation (i.e. before the application of individual constituent investability weightings) is greater than 0.20% of the full market capitalisation of the FTSE SmallCap will be added to the FTSE All-Share indexOpen p.17 ↗ |
At the September, December and March quarterly reviews, a Fledgling company whose full market capitalisation exceeds 0.20% of the FTSE SmallCap's full market capitalisation may be added to the FTSE All-Share if it meets the liquidity criteria. |
| All share coverage target | 98% | The FTSE All-Share will aim to represent at least 98% of the full market capitalisation (i.e. before the application of any investability weightings), of all companies which qualify as eligible for inclusion in the FTSE UK Index Series.Open p.16 ↗ |
The FTSE All-Share aims to cover at least 98% of the full market capitalisation of all eligible companies in the FTSE UK Index Series. |
| Selection method | Rank by metric | The FTSE 100 will consist of the largest 100 UK companies by full market capitalisation (i.e. before the application of any investability weightings) which qualify for inclusion in the index.Open p.16 ↗ |
The FTSE 100 and FTSE 250 select qualifying UK companies by ranking them according to full market capitalisation before investability weightings. |
| Ranking metrics | Name: Full market capitalisation; Direction: Descending; Step order: 1, Name: Dividend yield; Direction: Descending; Step order: 1 | The FTSE 100 will consist of the largest 100 UK companies by full market capitalisation (i.e. before the application of any investability weightings) which qualify for inclusion in the index.Open p.16 ↗ |
Core indices rank qualifying companies by full market capitalisation, while FTSE 350 Yield Indices rank FTSE 350 companies by dividend yield. |
| Target constituent count | 100 | The FTSE 100 will consist of the largest 100 UK companies by full market capitalisation (i.e. before the application of any investability weightings) which qualify for inclusion in the index.Open p.16 ↗ |
The FTSE 100 targets the 100 largest qualifying UK companies, and the FTSE 250 targets the next 250 qualifying companies; other indices are aggregates or coverage-based. |
| M5 Weighting and capping · 6 fields | |||
| Minimum free float | 10% | To be eligible for inclusion in the FTSE UK Index Series, a security must have a minimum free float of 10%.Open p.14 ↗ |
A security must generally have at least 10% free float to be eligible for inclusion in the FTSE UK Index Series. |
| New security free float exception | Minimum initial free float (%): 5; Standard free float pct after lock in: 10; Maximum lock in months: 12; Restricted shares requirement: Restricted shares must be subject only to a lock-in clause and otherwise be considered part of the company's free float | A new security may be initially included in the FTSE UK Index Series with a free float below 10% (provided it is above 5%*) where the free float calculation has restricted shares solely because they are subject to a lock-in clause of 12 months or less from their first day of tradingOpen p.14 ↗ |
A new security may be added with free float above 5% but below 10% if the only restriction is a lock-in of 12 months or less and the shares would otherwise count as free float. |
| New security hard floor | 5% | *New securities with an initial free float of 5% or below are not eligible for inclusion in the FTSE UK Index Series.Open p.14 ↗ |
New securities with an initial free float of 5% or below are not eligible for inclusion. |
| Weighting scheme | Free float market cap | Constituents of the FTSE UK Index Series are adjusted for free float and foreign ownership limits (where applicable to UK investors).Open p.14 ↗ |
Constituents are weighted using market capitalisation adjusted for free float and applicable foreign ownership limits. |
| Free float factor | Method: Free float | Constituents of the FTSE UK Index Series are adjusted for free float and foreign ownership limits (where applicable to UK investors). To be eligible for inclusion in the FTSE UK Index Series, a security must have a minimum free float of 10%.Open p.14 ↗ |
Constituent weights are adjusted for the company's free float, and inclusion generally requires a minimum free float of 10%. |
| Foreign ownership limit | Weights are adjusted for foreign ownership limits where they apply to UK investors. | Constituents of the FTSE UK Index Series are adjusted for free float and foreign ownership limits (where applicable to UK investors).Open p.14 ↗ |
Investability weightings reflect foreign ownership limits where those limits are applicable to UK investors. |
| M6 Review and rebalance schedule · 8 fields | |||
| Ranking basis | Eligible securities are ranked by full market capitalisation before investability weightings, from largest to smallest. | At the periodic review, all securities included in the FTSE UK Monitored List will be ranked by full market capitalisation (i.e. before the application of investability weightings) from largest to smallest.Open p.18 ↗ |
At each periodic review, securities on the FTSE UK Monitored List are ranked by full market capitalisation before investability weightings. |
| Review cutoff share updates | Free float and shares in issue updates due on the review effective date are excluded from review calculations. | For the avoidance of doubt, free float and shares in issue updates which are due to be implemented on the review effective date will not be included within the calculation.Open p.18 ↗ |
Free float and share updates scheduled for the review effective date are not included in review eligibility calculations. |
| Review frequency | Quarterly | The FTSE UK Index Series is reviewed on a quarterly basis in March, June, September and December.Open p.18 ↗ |
The FTSE UK Index Series is reviewed quarterly. |
| Review types | Quarterly review, Annual review | The FTSE UK Index Series is reviewed on a quarterly basis in March, June, September and December. A full review of the FTSE All-Share, FTSE All-Small and FTSE 350 Yield Indices will be conducted in June.Open p.18 ↗ |
The index series has quarterly reviews, including a full annual review for specified indices in June. |
| Review months | March, June, September, December | The FTSE UK Index Series is reviewed on a quarterly basis in March, June, September and December.Open p.18 ↗ |
Reviews occur in March, June, September and December. |
| Data cutoff rule | Data are taken from the FTSE UK Monitored List at the end of day on the Tuesday before the first Friday of the review month. | The index reviews will be based on data included within the FTSE UK Monitored List at the end of day on the Tuesday before the first Friday of the review month.Open p.18 ↗ |
Reviews use FTSE UK Monitored List data as of the end of day on the Tuesday before the first Friday of the review month. |
| Announcement rule | FTSE publicises the outcome of the periodic review. | FTSE will be responsible for publicising the outcome of the periodic review.Open p.18 ↗ |
FTSE is responsible for publicising the outcome of the periodic review. |
| Effective date rule | Changes are implemented after the close of business on the third Friday of the review month, effective the following Monday, after expiry of ICE Futures Europe futures and options contracts. | Any constituent changes will be implemented after the close of business on the third Friday of the review month (i.e. effective Monday), following the expiry of the ICE Futures Europe futures and options contracts.Open p.18 ↗ |
Constituent changes take effect after the close of business on the third Friday of the review month, effective Monday. |
| M7 Buffers and turnover control · 6 fields | |||
| Ftse 250 rank buffer | Entry rank: 325; Exit rank: 376 | FTSE 250 – Risen to 325th or aboveOpen p.19 ↗ |
FTSE 250 companies enter at rank 325 or above and exit at rank 376 or below. |
| Ftse 100 250 constituent count equal insertions deletions | The FTSE 100, FTSE 250 and FTSE 350 maintain constant constituent counts by matching insertions and deletions. | A constant number of constituents will be maintained for the FTSE 100, FTSE 250 and FTSE 350. Where a greater number of companies qualify to be inserted in an index than those qualifying to be deleted, the lowest-ranking constituents presently included in the index will be deleted to ensure that an equal number of companies are inserted and deleted at the periodic review.Open p.19 ↗ |
FTSE 100, FTSE 250 and FTSE 350 reviews maintain constant constituent counts by inserting and deleting equal numbers of companies. |
| Investable market cap buffer | Addition threshold GBP million: 50; Existing constituent deletion threshold GBP million: 30; Existing constituent periods: 2; Period unit: Quarters | The security investable market capitalisation (i.e. after the application of any investability weighting) is equal to or greater than GBP 50 million.Open p.19 ↗ |
Potential FTSE SmallCap additions need at least GBP 50 million investable market capitalisation, while existing constituents are deleted if investable market capitalisation is below GBP 30 million for two consecutive quarters. |
| Liquidity failure reassessment | Companies large enough for the FTSE All-Share that fail the liquidity test remain ineligible until the next annual review in June. | Companies that are large enough to be constituents of the FTSE All-Share but do not pass the liquidity test (see rule 6.7) shall not be included in any index in the FTSE UK Index Series. They will remain ineligible until the next annual review in June when they will be re-tested against all eligibility screens.Open p.20 ↗ |
Large companies that fail the liquidity test are not included and are retested only at the next annual review in June. |
| Buffer zone | Entry rank: 90; Exit rank: 111 | FTSE 100 – Risen to 90th or aboveOpen p.19 ↗ |
FTSE 100 companies enter at rank 90 or above and exit at rank 111 or below. |
| Size segment buffer | Semi annual lower: 0.05; Semi annual upper: 0.2; Quarterly lower: 0.05; Quarterly upper: 0.2 | The company full market capitalisation (i.e. before the application of any investability weighting) is greater than 0.15% of the full market capitalisation of the FTSE SmallCap Index.Open p.19 ↗ |
For quarterly reviews in March, September and December, FTSE All-Share addition and deletion full-market-cap thresholds are 0.20% and 0.05% of FTSE SmallCap full market capitalisation; the June inclusion and exclusion thresholds are 0.15% and 0.10%. |
| M8 Corporate actions, IPOs, ad-hoc changes · 12 fields | |||
| New issue next review trading record | Minimum trading record: 20 trading days | providing they have, since the commencement of official non-conditional trading, a minimum trading record of at least 20 trading days prior to the date of the reviewOpen p.22 ↗ |
New issues that do not qualify for fast entry need at least 20 trading days before the review to be eligible for the next quarterly review. |
| Variable best effort direct listing exclusion | Variable, best-effort and direct-listing IPOs are not eligible for fast entry. | Variable, best effort and direct listing IPOs will not be considered for fast entry inclusion since FTSE Russell isOpen p.23 ↗ |
Variable, best-effort and direct-listing IPOs are excluded from fast entry because free float cannot be confirmed or accurately assigned. |
| Post review announcement replacement | If a FTSE 100 or FTSE 250 company is scheduled for deletion after announcement but before implementation, the highest-ranking eligible FTSE All-Share company replaces it. | Where a FTSE 100 or FTSE 250 company is scheduled to be deleted after the periodic review changes have been announced but before they have been implemented, the highest-ranking constituent of the FTSE All-ShareOpen p.19 ↗ |
A deletion occurring after review announcement but before implementation is filled by the highest-ranking eligible non-member, skipping companies already scheduled for addition. |
| Demutualisation fast entry liquidity deferral | Deferral period: 20 business days | the addition of the security will be deferred for 20 business days after official non-conditional trading has commenced to test that the minimum liquidity requirementOpen p.22 ↗ |
A demutualisation fast entrant whose free float is immediately transferred to private shareholders is deferred for 20 business days to test minimum liquidity. |
| Fast entrant liquidity review | Fast entrants' liquidity is assessed pro rata at the subsequent annual review. | At the subsequent annual review, securities added to the FTSE 100 or FTSE 250 as fast entrants will have their liquidity assessed on a pro-rata basis.Open p.22 ↗ |
Securities added through fast entry have their liquidity assessed on a pro-rata basis at the following annual review. |
| Replacement company faq | FTSE_FAQ_Document_UK_Index_Series_Replacement_Company.pdf | For full details of the process in selecting a replacement company, please refer to the following guide: FTSE_FAQ_Document_UK_Index_Series_Replacement_Company.pdfOpen p.24 ↗ |
The detailed replacement-company selection process is in the FTSE UK Index Series replacement company FAQ. |
| Fast entry | Size threshold: Company full market capitalisation must rank 225th or above and security investable market capitalisation must be at least GBP 1 billion; rank 90th or above enters FTSE 100, otherwise FTSE 250; Timing: The addition is implemented after the close of business on the fifth business day of unconditional trading, or concurrently with the review effective date if that day falls during the review week | the company full market capitalisation (i.e. before the application of any investability weighting) must rank at position 225th* or above in the FTSE UK Monitored List; and – the security investable market capitalisation (i.e. after the application of any investability weighting) must amount to or be greater than GBP one billion.Open p.20 ↗ |
A large new listing may enter the FTSE 100 or FTSE 250 quickly if it ranks 225th or higher by full market capitalisation and has at least GBP 1 billion investable market capitalisation, with implementation after five business days of unconditional trading. |
| Ad-hoc deletion | Delisting, Acquisition, Other, Prolonged suspension | If a constituent is delisted, ceases to have a firm quotation or is subject to a takeover offer that has been declared unconditional with bidders shareholding reaching at least 75% and irrevocably accepted for paymentOpen p.24 ↗ |
Securities are removed intra-quarter if delisted, lacking a firm quotation, subject to a qualifying unconditional takeover offer, no longer viable, or deleted under suspension rules. |
| Replacement policy | Reserve list | Companies removed from the FTSE 100 and FTSE 250 indices intra-quarter will be replaced by the highestranking company of the FTSE All-Share index that is not currently a constituent of the FTSEOpen p.24 ↗ |
FTSE 100 and FTSE 250 vacancies are filled using the highest-ranking eligible FTSE All-Share company; FTSE SmallCap removals are not replaced. |
| Merger spinoff rules | Mergers within the same FTSE 100 or FTSE 250 create a vacancy filled by the highest-ranking eligible FTSE All-Share company; takeovers by non-constituents may use the eligible acquirer as replacement; eligible spin-offs are reassigned using first-day market capitalisations with two days' notice. | If the effect of a merger or takeover is that one constituent in the FTSE 100 or FTSE 250 is absorbed by another constituent of the same indexOpen p.25 ↗ |
Mergers, takeovers and spin-offs are handled through vacancies, eligible acquirers where applicable, and reclassification of resulting companies. |
| Deletion price | Ineligible spin-off companies are deleted at market price after two trading days; non-trading spun-off companies may be deleted at zero value after up to 20 business days. | the ineligible company will remain in the index for two trading days and then be deleted at market price.Open p.25 ↗ |
Certain spin-off securities leave at market price, or at zero value if trading has not commenced after up to 20 business days. |
| Corporate actions guide ref | Corporate Actions and Events Guide (Corporate_Actions_and_Events_Guide.pdf) | Full details of changes to constituent companies due to corporate actions and events can be accessed in the Corporate Actions and Events Guide using the following link: Corporate_Actions_and_Events_Guide.pdfOpen p.24 ↗ |
Detailed corporate action and event treatment is provided in the Corporate Actions and Events Guide. |
| M9 Calculation and return variants · 12 fields | |||
| Calculation hours | Open: 08:00 London time; Close: 16:30 London time; Major indices: FTSE 100, FTSE 250, FTSE 350 | The FTSE UK Index Series FTSE 100 08:00 12:00 16:30 FTSE 250 08:00 12:00 16:30 FTSE 350 08:00 12:00 16:30Open p.29 ↗ |
The FTSE 100, FTSE 250, and FTSE 350 open at 08:00 and close at 16:30 London time. |
| Holiday calculation rule | Not calculated on UK public holidays; may close early before Christmas and New Year holidays. | The indices will not be calculated on UK public holidays and may close early on the business day prior to the Christmas and New Year public holidays.Open p.29 ↗ |
The indices are not calculated on UK public holidays and may close early on the business day before Christmas and New Year public holidays. |
| Time zone | London time (GMT or BST) | Timings are London hours (GMT or BST).Open p.29 ↗ |
Index timings are London hours, either GMT or BST. |
| FX rate end of day | Effective date: 2026-10-01; Rate: WMR 4:00 pm LN Spot Rates; Application: Converting non-GBP traded securities into GBP for end-of-day index calculation | Effective from 1 October 2026, the WMR 4:00 pm LN Spot Rates will be used when converting non-GBP traded securities into GBP for the purposes of the end-of-day index calculation.Open p.29 ↗ |
Effective 1 October 2026, WMR 4:00 pm London Spot Rates are used to convert non-GBP traded securities into GBP for end-of-day index calculation. |
| Recurring special dividend reclassification | After more than three consecutive recurring special cash dividends that are not extraordinary, further distributions are normally treated as ordinary dividends. | However, in cases where a company pays a special cash dividend in a recurring cycle (e.g. monthly, quarterly, semiannually, or annually) on more than three consecutive occasions which are not deemed to be extraordinary, FTSE Russell will normally consider any further such cash distributions as ordinary dividends.Open p.26 ↗ |
A recurring special cash dividend paid on more than three consecutive occasions and not deemed extraordinary will normally be treated as an ordinary dividend thereafter. |
| Price source | London Stock Exchange official closing price | Closing prices will be London Stock Exchange official closing price.Open p.29 ↗ |
Closing prices used for the indices are the London Stock Exchange official closing price. |
| Calculation frequency | real-time, end-of-day | The FTSE UK Index Series may be calculated in real time. For further details of real time definitions please refer to the following guide:Open p.30 ↗ |
The FTSE UK Index Series may be calculated in real time, with official opening and closing hours specified for end-of-day calculation. |
| Return variants | PR, GTR, NTR | Declared dividends are used to calculate the Standard Total Return Indices in the FTSE UK Index Series.Open p.26 ↗ |
The series includes standard total return indices, net-of-tax total return indices, and midday indices available in gross and net versions; a price-return basis is implicit in the main indices but is not explicitly labelled in the provided text. |
| Withholding tax basis | FTSE Withholding Tax Guide | A series of net of tax Total Return Indices are also calculated. For further details refer to the FTSE Withholding Tax Guide, which can be accessed using the following link:Open p.26 ↗ |
Net-of-tax total return indices are calculated using further details set out in the FTSE Withholding Tax Guide. |
| Dividend treatment | Ordinary cash dividends: reinvested across the index on the ex-dividend date; Special cash dividends: deducted from the stock price before the open on the ex-dividend date and excluded from total return | These ordinary cash dividends impact the total return and are reinvested across the index on the dividend ex date.Open p.26 ↗ |
Ordinary cash dividends affect total return and are reinvested across the index on the ex-dividend date, while special cash dividends are deducted from the stock price before the open and excluded from total return. |
| Market disruption rule | See FTSE Russell policies for trading halts, market closures, and inability to trade a market or security. | Guidance for the treatment of index changes in the event of trading halts or market closures can be found using the following link:Open p.8 ↗ |
Guidance for index changes during trading halts or market closures and treatment when clients cannot trade a market or security is contained in separate FTSE Russell policies. |
| Recalculation policy | Indices are recalculated when errors or distortions are deemed significant, and users are notified through appropriate media. | The FTSE Global Equity Index Series are recalculated whenever errors or distortions occur that are deemed to be significant. Users of the FTSE Global Equity Index Series are notified through appropriate media.Open p.8 ↗ |
FTSE recalculates indices whenever errors or distortions are deemed significant and notifies users through appropriate media. |
| M10 Governance, change policy, disclosure · 16 fields | |||
| Benchmark administrator | FTSE International Limited (FTSE) | FTSE is the benchmark administrator of the index series1.Open p.5 ↗ |
FTSE International Limited is the benchmark administrator of the FTSE UK Index Series. |
| Administrator responsibilities | daily calculation, production, and operation, maintenance of constituent weighting records, constituent and weighting changes under the Ground Rules, periodic index reviews and application of resulting changes, publication of weighting changes, dissemination of indices, intraday performance monitoring and index status determination | FTSE is responsible for the daily calculation, production and operation of the FTSE UK Index Series and will:Open p.5 ↗ |
FTSE is responsible for daily calculation, operation, constituent and weighting maintenance, periodic reviews, publication, dissemination, and intraday status monitoring. |
| Ad hoc decision notification | FTSE Russell advises the market at the earliest opportunity after determining treatment for matters not specifically covered by the Ground Rules. | After making any such determination, FTSE Russell shall advise the market of its decision at the earliest opportunity.Open p.6 ↗ |
After resolving a matter not specifically or unambiguously covered by the Ground Rules, FTSE Russell advises the market at the earliest opportunity. |
| Ad hoc treatment precedent | No | Any such treatment will not be considered as an exception or change to the Ground Rules or to set a precedent for future action, but FTSE Russell will consider whether the Ground Rules should subsequently be updated to provide greater clarity.Open p.6 ↗ |
Treatment determined under the Statement of Principles is not considered an exception, rule change, or precedent for future action. |
| Statement of principles review frequency | 1 year | The Statement of Principles is reviewed annually and any changes proposed by FTSE Russell are presented to the FTSE Russell Policy Advisory Board for discussion before approval by the FTSE Russell Index Governance Board.Open p.7 ↗ |
The Statement of Principles is reviewed annually. |
| Appeal rights | Constituent or prospective constituent companies, specified advisers, national organisations, or groups of at least 10 users from different organisations may appeal FTSE Russell decisions. | A constituent or prospective constituent company (or professional adviser acting on behalf of the company), a national organisation or a group of no fewer than 10 users of the Indices from different organisations acting in their professional capacity may appeal against decisions taken by FTSE Russell.Open p.7 ↗ |
A company or adviser, a national organisation, or a group of at least 10 users from different organisations may appeal against FTSE Russell decisions. |
| Complaints and appeals channels | Benchmark Determination Complaints Handling Policy, Appeals Against Decisions | FTSE Russell’s complaints procedure can be accessed using the following link: Benchmark_Determination_Complaints_Handling_Policy.pdf FTSE Russell’s appeal process can be accessed using the following link: Appeals_Against_Decisions.pdfOpen p.7 ↗ |
FTSE Russell publishes separate complaints handling and appeals policies. |
| IOSCO compliance position | FTSE considers the FTSE UK Index Series to meet the July 2013 IOSCO Principles for Financial Benchmarks. | FTSE International Limited (FTSE) considers that the FTSE UK Index Series meets the IOSCO Principles for Financial Benchmarks as published in July 2013.Open p.4 ↗ |
FTSE states that the FTSE UK Index Series meets the IOSCO Principles for Financial Benchmarks published in July 2013. |
| Oversight body | FTSE Russell Index Governance Board, FTSE Russell external advisory committees, FTSE Russell Europe, Middle East and Africa regional equity advisory committee, FTSE Russell industry classification advisory committee, FTSE Russell policy advisory board | To assist in the oversight of the indices, FTSE Russell has established the following external advisory committees, consisting of senior market practitioners, providing guidanceOpen p.5 ↗ |
FTSE Russell’s external advisory committees assist in index oversight, and the FTSE Russell Index Governance Board approves rule proposals after consultation feedback. |
| Discretion points | Ground Rules are silent or do not specifically and unambiguously apply to a decision, Ground Rules do not fully cover a specific event or development, Determining appropriate treatment by reference to the Statement of Principles | where FTSE Russell determines that the Ground Rules are silent or do not specifically and unambiguously apply to the subject matter of any decision, any decision shall be based as far as practical on the Statement of Principles.Open p.6 ↗ |
When the Ground Rules are silent, ambiguous, or do not cover an event, FTSE Russell determines treatment by reference to the Statement of Principles. |
| Methodology review frequency | 1 year | These Ground Rules shall be subject to regular review (at least once a year) by FTSE Russell to ensure that they continue to best reflect the aims of the index series.Open p.6 ↗ |
The Ground Rules are reviewed regularly, at least once a year. |
| External review | Significant proposed amendments are consulted on with FTSE Russell advisory committees and other stakeholders when appropriate. | Any proposals for significant amendments to these Ground Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate. The feedback from these consultations will be considered by the FTSE Russell Index governance board before approval is granted.Open p.6 ↗ |
Significant Ground Rule amendments are subject to consultation with advisory committees and other stakeholders if appropriate, with feedback considered by the governance board. |
| Consultation procedure | Proposals for significant amendments are consulted on with advisory committees and other stakeholders if appropriate, feedback is considered by the FTSE Russell Index Governance Board, and approval is granted by that board. | Any proposals for significant amendments to these Ground Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate. The feedback from these consultations will be considered by the FTSE Russell Index governance board before approval is granted.Open p.6 ↗ |
FTSE Russell consults advisory committees and appropriate stakeholders on significant amendments, considers their feedback, and obtains governance-board approval. |
| Error correction policy | Recalculation occurs for significant errors or distortions; users are notified through appropriate media, with further detail in FTSE Russell’s recalculation policy. | The FTSE Global Equity Index Series are recalculated whenever errors or distortions occur that are deemed to be significant. Users of the FTSE Global Equity Index Series are notified through appropriate media.Open p.8 ↗ |
FTSE Russell recalculates indices for errors or distortions deemed significant and notifies users through appropriate media. |
| Change announcement | appropriate media, FTSE Russell website | Users of the FTSE UK Index Series are notified of such policy changes through appropriate media before implementation.Open p.28 ↗ |
Users are notified of policy changes through appropriate media, and governance and policy documents are accessed through the FTSE Russell website. |
| Constituents published | Bool: Yes; Frequency: ongoing and following periodic reviews | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviews; and – disseminate the indices.Open p.5 ↗ |
FTSE publishes changes to constituent weightings resulting from ongoing maintenance and periodic reviews. |
Open points · 35Model-written, for reference
- 1Index short name or abbreviation was not stated.
- 2No FTSE index code, ISIN, or third-party vendor tickers were stated.
- 3Launch date, base date, and base value were not stated.
- 4Methodology publication date was not stated; only version v17.3 was shown.
- 5Regulated-benchmark status was not stated.
- 6The detailed median liquidity test window and numerical threshold are in an external guide and not included.
- 7The numerical minimum market-capitalisation thresholds for each size tier were not stated.
- 8No minimum foreign room percentage was stated.
- 9No minimum share price threshold was stated; only a reliable-price requirement was provided.
- 10No trading-history or listing-age requirement was stated.
- 11No suspension treatment rule was stated.
- 12No extreme price screen was stated.
- 13No profitability or financial-health screens were stated.
- 14No parent index or parent universe index was identified for the overall FTSE UK Index Series.
- 15No explicit tie-break rule for companies with equal full market capitalisation or dividend yield was provided.
- 16No industry or sector neutrality requirement for constituent selection was provided.
- 17No reserve-list rule or reserve-list size was provided.
- 18No single-issuer, group, sector, or country weight cap was provided.
- 19No timing rule for applying caps was provided.
- 20No shares-outstanding source or share-count update rule was provided.
- 21No divisor adjustment rule for weighting resets or constituent changes was provided.
- 22No explicit domestic inclusion factor separate from free float and foreign ownership adjustments was provided.
- 23The supplied text did not provide numerical free-float factor bands; it states only that constituents are adjusted for free float.
- 24No specific review-result announcement date or lead time was found beyond FTSE being responsible for publicising the outcome.
- 25No separate rebalance frequency or weight-reset frequency distinct from the quarterly review was stated.
- 26No explicit maximum turnover cap per periodic review was found.
- 27No standalone reserve list was identified; replacement uses the highest-ranking eligible FTSE All-Share company.
- 28No general numeric threshold for implementing ordinary shares-in-issue or free-float changes between reviews was provided; the sections refer those changes to the Corporate Actions and Events Guide.
- 29Formula type was not stated.
- 30Calculation returns.precision, including decimal places in published index levels, was not stated.
- 31Divisor adjustment events were not stated; the calculation guide is referenced but not included.
- 32Material change definition was not stated; only “significant amendments” are mentioned without defining significance.
- 33Notice period was not stated; the text says notifications occur before implementation or at the earliest opportunity but gives no fixed duration.
- 34Cessation policy was not stated.
- 35The exact real-time calculation interval was not stated; the text only says indices may be calculated in real time and refers to a separate status guide.
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