Also known as: XIN0I Index (Bloomberg)
At a glance
- Weighting schemeCapped market cap
- Review frequencyQuarterly
- Single cap9
- Buffer40 / 61
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Calculation frequency | real-time intra-second streaming | The FTSE China 50 Index is calculated in real-time and published on an intra-second streaming basis.Open p.3 ↗ |
The index is calculated in real time and published on an intra-second streaming basis. |
| Return variants | Total return, Net of tax total return | A Total Return Index is published and includes income based on ex dividend adjustments. All dividends are applied as declared in the FTSE Total Return Index. A net of tax Total Return Index is also calculated.Open p.3 ↗ |
A Total Return Index and a net-of-tax Total Return Index are calculated. |
| Index name | FTSE China 50 Index | This document sets out the Ground Rules for the construction and management of the FTSE China 50 Index.Open p.3 ↗ |
The official index name is the FTSE China 50 Index. |
| Index short name | FTSE China 50 | The FTSE China 50 Index is designed to represent the performance of Chinese companies that are listed on the Hong Kong Stock Exchange.Open p.3 ↗ |
The vendor uses FTSE China 50 as the short index name. |
| Administrator | FTSE Russell | Copies of the Ground Rules are available from FTSE Russell (see Appendix F) and www.lseg.com/en/ftse-russell/.Open p.3 ↗ |
FTSE Russell is the index provider and publisher of the Ground Rules. |
| Index family | FTSE Global Equity Index Series | These Ground Rules should be read in conjunction with the FTSE Global Equity Index Ground Rules which can be accessed using the following link: FTSE_Global_Equity_Index_Series.pdfOpen p.3 ↗ |
The index rules are read with the FTSE Global Equity Index Ground Rules and the index is positioned within that broader index series. |
| Currency | HKD, USD | The FTSE China 50 Index is calculated and published in Hong Kong dollars and US dollars.Open p.3 ↗ |
The index is calculated and published in Hong Kong dollars and US dollars, with Hong Kong dollars as the base currency. |
| Methodology version | v4.7 | The Ground Rules document is version v4.7. | |
| Benchmark type | Not stated | — (not found verbatim in the PDF) |
The document does not classify the index as a regulated, significant, or non-significant benchmark. |
| Objective | The FTSE China 50 Index is designed to represent the performance of Chinese companies that are listed on the Hong Kong Stock Exchange. | The FTSE China 50 Index is designed to represent the performance of Chinese companies that are listed on the Hong Kong Stock Exchange.Open p.3 ↗ |
The index is designed to represent the performance of Chinese companies listed on the Hong Kong Stock Exchange. |
| Market classification | Hk connect | H Shares, P Chips and Red Chips are eligible for inclusion in the FTSE China 50 Index. Other China share classes are ineligible.Open p.3 ↗ |
The index covers Chinese companies listed in Hong Kong, specifically H Shares, P Chips, and Red Chips on the Hong Kong Stock Exchange. |
| Index family type | Capped | The FTSE China 50 Index is capped as detailed in Appendix D.Open p.3 ↗ |
The FTSE China 50 Index is a capped index. |
| Limitations | The index does not take account of ESG factors in its index design. | The FTSE China 50 Index does not take account of ESG factors in its index design.Open p.3 ↗ |
The index does not incorporate ESG factors in its design. |
| M2 Universe · 7 fields | |||
| Eligible chinese share classes | H Shares, P Chips, Red Chips | H Shares, P Chips* and Red Chips that are listed on the Hong Kong Stock Exchange are eligible for inclusion in the FTSE China 50 IndexOpen p.9 ↗ |
The eligible Chinese share classes are H Shares, P Chips, and Red Chips. |
| Markets | Hong Kong Special Administrative Region of the People's Republic of China | Region Country Exchange Segment Name Asia/Pacific Hong Kong Special Administrative Region of the Stock Exchange of Hong Kong Main Board People’s Republic of China (Hong Kong)Open p.19 ↗ |
The eligible market is Hong Kong SAR, China. |
| Exchanges | Stock Exchange of Hong Kong | Chinese companies that are listed on the Hong Kong Stock Exchange.Open p.3 ↗ |
Eligible securities are listed on the Stock Exchange of Hong Kong. |
| Boards | Main Board | Market segment eligible for the FTSE China 50 Index: Region Country Exchange Segment Name Asia/Pacific Hong Kong Special Administrative Region of the Stock Exchange of Hong Kong Main Board People’s Republic of China (Hong Kong)Open p.19 ↗ |
The eligible Hong Kong market segment is the Main Board. |
| Security types | H share, Other | H Shares, P Chips and Red Chips are eligible for inclusion in the FTSE China 50 Index. Other China share classes are ineligible.Open p.3 ↗ |
H Shares, P Chips, and Red Chips listed on the Hong Kong Stock Exchange are eligible, while other China share classes are ineligible. |
| Parent universe index | FTSE All-World Index | The constituents of the FTSE China 50 Index are derived from the FTSE All-World Index universe and shall be current constituents of this Index.Open p.9 ↗ |
Constituents are derived from the FTSE All-World Index universe and must generally be current constituents of that index. |
| Exclusions | Other China share classes, Convertible preference shares, Loan stocks, Closed-end investments classified by ICB as Closed End Investments, Open-end and miscellaneous investment vehicles, Limited liability partnerships, Limited partnerships, Master limited partnerships, Limited liability companies, Business development companies, Stapled units containing an eligible and a non-eligible security | H Shares, P Chips and Red Chips are eligible for inclusion in the FTSE China 50 Index. Other China share classes are ineligible.Open p.3 ↗ |
The rules exclude other China share classes, unconverted convertible preference shares and loan stocks, specified investment-vehicle and entity structures, and ineligible stapled units. |
| M3 Eligibility screens · 9 fields | |||
| All world eligibility conformance | Eligible H Shares, P Chips, and Red Chips must conform with the FTSE All-World Index eligibility criteria. | H Shares, P Chips* and Red Chips that are listed on the Hong Kong Stock Exchange are eligible for inclusion in the FTSE China 50 Index subject to conforming with the FTSE All-World Index eligibility criteriaOpen p.9 ↗ |
Eligible Chinese share classes must satisfy the FTSE All-World Index eligibility criteria. |
| Non trading reconsideration period | Minimum value: 12 months | A security which has been removed from an index as a result of this screen will only be re-considered for inclusion after a period of 12 months from its deletion. For the purposes of index eligibility it will be treated as a new issue.Open p.11 ↗ |
A security removed under the trading screen may only be reconsidered 12 months after deletion and is treated as a new issue. |
| Foreign headroom calculation | (foreign ownership limit - foreign holdings) / foreign ownership limit | 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.11 ↗ |
Foreign headroom is calculated as the foreign ownership limit minus foreign holdings, divided by the foreign ownership limit. |
| Trading history | Minimum value: 3 months; Exceptions: A non-constituent P Chip whose associated N Share is an FTSE All-World constituent becomes eligible at the next quarterly review after a minimum three-month trading period, subject to all other FTSE All-World eligibility criteria | A non-constituent P Chip whose associated N Share is already a constituent of the FTSE All-World Index will be eligible for inclusion in the FTSE China 50 Index at the next quarterly review after a minimum 3month trading periodOpen p.9 ↗ |
A qualifying non-constituent P Chip must complete a minimum three-month trading period before eligibility at the next quarterly review. |
| Liquidity screen | Metric: Liquidity ratio; Window: monthly; tested semi-annually in March and September | 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.11 ↗ |
Each security is tested for liquidity semi-annually in March and September using its monthly median of daily trading volume; the numerical threshold is incorporated by reference to FTSE Global Equity Index Series guidance. |
| Minimum free float | 5% | Companies with a free float of 5% or below are excluded from the index, except where the investable market capitalisation of the security exceeds 10 times the FTSE Global Equity Index Series China regional inclusion percentage levelOpen p.10 ↗ |
Companies with free float of 5% or below are excluded unless their investable market capitalisation exceeds 10 times the FTSE Global Equity Index Series China 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.11 ↗ |
Foreign headroom is defined as shares available to foreign investors divided by the foreign ownership limit, but no numerical threshold is stated in this section. |
| Business or ESG exclusions | Business exclusions: Closed End Investments, Open End and Miscellaneous Investment Vehicles, Investment trusts and other equity-holding investment businesses classified in the specified ICB subsectors, LLPs, LPs, MLPs, LLCs, BDCs, Stapled units containing non-eligible securities | The following are regarded as ineligible for inclusion: – Companies whose business is that of holding equity and other investments (e.g. Investment Trusts)Open p.9 ↗ |
Specified investment vehicles, partnership or company structures, and mixed stapled units are ineligible; the index does not use ESG factors. |
| Suspension rule | Securities that have not traded on at least 60 trading days during the past year are ineligible, with pro-rating for securities lacking a full year of trading. | Existing and non-constituent securities which 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.11 ↗ |
Securities failing to trade on at least 60 trading days over the past year, or the pro-rated equivalent for newer listings, are not eligible for inclusion. |
| M4 Selection and constituent count · 1 field | |||
| Reserve list | Size rule: Five highest-ranking non-constituents are published at each quarterly review; if all are used, replacement is the highest-ranking eligible non-constituent based on prices two days before deletion | FTSE Russell is responsible for publishing the five highest ranking non-constituents of the FTSE China 50 Index at the time of each quarterly review.Open p.13 ↗ |
FTSE Russell publishes the five highest-ranking non-constituents at each quarterly review, and after those are exhausted selects the highest-ranking eligible non-constituent using prices two days before deletion. |
| M5 Weighting and capping · 8 fields | |||
| Capping target large companies aggregate | 38% | – All companies that have a weight greater than 4.5% in aggregate are no more than 38% of the index.Open p.22 ↗ |
Companies with weights greater than 4.5% must not account for more than 38% of the index after capping. |
| Capping threshold for large company group | 4.5% | – All companies that have a weight greater than 4.5% in aggregate are no more than 38% of the index.Open p.22 ↗ |
The aggregate capping constraint applies to companies whose individual weights are greater than 4.5%. |
| Weighting scheme | Capped market cap | Constituents of the FTSE China 50 Index are adjusted for free float and foreign ownership limits.Open p.10 ↗ |
Constituent weights are based on free-float-adjusted market capitalization and are then capped. |
| Free float factor | Method: Free float | Constituents of the FTSE China 50 Index are adjusted for free float and foreign ownership limits.Open p.10 ↗ |
Constituents are adjusted for free float, but the provided text does not specify factor bands. |
| Foreign ownership limit | Weights are adjusted for government, regulatory, or constitutional foreign ownership restrictions; details are maintained in FTSE Russell's foreign ownership restrictions and minimum foreign headroom requirements document. | Constituents of the FTSE China 50 Index are adjusted for free float and foreign ownership limits.Open p.10 ↗ |
The methodology adjusts constituents for foreign ownership restrictions imposed by a government, regulator, or company constitution. |
| Weight cap | 9% | – No individual company in the index has a weight greater than 9% of the index.Open p.22 ↗ |
No individual company may have a weight greater than 9% of the index. |
| Group cap | Top n: 5; Aggregate (%): 38 | Let G denote the collection of the five largest companies by uncapped index weights:Open p.22 ↗ (not found verbatim in the PDF) |
The five largest companies are adjusted so that their aggregate weight is 38%, subject to the 9% individual-company cap. |
| Cap application timing | At review | Application of capping at the quarterly reviewsOpen p.22 ↗ |
Capping is applied at each quarterly review. |
| M6 Review and rebalance schedule · 10 fields | |||
| Quarterly capping reference prices | At the quarterly review, capping uses prices adjusted for corporate actions as of the close of business on the second Friday in March, June, September and December. | At the quarterly review, the constituents of the FTSE China 50 Index are capped using prices adjusted for corporate actions as at the close of business on the second Friday in March, June, September and December.Open p.12 ↗ |
Quarterly capping is calculated using corporate-action-adjusted closing prices on the second Friday of the review month. |
| Quarterly capping implementation basis | Capping is implemented after the close on the third Friday based on constituents, shares in issue and free float on the next trading day following the third Friday. | The capping is implemented after close of business on the third Friday in March, June, September and December based on the constituents, shares in issue and free float on the next trading day following the third Friday of the review month.Open p.12 ↗ |
Quarterly capping takes effect after the third Friday using constituents, shares in issue and free float from the following trading day. |
| Review frequency | Quarterly | The quarterly review of the FTSE China 50 Index constituents takes place in March, June, September and December.Open p.12 ↗ |
The FTSE China 50 Index constituents are reviewed quarterly. |
| Review types | Quarterly review, Ad hoc | The quarterly review of the FTSE China 50 Index constituents takes place in March, June, September and December.Open p.12 ↗ |
The index uses quarterly reviews and can make non-review changes for corporate events and fast entries. |
| Review months | March, June, September, December | The quarterly review of the FTSE China 50 Index constituents takes place in March, June, September and December.Open p.12 ↗ |
Quarterly reviews occur in March, June, September and December. |
| Data cutoff rule | Data is taken as of close of business on the Monday following the third Friday in February, May, August and November; if China or Hong Kong is closed that Monday, the last preceding trading day when both markets are open is used. | The constituents will be reviewed using data from the close of business on the Monday following the third Friday in February, May, August and November. Where there is a market holiday in either China or Hong Kong on the Monday following the third Friday, the close of business on the last trading day prior to the Monday after the third Friday, where both markets are open, will be used.Open p.12 ↗ |
The quarterly review uses closing data from the Monday after the third Friday in February, May, August and November, or the last prior trading day when both China and Hong Kong are open if that Monday is a holiday. |
| Announcement rule | Quarterly changes are published after the close of business on the Wednesday before the first Friday of March, June, September and December. | Quarterly changes are published after the close of business on the Wednesday before the first Friday of March, June, September and December to give users of the index sufficient notification of the changes before their implementation.Open p.12 ↗ |
Quarterly constituent changes are announced after market close on the Wednesday before the first Friday of each review month. |
| Effective date rule | Changes are implemented after the close of business on the third Friday of March, June, September and December. | Any constituent changes will be implemented after the close of business on the third Friday of March, June, September and December.Open p.12 ↗ |
Quarterly constituent changes take effect after the close on the third Friday of the review month. |
| Rebalance frequency | Quarterly | The constituents of the Index normally are capped only at the time of the quarterly review or at the time of a Fast Entry (see Rule 7.6).Open p.13 ↗ |
Constituent rebalancing and capping normally occur at the quarterly review. |
| Weight reset frequency | quarterly and on fast entry | The constituents of the Index normally are capped only at the time of the quarterly review or at the time of a Fast Entry (see Rule 7.6).Open p.13 ↗ |
Weights are normally capped at the quarterly review or when a fast entry occurs. |
| M7 Buffers and turnover control · 3 fields | |||
| Constant constituent count balancing rule | Insertions and deletions are equalized so the FTSE China 50 Index maintains a constant number of constituents. | A constant number of constituents will be maintained for the FTSE China 50 Index. Where a greater number of companies qualify to be inserted in the Index than those qualifying to be deletedOpen p.13 ↗ |
If qualified insertions and deletions are unequal, the lowest-ranked constituents or highest-ranked non-constituents are selected to balance the changes and keep the constituent count constant. |
| All world membership requirement | All reviewed constituents must be existing or pending FTSE All-World Index constituents. | At review, all constituents of the FTSE China 50 Index must be existing or pending constituents to the FTSE All-World IndexOpen p.12 ↗ |
At the quarterly review, companies must be existing or pending constituents of the FTSE All-World Index. |
| Buffer zone | Entry rank: 40; Exit rank: 61 | A company will be inserted into the FTSE China 50 Index at the periodic review if it rises to 40th position or above when the eligible companies are ranked by full market capitalisationOpen p.12 ↗ |
A company ranked 40th or higher is inserted at the quarterly review, while an existing constituent ranked 61st or lower is deleted. |
| M8 Corporate actions, IPOs, ad-hoc changes · 13 fields | |||
| Removal notice and timing | Removal and replacement are implemented simultaneously with a minimum two days' notice period. | The removal and replacement are implemented simultaneously with the provision of a minimum two days’ notice period.Open p.14 ↗ |
When a constituent is removed and replaced outside a review, the two changes occur together after at least two days' notice. |
| Reserve replacement valuation time | The reserve-list replacement is selected by full market capitalisation as at the close of the index calculation two days before the deletion. | eligible on the Reserve List (see Rule 6.3) as at the close of the index calculation two days prior to the deletion.Open p.14 ↗ |
For an ad hoc deletion, the highest-ranking reserve-list company is selected based on full market capitalisation at the index calculation close two days before deletion. |
| Fast entry removal rule | When a fast entrant is added, the lowest-ranking current constituent by full market capitalisation is removed using first-day closing prices and both changes occur after the fifth trading day. | Where a fast entrant is added to the FTSE China 50 Index the lowest ranking constituent by full market capitalisation of the FTSE China 50 Index will be selected for removal using the closing prices on the first day of tradingOpen p.16 ↗ |
A fast entry displaces the lowest-ranked FTSE China 50 constituent by full market capitalisation, measured using the IPO's first trading day closing prices. |
| Fast entry initial weighting shares | Only shares offered for sale in the IPO are included in index weighting at fast entry, unless classified as restricted shares. | Only those shares being offered for sale in the IPO will be included within the index weighting at the time of fast entry inclusion (subject to not being categorised as restricted shares as defined within the Free Float Restrictions document).Open p.15 ↗ |
At fast entry, only the IPO-offered shares that are not restricted shares are used for index weighting. |
| Fast entry capping rule | After a fast entry announcement, the index is capped using adjusted prices at the close of the third official trading day and factor data on the next trading day after the fifth official trading day. | Following the announcement of a Fast Entry constituent, the FTSE China 50 Index is capped using prices adjusted for corporate events as at the close of business on the third day of official tradingOpen p.16 ↗ |
A fast entry triggers capping using third-day adjusted prices and constituents, shares and free float from the trading day after the fifth official trading day. |
| New fast entry announcement | A decision to add a new security outside the normal periodic review is publicly announced at the earliest practicable time. | If FTSE Russell decides to include a new security as a constituent security other than as part of the normal periodic review procedure, this decision will be publicly announced at the earliest practicable time.Open p.16 ↗ |
Non-periodic additions of new securities are publicly announced as soon as practicable. |
| Sanctioned constituent policy reference | Sanctioned constituents are handled under FTSE Russell Index Policy Guide section 2.3, 'In the Event Clients are Unable to Trade a Market'. | Index constituents that are subject to sanctions are treated in accordance with the FTSE Russell Index Policy Guide, "In the Event Clients are Unable to Trade a Market", section 2.3Open p.8 ↗ |
Constituents subject to sanctions are treated under the FTSE Russell Index Policy Guide section on sanctions restricting investment into foreign jurisdictions. |
| Suspended company replacement timing | If a suspended company is removed, the reserve-list replacement is valued as at the close before inclusion and the change is effected after that close, before the next day's calculation. | This change will be effected after the close of the index calculation and prior to the start of the index calculation on the following day.Open p.16 ↗ |
A suspended constituent's replacement is selected using the close before inclusion and becomes effective between the close and the next calculation day. |
| Fast entry | Size threshold: full market capitalisation ranked 20th or higher; Timing: Inclusion is implemented after the close of business on the fifth day of trading, based on the first trading day's closing price; if that day falls during the index review week, inclusion occurs on the review effective date; Excluded boards: Variable, best effort and direct listing IPOs are excluded | that security will be eligible for fast entry inclusion to the FTSE China 50 Index providing it meets the following conditions: a. if it is a Fast Entry into the FTSE All-World IndexOpen p.15 ↗ |
An IPO security may enter early if it qualifies for fast entry into the FTSE All-World Index and ranks 20th or higher by full market capitalisation; it is added after the fifth trading day, while variable, best-effort and direct listings are excluded. |
| Ad-hoc deletion | Delisting, Acquisition, Other, Prolonged suspension | If a constituent is delisted, or ceases to have a firm quotation, or is subject to a takeover offer which has been declared wholly unconditional or has ceased to be a viable constituent as defined by the Ground RulesOpen p.14 ↗ |
A constituent may be removed outside a review if it is delisted, loses a firm quotation, becomes subject to a wholly unconditional takeover, ceases to be viable, or is removed under suspension rules. |
| Replacement policy | Reserve list | it will be removed from the list of constituents and replaced by the highest ranking company by full market capitalisation eligible on the Reserve List (see Rule 6.3)Open p.14 ↗ |
Ad hoc vacancies are filled by the highest-ranking eligible company by full market capitalisation from the Reserve List. |
| Merger spinoff rules | Mergers involving two constituents create a vacancy; a constituent acquired by a non-constituent is replaced, unless the resulting company ranks higher than reserve-list candidates; split or spun-off companies are assessed by full market capitalisation and may remain or create vacancies. | If the effect of a merger or takeover is that one constituent is absorbed by another constituent in the FTSE China 50 Index, the resulting company will remain a constituent of the index and a vacancy will be created.Open p.14 ↗ |
Merger and spin-off treatment depends on whether the surviving company is a constituent, its full market capitalisation and eligibility, with reserve-list replacements and at least two days' notice for spin-off changes. |
| 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 GuideOpen p.14 ↗ |
Detailed treatment of corporate actions, shares in issue, free float and suspensions is in the Corporate Actions and Events Guide. |
| M9 Calculation and return variants · 13 fields | |||
| Foreign exchange rates | Refinitiv real-time cross rates intraday; WM/Refinitiv Closing Spot Rates for end-of-day HKD and USD values | Refinitiv real time cross exchange rates are used during the intra-day calculation period for the FTSE China 50 Index.Open p.18 ↗ |
Intraday calculations use Refinitiv real-time cross exchange rates, while end-of-day Hong Kong dollar and US dollar values use WM/Refinitiv Closing Spot Rates. |
| Official closing index definition | last index value calculated at the end of the firm period | The Official Closing Index for the FTSE China 50 Index is the last index value calculated at the end of the firm period.Open p.25 ↗ |
The official closing index is the last index value calculated at the end of the firm period. |
| Market holiday rule | not calculated on Hong Kong public holidays | The FTSE China 50 Index will not be calculated on Hong Kong Public Holidays.Open p.25 ↗ |
The index is not calculated on Hong Kong public holidays. |
| Index hours | Open: 09:30; Close: 16:15; Timezone: Local Hong Kong Time; Continuous dissemination until: 16:00 HK time; Official closing values disseminated: 17:00 UK time | FTSE China 50 Index (HKD) 09:30 16:15* Stock Market Trading Times Stock Exchange of Hong Kong 09:30 12:00 13:00 16:00 All times are Local Hong Kong TimeOpen p.20 ↗ |
The index is scheduled from 09:30 to 16:15 Hong Kong Time, with continuous dissemination until 16:00 Hong Kong Time and official closing values disseminated at 17:00 UK Time. |
| Formula type | Divisor | – d is the divisor, a figure that represents the total issued share capital of the index at the base date. The divisor can be adjusted to allow changes in the issued share capital of individual securities to be made without distorting the index.Open p.21 ↗ |
The index is calculated using a market-capitalisation formula divided by an adjustable divisor. |
| Price source | Actual trade prices | 9.1.1 The FTSE China 50 Index uses actual trade prices for securities with local stock exchange quotations.Open p.18 ↗ |
The index uses actual trade prices for securities quoted on the local stock exchange, with the latest trade price—or the previous day's index closing price if unavailable—used in the formula. |
| Calculation frequency | Real time with official closing value | The FTSE China 50 Index is calculated in real time. The index is being calculated using trade prices from the Hong Kong stock exchange for all constituents during the hours of the Official Index PeriodOpen p.25 ↗ |
The index is calculated and disseminated in real time, followed by an official closing index value after closing foreign-exchange rates are received. |
| Return variants | PR, GTR, NTR | The following variants are, or if requested may be, calculated for certain indices within the index series: – Capital and total return indices. – Net total return indices based on specified withholding tax rates.Open p.3 ↗ |
The index series includes capital or price return, total return, and net total return variants. |
| Withholding tax basis | maximum withholding tax rates for institutional investors not resident in the same country and not benefiting from double taxation treaties | A net of tax Total Return Index is 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.18 ↗ |
The net total return index uses maximum withholding tax rates applicable to dividends received by non-resident institutional investors without double-taxation-treaty benefits. |
| Dividend treatment | ex-dividend adjustments with all dividends applied as declared | 9.3.1 The Total Return Index is based on ex dividend adjustments. All dividends are applied as declared in the FTSE Total Return Index.Open p.18 ↗ |
The total return index makes ex-dividend adjustments and applies all dividends as declared. |
| Divisor adjustment | changes in issued share capital of individual securities | The divisor can be adjusted to allow changes in the issued share capital of individual securities to be made without distorting the index.Open p.21 ↗ |
The divisor may be adjusted for changes in an individual security's issued share capital so that the index level is not distorted. |
| Market disruption rule | Refer to FTSE Russell Index Policy for Trading Halts and Market Closures and Index Policy in the Event Clients are Unable to Trade a Market or a Security. | 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.7 ↗ |
Treatment during trading halts, market closures, or situations where clients cannot trade a market or security is governed by separate FTSE Russell policy documents. |
| Recalculation policy | FTSE Russell follows its Index Recalculation Guidelines and notifies users through appropriate media when deciding whether to recalculate an index or reissue data products. | 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 China 50 Index will be notified through appropriate media.Open p.8 ↗ |
If an inaccuracy is identified, FTSE Russell follows its recalculation guidelines, determines whether recalculation or data reissue is required, and notifies users through appropriate media. |
| M10 Governance, change policy, disclosure · 16 fields | |||
| Benchmark administrator | FTSE International Limited (FTSE) | 2.1.1 FTSE is the benchmark administrator of the index.1Open p.5 ↗ |
FTSE International Limited is the benchmark administrator of the index. |
| Administrator responsibilities | Daily calculation, production, operation, records, constituent and weighting changes, periodic reviews, publication of weighting changes, and index dissemination. | FTSE is responsible for the daily calculation, production and operation of the index and will: – maintain records of the index weightings of all constituents;Open p.5 ↗ |
FTSE is responsible for daily calculation, operation, maintenance records, constituent and weighting changes, periodic reviews, publication, and dissemination of the index. |
| 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 FTSE Russell 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 the FTSE Russell Index Governance Board.Open p.7 ↗ |
The Statement of Principles is reviewed annually, with proposed changes presented to the Policy Advisory Board before approval by the Index Governance Board. |
| Appeals and complaints | Eligible companies, organisations, or groups of at least ten users from different organisations may appeal; FTSE Russell provides complaints and appeals procedures. | A constituent or prospective constituent company (or professional advisor acting on behalf of the company), a national organisation or a group of no fewer than ten users of the Indices from different organisations acting in their professional capacity may appeal against decisions taken by FTSE Russell.Open p.7 ↗ |
Certain companies, organisations, or groups of at least ten users from different organisations may appeal decisions, using FTSE Russell's complaints and appeal procedures. |
| Unprecedented treatment notice | After determining treatment for a silent or ambiguous matter, 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 as soon as possible after resolving an unaddressed or ambiguous matter, and that treatment is not treated as an exception, amendment, or precedent. |
| Methodology change policy reference | Policy for Benchmark Methodology Changes | Details of FTSE Russell’s policy for making benchmark methodology changes can be accessed using the following link: Policy_for_Benchmark_Methodology_Changes.pdfOpen p.8 ↗ |
FTSE Russell's detailed policy for benchmark methodology changes is contained in a separate policy document. |
| Governance framework | FTSE Russell governance framework incorporating the London Stock Exchange Group's three lines of defence risk management framework. | To oversee its indices, FTSE Russell employs a governance framework that encompasses product, service and technology governance. The framework incorporates the London Stock Exchange Group’s three lines of defence risk management frameworkOpen p.8 ↗ |
FTSE Russell uses a governance framework covering product, service, and technology governance and incorporating the LSEG three lines of defence model. |
| Oversight body | FTSE Russell Asia Pacific Regional Equity Advisory Committee, FTSE Russell Index Governance Board | To assist in the oversight of the indices FTSE Russell has established the FTSE Russell Asia Pacific Regional Equity Advisory Committee.Open p.5 ↗ |
The Asia Pacific Regional Equity Advisory Committee assists in index oversight, and the FTSE Russell Index Governance Board approves significant rule changes after consultation feedback. |
| Discretion points | When the Ground Rules are silent or do not specifically and unambiguously apply, FTSE Russell decides treatment by reference to the Statement of Principles., FTSE Russell determines appropriate treatment where the rules do not fully cover a specific event or development. | 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 when the Ground Rules are silent, ambiguous, or do not fully cover a specific event, using the Statement of Principles. |
| Methodology review frequency | at least annually | 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.Open p.5 ↗ |
The Ground Rules are reviewed regularly at least once each year. |
| External review | Significant amendments are consulted on with FTSE Russell advisory committees and other stakeholders when appropriate; feedback is considered by the FTSE Russell Index Governance 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.5 ↗ |
Significant Ground Rules amendments undergo consultation with advisory committees and, where appropriate, other stakeholders before Index Governance Board approval. |
| Consultation procedure | Consult FTSE Russell advisory committees and other stakeholders if appropriate, consider feedback, and obtain FTSE Russell Index Governance Board approval. | 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.5 ↗ |
For significant amendments, FTSE Russell consults advisory committees and other stakeholders as appropriate, considers their feedback, and seeks Index Governance Board approval. |
| Error correction policy | Follow the FTSE Russell Index Recalculation Guidelines to determine whether an index should be recalculated or associated data products reissued, and notify users 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 China 50 Index will be notified through appropriate media.Open p.8 ↗ |
When an inaccuracy is identified, FTSE Russell applies its recalculation guidelines, decides on recalculation or reissue, and notifies users through appropriate media. |
| Change announcement | appropriate media, FTSE Russell website | Users of the FTSE China 50 Index will be notified through appropriate media. For further information refer to the FTSE Russell Recalculation Policy and Guidelines document which is available from the FTSE websiteOpen p.8 ↗ |
FTSE Russell publishes or links relevant policies and notices through appropriate media and the FTSE Russell website. |
| Constituents published | Bool: Yes; Frequency: changes published as part of ongoing maintenance and periodic reviews | – publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviews;Open p.5 ↗ |
FTSE publishes changes to constituent weightings resulting from ongoing maintenance and periodic reviews. |
| Cessation policy | External factors may necessitate changes to or cessation of the index; users and referencing products should be able to withstand or address that possibility. | FTSE Russell hereby notifies users of the index that it is possible that factors, including external factors beyond the control of FTSE Russell, may necessitate changes to, or the cessation, of the indexOpen p.4 ↗ |
FTSE Russell warns that factors outside its control may require changing or stopping the index and that referencing contracts, instruments, and funds should address that possibility. |
Open points · 27Model-written, for reference
- 1Index code, ISIN, and third-party data-vendor tickers were not stated.
- 2Launch date, base date, and base value were not stated.
- 3Methodology publication date was not stated; only version v4.7 was shown.
- 4Calculation agent was not separately identified from FTSE Russell.
- 5No explicit size-segment enum was stated for the FTSE China 50 Index.
- 6The numerical minimum foreign headroom threshold was not stated and is incorporated by external reference.
- 7The numerical FTSE All-World minimum liquidity threshold was not stated.
- 8Minimum voting rights, minimum price, financial screens, and an extreme price screen were not stated.
- 9No explicit treatment of suspensions beyond non-trading-day frequency was stated.
- 10The nationality assignment rule beyond eligibility of H Shares, P Chips, and Red Chips was not detailed.
- 11Free-float factor bands are not specified.
- 12Domestic inclusion factor is not specified.
- 13Sector cap and country cap are not specified.
- 14Shares outstanding source and update timing are not specified.
- 15Divisor adjustment rule is not specified.
- 16No explicit size-segment migration buffer was stated beyond the 40th-place insertion and 61st-place deletion rank bands.
- 17No relaxed liquidity threshold for existing constituents was stated.
- 18No maximum turnover or number of constituent changes per review was stated.
- 19No explicit deletion price or last-traded-price rule was stated.
- 20No numerical threshold for implementing shares-in-issue or free-float changes between reviews was stated; the document refers these matters to the Corporate Actions and Events Guide.
- 21The document does not specify the number of decimal places used for published index levels.
- 22The document does not define a specific notice period in trading days, business days, calendar days, weeks, or months for methodology or constituent changes.
- 23The document does not provide a precise definition of material change beyond references to significant amendments and a separate methodology-change policy.
- 24The document does not state a publication frequency for the complete constituent list; it only states that changes to constituent weightings are published.
- 25The provided text does not include detailed cessation procedures beyond warning that cessation may occur and linking products should address that risk.
- 26The provided excerpts do not specify the real-time calculation interval.
- 27The detailed operational market-disruption treatment is contained in externally linked policy documents and is not reproduced.
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