Also known as: FTAW01 Index (Bloomberg)
At a glance
- Review frequencyQuarterly
- Constituent count86
- Buffer68 / 72
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 17 fields | |||
| Currency policy | All indices are calculated in US Dollars and local currency, and index values are also published in Euros, UK Pounds Sterling, and Japanese Yen. | all indices are calculated in US Dollars and local currency. The index values are also published in Euros, UK Pounds Sterling and Japanese Yen.Open p.3 ↗ |
All indices are calculated in US dollars and local currency, with values also published in euros, pounds sterling, and Japanese yen. |
| Return variants | Price, Total return, Net total return | The following variants are calculated for certain indices within the index series: – capital and total return indices; – net total return indices based on specified withholding tax ratesOpen p.3 ↗ |
Certain indices are calculated as capital return, total return, and net total return variants. |
| Calculation and corporate actions guide | FTSE Global Equity Index Series Guide to Calculation Methods and Corporate Actions and Events Guide for Market Capitalisation Weighted Indices | Full technical details of calculations and statistical procedures are contained in the appendices to these Ground Rules and the FTSE Global Equity Index Series Guide to Calculation Methods and Corporate Actions and Events Guide for Market Capitalisation Weighted IndicesOpen p.4 ↗ |
Technical calculation and corporate-action details are contained in the appendices and FTSE Russell's guide for market-capitalisation-weighted indices. |
| Index name | FTSE All-World Index | FTSE All-World Index Series (large and mid cap)Open p.3 ↗ |
The official index name is the FTSE All-World Index. |
| Index short name | GEIS | the security will be switched from the US listing to the local listing in conjunction with the next FTSE GEIS quarterly review.Open p.15 ↗ |
The document refers to the series using the abbreviation FTSE GEIS. |
| 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 changes to, or the cessation of, the index seriesOpen p.4 ↗ |
FTSE Russell is the index provider and administrator of the index series. |
| Index family | FTSE Global Equity Index Series | The FTSE Global Equity Index Series covers securities in 49 different countries and is divided into developed, advanced emerging and secondary emerging segments.Open p.3 ↗ |
The profile covers the FTSE Global Equity Index Series family. |
| Methodology version | v14.4 | The methodology document is version v14.4. | |
| Methodology date | 2026-08 | FTSE Global Equity Index Series, v14.4, August 2026Open p.1 ↗ |
The methodology edition is dated August 2026. |
| Benchmark type | Not stated | any financial contracts or other financial instruments that reference the index series or investment funds which use the index series to measure their performance should be able to withstandOpen p.4 ↗ |
The document does not identify the series as a regulated, significant, or non-significant benchmark. |
| Objective | The indices and index statistics are intended to reflect the investment markets included in the index definitions and to facilitate the detailed analysis of such markets. | The indices and index statistics are intended to reflect the investment markets included in the index definitions and to facilitate the detailed analysis of such markets.Open p.4 ↗ |
The indices and statistics are intended to reflect the investment markets included in their definitions and support detailed analysis of those markets. |
| Intended use | market analysis, performance measurement by investment funds, reference for financial contracts, reference for financial instruments | to facilitate the detailed analysis of such markets.Open p.4 ↗ |
The series is intended for market analysis and may be referenced by financial contracts, financial instruments, and investment funds measuring performance. |
| Market classification | Global | covers securities in 49 different countries and is divided into developed, advanced emerging and secondary emerging segments.Open p.3 ↗ |
The All-World series is global and draws from the developed, advanced emerging, and secondary emerging segments of the FTSE Global Equity Index Series. |
| Size segment | Mid | FTSE All-World Index Series (large and mid cap)Open p.3 ↗ |
The FTSE All-World Index Series covers large and mid capitalisation constituents. |
| Index family type | Market cap | value and growth indices are calculated. Separate Ground Rules are available for these indicesOpen p.4 ↗ |
The core index family is a market-capitalisation-weighted equity index series, with separate rules for value and growth variants. |
| Factor exposures | Value, Growth | value and growth indices are calculated. Separate Ground Rules are available for these indicesOpen p.4 ↗ |
Value and growth indices are calculated, with separate ground rules available. |
| Limitations | The index series may need to be changed or discontinued because of circumstances including external events beyond FTSE Russell's control., The index design does not take account of ESG factors., FTSE Russell does not accept liability for reliance, inaccuracies, non-application or misapplication of rules, or compilation and constituent-data inaccuracies. | The FTSE Global Equity Index Series does not take account of ESG factors in its index design.Open p.4 ↗ |
The series may change or cease, does not incorporate ESG factors, and FTSE Russell disclaims liability for reliance, inaccuracies, or rule or data errors. |
| M2 Universe · 10 fields | |||
| Eligible universe definition | Eligible securities are the pool required to pass the index screens before addition to the FTSE Global Equity Index Series. | Eligible securities are required to pass the following screens before being added to the FTSE Global Equity Index Series.Open p.12 ↗ |
FTSE Russell first identifies eligible securities, which must pass the applicable screens before being added. |
| Regional universe | All eligible companies assigned the nationality of countries included in the global indices form the regional universe. | Define the regional universe by selecting all eligible companies (as per Appendices A and B) assigned the nationality of countries that are included in the global indices.Open p.19 ↗ |
The regional universe consists of eligible companies whose assigned nationality corresponds to an included country. |
| Index universe coverage | Metric: Full market cap; Cumulative coverage (%): 98 | The top 98% by weight of the regional universe is selected and forms the index universe.Open p.19 ↗ |
Companies in each regional universe are ranked by full market capitalisation, and the top 98% by weight forms the index universe. |
| China Stock Connect screen | China A shares must be eligible under the Northbound China Stock Connect Scheme Buy-and-Sell List for inclusion in the FTSE China A Stock Connect Indices within GEIS. | constituents of the FTSE China A Indices that are eligible under the Northbound China Stock Connect Scheme Buy-and-Sell List will be included in the FTSE Global Equity Index SeriesOpen p.19 ↗ |
Quarterly Stock Connect screening limits GEIS inclusion to China A-share constituents eligible on the Northbound buy-and-sell list. |
| Markets | Australia, Austria, Belgium/Luxembourg, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Kuwait, Malaysia, Mexico, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Qatar, Romania, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Türkiye, UAE, UK, USA, Vietnam | Below is a list of the current classification of each country in the FTSE Global Equity Index Series. Developed Advanced emerging Secondary emergingOpen p.45 ↗ |
The index covers the countries currently classified as developed, advanced emerging, or secondary emerging, including Vietnam effective 21 September 2026. |
| Exchanges | Australian Securities Exchange, Stock Exchange of Hong Kong, National Stock Exchange of India, BSE, Indonesia Stock Exchange, Bursa Malaysia, New Zealand Exchange, Philippine Stock Exchange, Singapore Exchange, Korea Exchange, Taiwan Stock Exchange, Taipei Exchange, Stock Exchange of Thailand, Ho Chi Minh Stock Exchange, Hanoi Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, Tokyo Stock Exchange, Wiener Boerse, Luxembourg Stock Exchange, Nasdaq Copenhagen, Nasdaq Helsinki, Euronext Brussels, Euronext Paris, Euronext Athens, Euronext Dublin, Borsa Italiana, Euronext Milan, Euronext Amsterdam, Euronext Oslo, Warsaw Stock Exchange, Euronext Lisbon, Bolsa de Madrid, Nasdaq Stockholm, SIX Swiss Exchange AG, London Stock Exchange, Prague Stock Exchange, Budapest Stock Exchange, Nasdaq Iceland, Bucharest Stock Exchange, Borsa Istanbul, BM&F Bovespa, Santiago Stock Exchange, Bolsa de Valores de Colombia, Bolsa Mexicana de Valores, Bolsa Institucional de Valores, Egyptian Exchange, Tel Aviv Stock Exchange, Boursa Kuwait, Qatar Stock Exchange, Tadawul Stock Exchange, Johannesburg Stock Exchange, Abu Dhabi Securities Exchange, Dubai Financial Market, Nasdaq Dubai, Toronto Stock Exchange, Cboe Canada, New York Stock Exchange, NYSE American, NYSE Arca, CBOE, Nasdaq Market, Texas Stock Exchange | Once considered for inclusion, eligible exchanges and market segments (listed below) are not subject to the materiality test detailed above.Open p.32 ↗ |
Eligible securities must be listed on the eligible exchanges and market segments specified by FTSE Russell. |
| Boards | ASX official market, Main board, Main board and STAR board, ChiNext board, Prime market, Standard market, KOSPI market, KOSDAQ market, Main market, Foreign board, Regular market, Regulated market, General segment (Main Market), Main market and Parallel market, Madrid floor Continuous market, BIST STARS, BIST MAIN, BIST Sub-Market, Official market, Premier market, Main market and Growth market, Capital market, Global market, Global Select | China Country Exchange Segment name China Shanghai Stock Exchange Main board, STAR board Shenzhen Stock Exchange Main board ChiNext boardOpen p.32 ↗ |
The eligible exchange list names country-specific boards, markets, and listing segments that may supply constituents. |
| Security types | Common, A share, H share, Dr, REIT, Stapled, Foreign listing, Other | China A shares14 A shares (traded in China) B shares B shares (traded in China) H shares H shares (traded in Hong Kong)Open p.36 ↗ |
Eligible securities include ordinary/common equities, China share classes, qualifying REITs, depository receipts in limited circumstances, eligible stapled units, preferred and participation classes, and other listed equity classes. |
| Nationality rule | Securities are assigned a nationality under FTSE Russell's separate nationality statement; the regional universe selects eligible companies assigned the nationality of countries included in the global indices. | All securities included in FTSE global indices are assigned a nationality in accordance with the rules as set out in the nationality statement.Open p.19 ↗ |
Each security's company receives a nationality according to FTSE Russell's nationality rules, and companies assigned to included countries enter the relevant regional universe. |
| Exclusions | closed-end investment companies classified by ICB as closed end investments, open-end and miscellaneous investment vehicles, limited liability partnerships, limited partnerships, master limited partnerships, limited liability companies, US royalty trusts, business development companies, tokenised shares, stapled units containing an eligible security and a non-eligible security, convertible preference shares and loan stocks until converted, depository receipts where only DRs are listed, except China N shares are named as ineligible in that rule, securities listed solely on OTC venues, alternative trading systems, or multilateral trading facilities, securities assigned to specified ineligible exchange surveillance segments | limited liability partnerships (LLP), limited partnerships (LP), master limited partnerships (MLP), limited liability companies (LLC), US Royalty Trusts, business development companies (BDC) and tokenised sharesOpen p.11 ↗ |
The universe excludes investment vehicles, certain partnership and trust structures, tokenised shares, mixed ineligible stapled units, unconverted convertibles, standalone DRs in most cases, OTC-only venues, and ineligible surveillance segments. |
| M3 Eligibility screens · 14 fields | |||
| Trading frequency screen | Metric: Frequency of trading; Non trading days threshold: 60 trading days; Window: past year up to and including the review cut-off date; Proration: The 60-day threshold is pro-rated by available trading days since listing for securities without a full year of trading; Reconsideration: A security removed under this screen is treated as a new issue after 12 months | Existing and non-constituent securities that have not traded on 60 or more trading days during the past year (up to and including the review cut-off date) will not be eligible for index inclusion.Open p.16 ↗ |
Existing and non-constituent securities that have not traded on at least 60 trading days during the past year are ineligible, with pro-rating for shorter trading histories. |
| Surveillance screen | Securities assigned to specified exchange surveillance segments are ineligible; existing constituents are normally deleted at the next quarterly review and may be reconsidered only after 12 months as a new issue. | Securities that are subject to surveillance by the stock exchanges and have been assigned to any of the following segments will not be eligible for index inclusion.Open p.14 ↗ |
Exchange-surveilled securities in designated segments are ineligible and existing constituents are generally removed at the next quarterly review. |
| Hfcaa rule | HFCAA non-compliant US-listed securities are switched to an eligible local listing where possible or deleted under the stated notice and timing rules; non-constituents remain ineligible until 12 months after removal from the SEC Conclusive list. | Any non-constituent US listing that is identified on the SEC “Conclusive” list will not be eligible for FTSE Russell indices until after a period of 12 monthsOpen p.16 ↗ |
The HFCAA screen governs switching or deletion of US listings and imposes a 12-month ineligibility period for non-constituents after removal from the SEC list. |
| All world additional weight screen | Metric: Full market capitalisation weight; Minimum weight (% of regional all world index): 0.04 | with a weight greater than 0.04% of the current respective regional All-World Index by full market capitalisation, and with a weight greater than the inclusion percentage levelsOpen p.21 ↗ |
A new large- or mid-cap company must have a full-market-capitalisation weight greater than 0.04% of the current respective regional All-World Index. |
| Trading history | Minimum value: 12 months; Exceptions: Securities on newly eligible exchanges or segments usually need three months of trading; fast-entry IPOs are addressed under separate rules | Provided securities have traded on that exchange for three months or more, and meet all other eligibility requirements, they will usually be added at the following index review.Open p.35 ↗ |
Securities from a newly eligible exchange or market segment usually must have traded there for at least three months, while the standard trading screen uses up to one year of history and pro-rates securities without a full year. |
| Liquidity screen | Metric: Liquidity ratio; Window: monthly measurement within semi-annual March and September testing; Threshold: Monthly median of daily trading volume; the numerical threshold is in the linked Median Liquidity Test guide; Buffer for existing: An existing FTSE Global All Cap constituent with an eligible multiple line may be retained if the failing line is priced over USD 20,000 or has investable market capitalisation over USD 200,000 million, is convertible without restriction, and passes all other screens | Each security will be tested for liquidity semi-annually in March and September by calculation of its monthly median of daily trading volume.Open p.13 ↗ |
Each security is tested semi-annually in March and September using its monthly median of daily trading volume, with a limited exception for very high-priced existing multiple lines. |
| Minimum size | Metric: Global minimum size (%); Threshold: Regional inclusion percentage level; the exact percentage levels are in section 7 rather than the supplied text | Except where the investable market capitalisation of the security exceeds 10 times the regional inclusion percentage level (see rule 7.6.2), securities with a free float of 5% or below are excluded from the index.Open p.13 ↗ |
Eligibility uses regional inclusion percentage levels, and securities with free float at or below 5% are generally excluded unless investable market capitalisation exceeds 10 times the regional inclusion level. |
| Minimum free float | 5% | securities with a free float of 5% or below are excluded from the index.Open p.13 ↗ |
Securities with free float of 5% or below are excluded unless their investable market capitalisation exceeds 10 times the regional inclusion percentage level. |
| Foreign room | — | FTSE Russell defines “foreign headroom” as the percentage of shares available to foreign investors as a proportion of the company’s foreign ownership limit (FOL), i.e. (FOL - foreign holdings)/FOL.Open p.13 ↗ |
Foreign headroom is defined as the shares available to foreign investors divided by the foreign ownership limit, but the supplied text does not state the numerical minimum. |
| Minimum voting rights | 5% | Companies assigned a developed market nationality ... are required to have greater than 5% of the company’s voting rights ... in the hands of unrestricted shareholdersOpen p.12 ↗ (not found verbatim in the PDF) |
Developed-market companies must have more than 5% of voting rights held by unrestricted shareholders; emerging-market securities are exempt, and qualifying fast-entry IPOs may cure the requirement within 12 months. |
| Financial screens | — | Eligible securities are required to pass the following screens before being added to the FTSE Global Equity Index Series.Open p.12 ↗ |
No profitability or financial-health screen is stated in the supplied sections. |
| Business or ESG exclusions | Closed-end investments classified by ICB as closed end investments (30204000), Open-end and miscellaneous investment vehicles (30205000), Limited liability partnerships, limited partnerships, master limited partnerships, limited liability companies, US royalty trusts, business development companies, and tokenised shares | companies whose business is that of holding equity and other investments (e.g. investment trusts), which are classified by the industry classification benchmark as closed end investmentsOpen p.11 ↗ |
Structural and ICB business exclusions apply to certain investment vehicles, partnership-like entities, royalty trusts, BDCs, and tokenised shares; the core index design does not apply ESG screens. |
| Suspension rule | Securities in specified surveillance categories follow the FTSE Russell Index Policy for Trading Halts and Market Closures, and scheduled review changes are normally postponed under that policy. | the guidelines of the suspension policy will apply, therefore its schduled review changes will normally be postponed as outline in section 4.2 of the FTSE Russell Index Policy for Trading Halts and Market ClosuresOpen p.14 ↗ |
For certain surveillance categories, FTSE Russell applies its trading-halt policy and normally postpones scheduled review changes. |
| Extreme price screen | — | Eligible securities are required to pass the following screens before being added to the FTSE Global Equity Index Series.Open p.12 ↗ |
No abnormal-price-increase exclusion is stated in the supplied sections. |
| M4 Selection and constituent count · 3 fields | |||
| Selection method | Rank by metric | Companies at or above 68% of the index universe by full market capitalisation with a weight greater than 0.04% of the current respective regional All-World IndexOpen p.21 ↗ |
Companies are selected by ranking the index universe by full market capitalisation and applying the large- and mid-cap inclusion thresholds. |
| Ranking metrics | Name: Full market capitalisation; Window: semi-annual review cut-off; Direction: Descending; Step order: 1, Name: Regional all world full market cap weight; Window: current respective regional All-World Index; Direction: Above threshold; Step order: 2, Name: Investable market capitalisation; Window: quarterly market-capitalisation cut-off; Direction: Above inclusion level; Step order: 3 | by full market capitalisation with a weight greater than 0.04% of the current respective regional All-World Index by full market capitalisation, and with a weight greater than the inclusion percentage levelsOpen p.21 ↗ |
Candidates are ranked by full market capitalisation and must also exceed the regional All-World weight and regional investable-market-capitalisation inclusion levels. |
| Target constituent count | 86% | Companies ranked below 68%, but within the top 86% of the index universe by full market capitalisationOpen p.21 ↗ |
The large- and mid-cap All-World universe extends through the top 86% of the index universe by full market capitalisation. |
| M5 Weighting and capping · 3 fields | |||
| Foreign ownership restrictions reference | Foreign Ownership Restrictions and Foreign Headroom Requirement.pdf | Further details of the foreign ownership restrictions can be accessed using the following link: Foreign Ownership Restrictions and 5%oreign Headroom Requirement.pdfOpen p.13 ↗ |
Further details of foreign ownership restrictions are in FTSE Russell's referenced Foreign Ownership Restrictions and Foreign Headroom Requirement document. |
| Free float factor | Method: Free float | Constituents of the FTSE Global Equity Index Series are adjusted for free float and foreign ownership limits.Open p.13 ↗ |
Constituents are adjusted for free float. |
| Foreign ownership limit | Constituent weightings are adjusted for foreign ownership limits, based on restrictions imposed by a government, regulator, or company constitution. | FTSE Russell’s index methodology takes account of the restrictions placed on the equity holdings of foreign investors in a company where these have been imposed by a government, regulatory authority or the company’s constitution.Open p.13 ↗ |
FTSE Russell adjusts index constituents for foreign ownership restrictions imposed by governments, regulators, or the company's constitution. |
| M6 Review and rebalance schedule · 11 fields | |||
| Country review frequency | Annual | FTSE conducts an annual review of all countries included in its global indices and those being considered for possible inclusion.Open p.9 ↗ |
FTSE conducts an annual review of countries already included in or being considered for its global indices. |
| Country watch list months | March, September | In March and September of each year, FTSE will publish a watch list of countries being monitored for possible promotion or demotion.Open p.9 ↗ |
FTSE publishes a country watch list in March and September each year. |
| Country review results month | September | FTSE releases the results of its annual review in September of each year.Open p.9 ↗ |
FTSE releases the results of its annual country classification review in September. |
| Country classification notice period | 6 months | FTSE will normally give at least six months’ notice before changing the classification of any country.Open p.9 ↗ |
FTSE normally gives at least six months' notice before changing a country's classification. |
| Newly added country company treatment | Companies in newly added countries are reviewed under the relevant semi-annual regional review and changes are implemented after prior announcement. | Companies in the newly added countries will be reviewed in line with the relevant semi-annual regional review and any changes implemented after a prior announcement.Open p.9 ↗ |
Companies in newly added countries are included only through the relevant semi-annual regional review, with changes implemented after prior announcement. |
| Review frequency | Quarterly | For the June and December quarterly reviews, the thresholds calculated at the previous semi-annual review are index adjusted to reflect the performance of the regional index since its previous semi-annual review up to the IPO cut-off dateOpen p.20 ↗ |
Regional constituent reviews use quarterly testing points, with March and September semi-annual reviews and June and December quarterly reviews. |
| Review types | Semi annual review, Quarterly review, Annual review, Ad hoc | The regional reviews are conducted semi-annually in March and September, based on data as at the close of business on the last business day of December and JuneOpen p.18 ↗ |
The series has March and September regional semi-annual constituent reviews, June and December quarterly reviews, an annual country classification review, and changes that may occur after prior announcement. |
| Review months | March, June, September, December | For the June and December quarterly reviews, the thresholds calculated at the previous semi-annual review are index adjusted to reflect the performance of the regional index since its previous semi-annual review up to the IPO cut-off dateOpen p.20 ↗ |
Regional constituent reviews occur in March, June, September, and December. |
| Data cutoff rule | Semi annual cutoffs: Last business day in December for the March review, Last business day in June for the September review; Quarterly cutoffs: Last business day in April for the June review, Last business day in October for the December review; Weekend rule: If the last business day of the month falls on a Saturday or Sunday for any individual market, data are taken as at close of the last business day before Saturday | The regional reviews are conducted semi-annually in March and September, based on data as at the close of business on the last business day of December and June (where the last business day of the month falls on a Saturday or Sunday for any individual markets, data will be taken as at close of the last business day before Saturday).Open p.18 ↗ |
March and September semi-annual reviews use data as of the last business day of December and June, while June and December quarterly reviews use IPO cut-offs on the last business day in April and October. |
| Announcement rule | FTSE publishes fast-entry levels and gives prior notice for changes; the supplied sections do not specify a constituent review-results announcement date. | In June and December, the fast entry levels will be adjusted up to the IPO cut-off date, i.e. the last business days in April and October respectively to reflect the performance of the regional FTSE Global All Cap Index Series, and an updated figure will be published by FTSE Russell.Open p.23 ↗ |
FTSE Russell publishes fast-entry levels and provides notice where an index adjustment is required, but no separate timing for announcing periodic constituent review results is stated in the supplied text. |
| Effective date rule | Constituent changes from March and September periodic reviews are implemented after the close of business on the third Friday, effective the following Monday. | Any constituent changes resulting from the periodic review will be implemented after the close of business on the third Friday (i.e. effective the following Monday) of March and September.Open p.18 ↗ |
Periodic review constituent changes take effect after the close on the third Friday of March and September, meaning the following Monday. |
| M7 Buffers and turnover control · 5 fields | |||
| Buffer purpose | Existing and potential constituents are subject to buffer zones to reduce turnover. | To reduce turnover, existing and potential constituents are subject to a series of “buffer zones” to determine the cut-off points between large, mid and small cap – the buffers are detailed in the table below.Open p.20 ↗ |
Buffer zones are used to determine size cut-off points and reduce turnover among existing and potential constituents. |
| Existing constituent size exclusion levels | Regional small cap index percentage levels: Current securities are tested against region-specific exclusion percentages; Minimum investable market cap exclusion: USD 30 million; Micro cap exclusion: USD 20 million, index adjusted by the global Micro Cap price index | Effective in conjunction with the March 2023 semi-annual review, minimum investable market capitalisation inclusion and exclusion levels of USD 150 million and USD 30 million, respectively, will be introduced for all regional reviews.Open p.20 ↗ |
Existing constituents are deleted if below region-specific exclusion percentages, with a minimum USD 30 million investable-market-cap exclusion level; micro-cap securities are excluded below USD 20 million subject to index adjustment. |
| Quarterly threshold index adjustment | For June and December reviews, semi-annual thresholds are index adjusted for regional index performance up to the April or October IPO cut-off. | For the June and December quarterly reviews, the thresholds calculated at the previous semi-annual review are index adjusted to reflect the performance of the regional index since its previous semi-annual review up to the IPO cut-off date (i.e. the last business day in April and October, respectively).Open p.20 ↗ |
At June and December quarterly reviews, the prior semi-annual thresholds are adjusted for regional index performance through the IPO cut-off date. |
| Buffer zone | Entry rank: 68%; Exit rank: 72% | Turnover bands (based on the index universe) Eligible for inclusion Eligible for exclusion Large cap 68% 72% Mid cap 86% 92% Small cap 98% 101%Open p.20 ↗ |
The large-cap buffer admits companies at or above the top 68% and retains existing large-cap constituents through the top 72% of the index-universe ranking. |
| Size segment buffer | Semi annual lower: 68; Semi annual upper: 92; Quarterly lower: 68; Quarterly upper: 92 | Eligible for inclusion Eligible for exclusion Large cap 68% 72% Mid cap 86% 92% Small cap 98% 101%Open p.20 ↗ |
For the large- and mid-cap All-World index, new entrants qualify at the 68% large-cap and 86% mid-cap levels, while existing constituents are retained through the 72% large-cap and 92% mid-cap exclusion levels. |
| M8 Corporate actions, IPOs, ad-hoc changes · 11 fields | |||
| Fast entry level setting schedule | Fast-entry levels are set at the March and September semi-annual reviews using data as of the last trading day in December and June, adjusted to the last business day in January and July, and updated in June and December to the April and October cut-offs. | The fast entry level will be set at the time of the semi-annual reviews in March and September using data as at the last trading day in December and June, and index adjusted to the last business days in January and July respectively to reflect the performance of the regional FTSE Global All Cap Index Series, and will be published by FTSE Russell.Open p.23 ↗ |
Fast-entry thresholds are set semi-annually, index adjusted, published, and updated at the quarterly IPO cut-off dates. |
| IPO liquidity screen exception | Fast-entry IPOs must satisfy eligibility criteria and screens other than the liquidity screen. | a new equity security (IPO), which satisfies the eligibility criteria and the screens other than the liquidity screen, is eligible for fast entry when its full market capitalisation and its investable market capitalisation using the closing price on the first day of trading is greater than the fast entry thresholdsOpen p.24 ↗ |
An IPO may enter quickly without meeting the liquidity screen if it otherwise satisfies the eligibility criteria and size thresholds. |
| Non fast entry IPO minimum trading record | 3 months | it must qualify under rules 6.2 and 6.3 (including the minimum requirement of a three-month trading record).Open p.24 ↗ |
An IPO that is not an immediate fast entrant and is considered at a quarterly review must have a minimum three-month trading record. |
| Demutualisation deferral | Deferral period: 1 month; Condition: Adequate liquidity under rule 6.3 must be demonstrated over the intervening period | In the case of a demutualisation where upon listing the entire free float of a new eligible security is immediately transferred to private shareholders, the addition of the security will be deferred for one month after trading has commencedOpen p.25 ↗ |
A demutualisation whose entire free float is immediately transferred to private shareholders is deferred for one month after trading begins if adequate liquidity is demonstrated. |
| China A connect deletion timing | Deletion is concurrent with removal from the Northbound China Stock Connect Scheme Buy-and-Sell List, with FTSE Russell notice where notification is limited. | The deletion will be concurrent with the Northbound China Stock Connect Scheme Buy-and-Sell List. Where limited notification has been provided of a change to the Northbound China Stock Connect Scheme Buy-and-Sell List, FTSE Russell will provide notice advising of the timing of the change.Open p.27 ↗ |
China A shares are deleted at the same time they leave the Northbound Stock Connect Buy-and-Sell List, and FTSE Russell notifies the market of timing where notice is limited. |
| Corporate action types | capital repayments, rights issues/entitlement offers, stock conversion, splits (sub-division)/reverse splits (consolidation), scrip issues (capitalisation or bonus issue) | These include the following: – capital repayments; – rights issues/entitlement offers; – stock conversion; – splits (sub-division)/reverse splits (consolidation); and – scrip issues (capitalisation or bonus issue).Open p.26 ↗ |
Corporate actions with prescribed ex-dates include capital repayments, rights issues, stock conversions, splits or reverse splits, and scrip issues. |
| Suspension rules reference | Suspension of dealing rules are in the Corporate Actions and Events Guide. | Suspension of dealing rules can be found within the Corporate Actions and Events Guide.Open p.26 ↗ |
The supplied methodology does not state suspension deletion rules directly and refers them to the Corporate Actions and Events Guide. |
| Fast entry | Size threshold: Free float above 5 percent full market cap: 1.5 times the regional mid-cap inclusion level; Free float above 5 percent investable market cap: 0.5 times the regional mid-cap inclusion level; Free float or voting rights at or below 5 percent: May qualify if 5% is expected within 12 months after lock-up expiry, or if investable market capitalisation is more than 10 times the regional inclusion threshold; Timing: Addition is implemented after the close of business on the fifth day of trading; if that day falls during the index-review week, addition is concurrent with the review effective date; Excluded boards: China A shares, IPOs whose prospectus explicitly prohibits foreign investor participation, Variable, best-effort, and direct listing IPOs | The full market capitalisation threshold is defined as 1.5 times the mid cap inclusion level (see rule 8.1b).Open p.23 ↗ |
A qualifying IPO is added after the fifth trading day if it exceeds the regional fast-entry full and investable market-capitalisation thresholds and eligibility screens other than liquidity, while China A, foreign-investor-prohibited, variable, best-effort, and direct listings are excluded from fast entry. |
| Ad-hoc deletion | Other | China A shares will be removed from FTSE Global Equity Index Series if they are removed from the Northbound China Stock Connect Scheme Buy-and-Sell List.Open p.27 ↗ |
The supplied text expressly requires ad hoc deletion when China A shares are removed from the Northbound China Stock Connect Scheme Buy-and-Sell List; other deletion triggers are deferred to the Corporate Actions and Events Guide. |
| Merger spinoff rules | Eligible spin-off companies remain in the same indices as the parent until the next quarterly review, when parent and child are tested and reranked or deleted if below thresholds; takeovers, mergers, and demergers are governed by the Corporate Actions and Events Guide. | Where eligible to continue as a constituent, the spin-off entity (entities) will remain in the same indices as the parent company until the next quarterly review, where subject to there being a minimum three-month trading record, both child and parent involved will be tested.Open p.26 ↗ |
Spin-offs may temporarily retain the parent's index membership until the next quarterly review, while takeover, merger, and demerger treatment is covered in FTSE's separate guide. |
| Corporate actions guide ref | Corporate Actions and Events Guide | 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.7 ↗ |
FTSE refers detailed corporate actions and events treatment, including shares in issue, free float, suspensions, takeovers, mergers, and demergers, to the Corporate Actions and Events Guide. |
| M9 Calculation and return variants · 12 fields | |||
| FX rates | Real time: WMR FX Benchmarks real-time exchange rates; End of day: WMR Closing Spot Rates at 16:00 London time | WMR FX Benchmarks real-time exchange rates are used in the index calculations, which are disseminated in real time. Exchange rates used in the end-of-day calculations are WMR Closing Spot Rates™, collected at 16:00 London time.Open p.30 ↗ |
Real-time calculations use WMR FX Benchmarks real-time rates, while end-of-day calculations use WMR Closing Spot Rates collected at 16:00 London time. |
| Weekend and holiday price rule | Ad hoc weekend closing prices are not used in the Monday end-of-day calculation when Monday is a market holiday; if Monday is a regular trading day and a security does not trade, its official Sunday closing price is used. | In cases where a market has ad-hoc weekend trading and a market holiday on the Monday following that ad-hoc trading, FTSE Russell will not use the closing prices of the weekend trading in Monday’s end-of-day index calculation.Open p.41 ↗ |
Ad hoc weekend prices are excluded from Monday's calculation when Monday is a holiday, but Sunday official closes may be used for non-trading securities on a regular Monday trading day. |
| Real time closing FX rule | Real-time indices use WMR real-time cross rates during the calculation period and WMR Closing Spot Rates for the closing value. | WMR FX Benchmarks real-time cross exchange rates are used in all calculations during the calculation period, other than for the closing value for each index. The WMR Closing Spot Rates™ are used in calculating the closing value for each of these indices.Open p.41 ↗ |
Real-time indices use WMR real-time cross rates during the day and WMR Closing Spot Rates for their closing values. |
| Formula type | Divisor | “Start of the day” is defined as the previous day’s close adjusted for capital changes, investability weight changes, additions and deletions.Open p.30 ↗ |
Daily performance is based on percentage changes in index market capitalisation, with the start-of-day capitalisation adjusted for capital and investability changes, additions, and deletions. |
| Price source | closing prices specified in FTSE's Guide to Closing Prices Used for Index Calculation | The FTSE Global Equity Index Series uses the closing prices detailed in Guide to Closing Prices used for Index Calculation which can be accessed using the following link: Closing_Prices_Used_For_Index_Calculation.pdfOpen p.30 ↗ |
The index series uses the closing prices described in FTSE's Guide to Closing Prices Used for Index Calculation. |
| Calculation frequency | End of day: Yes; Real time for selected indices: Yes; End of day time london: 21:30 to 22:00; Schedule basis: every weekday when one or more constituent markets are open | The FTSE Global Equity Index Series are calculated once daily at approximately 21:30 to 22:00 London time, shortly after the close of North American securities markets. Selected indices within the series are calculated on a real-time basis, see below.Open p.41 ↗ |
The index series is calculated once daily at approximately 21:30-22:00 London time, while selected indices are calculated in real time. |
| Return variants | PR, GTR, NTR | Declared dividends are used to calculate the Standard Total Return Indices in the FTSE Global Equity Index Series. All dividends are applied as at the ex-div date. A series of net of tax Total Return Indices are also calculatedOpen p.28 ↗ |
The series includes standard price performance, standard total return, and net-of-tax total return indices. |
| Withholding tax basis | maximum withholding tax rates for institutional investors not resident in the dividend-paying company's country and not benefiting from double-taxation treaties | A series of net of tax Total Return Indices are also calculated based on the maximum withholding tax rates applicable to dividends received by institutional investors who are not resident in the same country as the remitting company and who do not benefit from double taxation treaties.Open p.28 ↗ |
Net total return indices use maximum withholding tax rates applicable to non-resident institutional investors that do not benefit from double-taxation treaties. |
| Dividend treatment | Declared dividends are applied on the ex-dividend date in total return indices; net total return indices deduct withholding tax. | Declared dividends are used to calculate the Standard Total Return Indices in the FTSE Global Equity Index Series. All dividends are applied as at the ex-div date.Open p.28 ↗ |
Declared dividends are applied as of the ex-dividend date, with net-of-tax total return indices calculated after applicable withholding tax. |
| Divisor adjustment | capital changes, investability weight changes, Additions, Deletions | “Start of the day” is defined as the previous day’s close adjusted for capital changes, investability weight changes, additions and deletions.Open p.30 ↗ |
Start-of-day market capitalisation is adjusted for capital changes, investability weight changes, additions, and deletions. |
| Market disruption rule | Guidance is contained in FTSE Russell's Index Policy for Trading Halts and Market Closures; for closed constituent markets, the last trading day's closing price is used. | Guidance for the treatment of index changes in the event of trading halts or market closures can be found using the following link: Index_Policy_for_Trading_Halts_and_Market_Closures.pdfOpen p.8 ↗ |
Trading halts and market closures are handled under a separate FTSE Russell policy, and closed markets use the close price from the last trading day. |
| Recalculation policy | FTSE Russell follows its Index Recalculation Guidelines to determine whether an index or index series should be recalculated and/or associated data products reissued, and users are notified through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued. Users of the FTSE Global Equity Index Series will be notified through appropriate media.Open p.8 ↗ |
When an inaccuracy is identified, FTSE Russell applies its recalculation guidelines, determines whether recalculation or data reissue is needed, and notifies users through appropriate media. |
| M10 Governance, change policy, disclosure · 14 fields | |||
| 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 index series. |
| Daily operational responsibilities | maintains records of constituent index weightings, changes constituents and weightings under the Ground Rules, conducts periodic index reviews and applies resulting changes, publishes weighting changes, disseminates the indices | FTSE is responsible for the daily calculation, production and operation of the index series and will: – maintain records of the index weightings of all constituents; – make changes to the constituents and their weightings in accordance with the Ground RulesOpen p.5 ↗ |
FTSE is responsible for daily calculation, production, and operation, including weighting records, constituent changes, reviews, publication of weighting changes, and index dissemination. |
| External advisory committees | FTSE Russell Asia Pacific Regional Equity Advisory Committee, FTSE Russell Europe, Middle East and Africa Regional Equity Advisory Committee, FTSE Russell Americas Regional Equity Advisory Committee, FTSE Russell Equity Country Classification Advisory Committee, FTSE Russell Industry Classification Advisory Committee, FTSE Russell Policy Advisory Board | FTSE Russell has established the following external advisory committees: – FTSE Russell Asia Pacific Regional Equity Advisory Committee; – FTSE Russell Europe, Middle East and Africa Regional Equity Advisory CommitteeOpen p.5 ↗ |
FTSE Russell has regional, country-classification, industry-classification, and policy external advisory committees. |
| Statement of principles review | The Statement of Principles is reviewed annually; proposed changes are discussed by the FTSE Russell Policy Advisory Board and approved by the Index Governance Board. | 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 FTSE Russell’s Index Governance Board.Open p.7 ↗ |
The Statement of Principles is reviewed annually, with proposed changes discussed by the Policy Advisory Board and approved by the Index Governance Board. |
| Appeals eligibility | A constituent or prospective constituent company or adviser, a national organisation, or a group of at least 10 users from different organisations may appeal against 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 ↗ |
Companies, certain advisers, national organisations, and groups of at least 10 users from different organisations may appeal FTSE Russell decisions. |
| Unambiguous rule gap market notice | After determining treatment under the Statement of Principles, FTSE Russell advises the market at the earliest opportunity; the treatment is not an exception, rule change, or precedent. | After making any such determination, FTSE Russell shall advise the market of its decision at the earliest opportunity. Any such treatment will not be considered as an exception or change to the Ground Rules or to set a precedent for future actionOpen p.6 ↗ |
FTSE Russell notifies the market promptly after resolving a Ground Rules gap or ambiguity, and the treatment does not amend the rules or create precedent. |
| Oversight body | FTSE Russell Index Governance Board | The feedback from these consultations will be considered by the FTSE Russell Index Governance Board before approval is granted.Open p.6 ↗ |
The FTSE Russell Index Governance Board considers consultation feedback and approves significant Ground Rule amendments. |
| Discretion points | When the Ground Rules are silent or do not specifically and unambiguously apply, When determining appropriate treatment for events or developments not fully covered by the Ground Rules, When deciding whether consultation with advisory committees and other stakeholders is appropriate | 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 ↗ |
FTSE Russell may determine treatment where the Ground Rules are silent, ambiguous, or do not fully cover an event, and may consult stakeholders where appropriate. |
| Methodology review frequency | Frequency: at least annually; Minimum interval: 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 each year. |
| External review | Yes | 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 proposals are consulted on with FTSE Russell advisory committees and other stakeholders when appropriate, with feedback considered by the Index Governance Board. |
| Consultation procedure | Significant amendments are consulted on with FTSE Russell advisory committees and other stakeholders if appropriate, feedback is considered by the FTSE Russell Index Governance Board, and approval is required before adoption. | 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 ↗ |
For significant rule amendments, FTSE Russell consults advisory committees and other stakeholders as appropriate, considers feedback, and obtains Index Governance Board approval. |
| Error correction policy | Inaccuracies are assessed under the FTSE Russell Index Recalculation Guidelines to determine whether recalculation and/or reissuance of associated data products is required, and users are notified through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued.Open p.8 ↗ |
FTSE Russell uses its recalculation guidelines to address inaccuracies, decides on recalculation or data reissue, and notifies users through appropriate media. |
| Change announcement | FTSE Russell website, appropriate media, index dissemination | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviews; and – disseminate the indices.Open p.5 ↗ |
FTSE publishes policy documents and links on its website, disseminates the indices, and notifies recalculation users through appropriate media. |
| Constituents published | Bool: Yes; Frequency: changes are published as part of ongoing maintenance and 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 · 38Model-written, for reference
- 1No local-language index name, vendor index code, ISIN, Bloomberg ticker, Refinitiv ticker, or Wind ticker is printed.
- 2No launch date, base date, or base value is stated.
- 3The numerical liquidity threshold is not included; the document refers users to the separate Median Liquidity Test guide.
- 4The numerical minimum foreign headroom requirement is not included; the document refers to a separate foreign ownership restrictions document.
- 5The exact regional inclusion percentage levels and detailed large, mid, small, and micro size breakpoints are not included.
- 6The benchmark regulation status under EU/UK benchmark regulation is not stated.
- 7No minimum share price screen, profitability/financial-health screen, or abnormal price increase screen is stated.
- 8The country count is stated as 49, but the supplied appendix text requires combining classification and country-index lists to identify all current countries.
- 9Selection method is not stated.
- 10Ranking metrics, target constituent count, tie-break rule, industry neutrality rule, and reserve list are not stated.
- 11Weighting scheme is not explicitly named, although constituents are adjusted for free float and foreign ownership limits.
- 12Free-float banding rules, if any, are not stated.
- 13Domestic inclusion factor is not stated.
- 14Single-constituent, group, sector, and country caps are not stated.
- 15Cap application timing is not stated.
- 16Shares outstanding source and update timing are not stated.
- 17Divisor adjustment rule is not stated.
- 18No timing or channel for announcing the results of the March and September constituent reviews was found.
- 19No separate rebalance frequency for weights if different from constituent reviews was found.
- 20No frequency for resetting capped or factor weights was found.
- 21No relaxed liquidity threshold specifically for existing constituents was found.
- 22No maximum number or percentage of constituent changes permitted per review was found.
- 23No reserve list or other replacement policy for ad hoc deletions was found.
- 24No deletion price rule was found.
- 25No threshold for implementing share or free-float changes between reviews was found; details are referred to the Corporate Actions and Events Guide.
- 26The supplied sections do not provide the full ad hoc deletion triggers for delisting, prolonged suspension, acquisition, bankruptcy, free-float decline, or extreme price moves.
- 27The provided sections do not state the number of decimal places in published index levels.
- 28The provided sections do not define a material change to the benchmark methodology.
- 29The provided sections do not specify a minimum notice period for methodology changes or constituent announcements.
- 30The provided sections do not state an index cessation or discontinuation policy.
- 31The detailed algorithm and divisor mechanics are referred to in an external Guide to Calculation Methods rather than reproduced.
- 32The detailed trading-halt and market-closure treatment is contained in an external policy document rather than reproduced.
- 33The index-specific sections do not provide an FTSE index code, ISIN, or data-vendor tickers for the FTSE All-World Index.
- 34The index-specific sections do not state a launch date, base date, or base value for the FTSE All-World Index.
- 35The index-specific sections do not specify a fixed constituent count for the FTSE All-World Index.
- 36The index-specific sections do not state any constituent-, sector-, country-, or group-level capping rule specific to the FTSE All-World Index.
- 37The index-specific sections do not state a domestic inclusion factor specific to the FTSE All-World Index.
- 38The index-specific sections do not provide an index-specific replacement or reserve-list policy.
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