Also known as: XIN9I Index (Bloomberg)
At a glance
- Review frequencyQuarterly
- Buffer40 / 61
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 16 fields | |||
| Stock Connect access | Yes | of the mainland Chinese market that is available to international investors via the Stock Connect program.Open p.3 ↗ |
The measured mainland Chinese market is the portion available to international investors via the Stock Connect program. |
| Industry classification | Industry Classification Benchmark (ICB) | The FTSE China A50 Index constituents are classified into Industries, Supersectors, Sectors and Subsectors, as defined by the Industry Classification Benchmark (ICB).Open p.17 ↗ |
Constituents are classified using the Industry Classification Benchmark. |
| Index name | FTSE China A50 Index | The FTSE China A50 Index is designed to represent the performance of the 50 largest companies by full market capitalisation of the mainland Chinese marketOpen p.3 ↗ |
The official index name is the FTSE China A50 Index. |
| Index short name | China A50 | The FTSE China A50 Index is designed to represent the performance of the 50 largest companies by full market capitalisationOpen p.3 ↗ |
The short name used in the document is China A50. |
| Administrator | FTSE Russell | lseg.com/en/ftse-russellOpen p.1 ↗ |
FTSE Russell is the index provider and benchmark administrator. |
| Index family | FTSE China A Index Series | The FTSE China A50 Index is a subset of the FTSE China A All Cap Index.Open p.3 ↗ |
The index belongs to FTSE Russell's China A index family and is a subset of the FTSE China A All Cap Index. |
| Parent index | FTSE China A All Cap Index | The FTSE China A50 Index is a subset of the FTSE China A All Cap Index.Open p.3 ↗ |
The FTSE China A50 Index is drawn from the FTSE China A All Cap Index. |
| Currency | CNH, HKD, USD | The FTSE China A50 Index is calculated in Offshore Renminbi (CNH) for real time calculations, and is calculated in Offshore Renminbi (CNH), Hong Kong dollars and US dollars for end of day index values.Open p.20 ↗ |
Real-time index calculation is in offshore renminbi, and end-of-day values are calculated in offshore renminbi, Hong Kong dollars, and US dollars. |
| Methodology version | v2.8 | The Ground Rules document is version v2.8. | |
| Benchmark type | Not stated | This document sets out the Ground Rules for the construction and management of the FTSE China A50 Index.Open p.3 ↗ |
The document does not classify the index as a regulated, significant, or non-significant benchmark. |
| Objective | The FTSE China A50 Index is designed to represent the performance of the 50 largest companies by full market capitalisation of the mainland Chinese market that is available to international investors via the Stock Connect program. | The FTSE China A50 Index is designed to represent the performance of the 50 largest companies by full market capitalisation of the mainland Chinese market that is available to international investors via the Stock Connect program.Open p.3 ↗ |
The index is designed to represent the performance of the 50 largest full-market-capitalisation mainland Chinese companies available to international investors through Stock Connect. |
| Market classification | China A | The FTSE China A50 Index consists of A share classes of equity that trade on the Shanghai and Shenzhen stock exchanges.Open p.19 ↗ |
The index covers China A-share companies listed on mainland Chinese exchanges. |
| Size segment | Large | The FTSE China A50 Index is designed to represent the performance of the 50 largest companies by full market capitalisationOpen p.3 ↗ |
The index targets the 50 largest companies by full market capitalisation. |
| Index family type | Market cap | The FTSE China A All Cap Index is a free float adjusted index that comprises large, mid and small cap China A-share companies.Open p.3 ↗ |
The index is a free-float-adjusted market-capitalisation index selected by full market capitalisation. |
| Factor exposures | — | The FTSE China A50 Index does not take account of ESG factors in its index design.Open p.3 ↗ |
The index methodology does not identify factor exposures. |
| Limitations | The index does not take account of ESG factors in its index design. | The FTSE China A50 Index does not take account of ESG factors in its index design.Open p.3 ↗ |
A stated design limitation is that the index does not take account of ESG factors. |
| M2 Universe · 7 fields | |||
| All share classes included for ranking | Yes | In determining the full market capitalisation of a company for ranking purposes, all share classes are included, while only the eligible share classes are included in the index weighting.Open p.19 ↗ |
All share classes are included when determining full market capitalisation for ranking, while only eligible share classes are included in index weighting. |
| Markets | China | Region Country Exchange Locations Market Sections Asia/Pacific China (the People’s Republic of)Open p.20 ↗ |
The eligible market is China, listed as China (the People's Republic of) in the Asia/Pacific region. |
| Exchanges | Shanghai Stock Exchange, Shenzhen Stock Exchange | The FTSE China A50 Index consists of A share classes of equity that trade on the Shanghai and Shenzhen stock exchanges.Open p.19 ↗ |
Eligible securities trade on the Shanghai and Shenzhen stock exchanges. |
| Boards | Shanghai Main Board, STAR Board, Shenzhen Main Board, ChiNext Board | Shanghai Main Board, STAR Board Shenzhen Main Board, ChiNext BoardOpen p.20 ↗ |
The eligible exchange sections are the Shanghai Main Board and STAR Board and the Shenzhen Main Board and ChiNext Board. |
| Security types | A share | The FTSE China A50 Index consists of A share classes of equity that trade on the Shanghai and Shenzhen stock exchanges.Open p.19 ↗ |
The index includes A share classes of equity. |
| Parent universe index | FTSE China A All Cap Index | The constituents of the FTSE China A All Cap Index are eligible for inclusion in the FTSE China A50 Index, subject to conforming with following screensOpen p.10 ↗ |
Constituents of the FTSE China A All Cap Index are the eligible securities screened for inclusion in the FTSE China A50 Index. |
| Exclusions | Closed End Investments classified by ICB as 30204000, Open End and Miscellaneous Investment Vehicles classified by ICB as 30205000, Limited Liability Partnerships, Limited Partnerships, Master Limited Partnerships, Limited Liability Companies, Business Development Companies, Stapled units combining eligible and non-eligible securities, Convertible preference shares until converted, Loan stocks until converted, Securities under exchange surveillance assigned to Special Treatment segments | 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.9 ↗ |
Certain investment entities, partnership and company structures, ineligible stapled units, unconverted convertible securities, and surveilled Special Treatment securities are excluded. |
| M3 Eligibility screens · 11 fields | |||
| Foreign ownership adjustment | Yes | Constituents of the FTSE China A50 Index are adjusted for free float and foreign ownership limits.Open p.10 ↗ |
Index constituents are adjusted for free float and foreign ownership limits. |
| Total a shares calculation | Total A Shares = Tradable A Shares + Non-Tradable A Shares + Non-negotiable Shares (if applicable) | “Total A Shares =Tradable A Shares + Non-Tradable A Shares + Non-negotiable Shares*” * if applicableOpen p.10 ↗ |
Total A shares are calculated as tradable A shares plus non-tradable A shares plus non-negotiable shares, where applicable. |
| Surveillance segments rule | Ineligible segments: Special Treatment (ST); Existing constituent treatment: Deleted at the next quarterly review; Reconsideration period: 12; Reconsideration period unit: Months | Where an existing constituent is assigned to an ineligible segment it will normally be deleted from the index at the next quarterly review and it will only be reconsidered for index inclusion after a period of 12 monthsOpen p.11 ↗ |
Securities assigned to surveilled Special Treatment segments are ineligible; existing constituents are normally deleted at the next quarterly review and may be reconsidered after 12 months. |
| Non trading day threshold | 60 trading days | 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 ↗ |
A security that has not traded on 60 or more trading days during the past year is ineligible, with pro-rating for shorter listing histories. |
| Post announcement surveillance assessment | Case-by-case assessment; scheduled additions and investability changes may not be implemented. | Securities that are assigned to the above segments after the review announcement date but before the index review effective date are assessed on a case-by-case basisOpen p.11 ↗ |
Securities placed into ineligible surveillance segments after the review announcement but before implementation are assessed case by case and may have scheduled changes withdrawn. |
| Trading history | Minimum value: 12 months; Exceptions: Securities without a full year of trading have the 60 non-trading-day requirement pro-rated based on available trading days since listing | If a security does not have a full year of trading, the 60day period will be pro-rated according to the number of available trading days passed since its listing.Open p.11 ↗ |
The trading screen uses the past year since listing, with the 60 non-trading-day threshold pro-rated for securities lacking a full year of trading history. |
| Liquidity screen | Metric: Liquidity ratio; Window: Monthly | Each security will be tested for liquidity semi-annually in March and September by calculation of its monthly median of daily trading volume as part of the FTSE China A All Cap Index review.Open p.11 ↗ |
Liquidity is tested semi-annually in March and September using each security's monthly median of daily trading volume, with the detailed threshold in the cited GEIS calculation guide. |
| Minimum size | Metric: Rank; Threshold: 50 | represent the performance of the 50 largest companies by full market capitalisation of the mainland Chinese marketOpen p.3 ↗ |
The index is composed of the 50 largest companies by full market capitalisation. |
| Minimum free float | 5% | Companies with a free float of 5% or below are not eligible for inclusion in the Index, unless they exceed 10 times the FTSE GEIS China region inclusion percentage level by investable market capitalisation.Open p.10 ↗ |
Companies with free float of 5% or below are ineligible unless their investable market capitalisation exceeds 10 times the FTSE GEIS China region 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.10 ↗ |
Foreign headroom is defined as available foreign investor shares divided by the foreign ownership limit, but the numerical minimum threshold is contained in the cited external restrictions document. |
| Suspension rule | Securities that have not traded on 60 or more trading days during the past year up to the review cut-off date are ineligible; market holidays and unscheduled closures do not count, but other non-trading reasons are not considered. | 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 ↗ |
Non-trading securities are assessed by the trading screen, without considering reasons other than market holidays and unscheduled closures. |
| M4 Selection and constituent count · 4 fields | |||
| Reserve list use period | Used if one or more constituents are deleted before the next quarterly review. | This Reserve List will be used in the event that one or more constituents is deleted from the FTSE China A50 Index during the period up to the next quarterly review.Open p.13 ↗ |
The reserve list is used to replace constituents deleted during the period up to the next quarterly review. |
| Reserve list candidate universe | FTSE China A All Cap Index | Companies on the Reserve Lists are constituents of the FTSE China A All Cap Index.Open p.13 ↗ |
Companies on the reserve list are constituents of the FTSE China A All Cap Index. |
| Reserve list exhaustion replacement | If all original reserve-list stocks have been used, the highest-ranking non-current constituent of the FTSE China A All Cap Index is selected based on prices two days before the deletion. | In the event that all the original Reserve List stocks have been used, the highest ranking constituent of the FTSE China A All Cap Index, which is not a current constituent of the FTSE China A50 Index, is selected as the replacement company based on prices two days prior to the deletion of a constituent.Open p.13 ↗ |
When reserve-list stocks are exhausted, the replacement is the highest-ranking FTSE China A All Cap constituent not already in the China A50, ranked using prices two days before the deletion. |
| Reserve list | Size rule: five highest-ranking non-constituent securities published at each quarterly review | FTSE Russell is responsible for publishing the five highest ranking securities that are not constituents of the FTSE China A50 Index at the time of each quarterly review.Open p.13 ↗ |
FTSE Russell publishes the five highest-ranking eligible non-constituents as the reserve list at each quarterly review. |
| M6 Review and rebalance schedule · 7 fields | |||
| Northbound Stock Connect screen cutoff | Close of business on the Thursday four weeks prior to the third Friday of the review month. | The cut-off date for this screening is the close of business on the Thursday four weeks prior to the third Friday of the review month.Open p.12 ↗ |
The Northbound Stock Connect eligibility screen uses the close on the Thursday four weeks before the third Friday of the review month. |
| Review frequency | Quarterly | The quarterly review of the FTSE China A50 Index takes place in March, June, September and December.Open p.12 ↗ |
The FTSE China A50 Index is reviewed quarterly. |
| Review types | Quarterly review, Ad hoc | The quarterly review of the FTSE China A50 Index takes place in March, June, September and December.Open p.12 ↗ |
The index uses quarterly reviews, with removals and replacements also occurring between reviews when required. |
| Review months | March, June, September, December | The quarterly review of the FTSE China A50 Index takes place in March, June, September and December.Open p.12 ↗ |
Quarterly reviews take place in March, June, September and December. |
| Data cutoff rule | Constituents are reviewed using data from the close of business on the Monday following the third Friday in February, May, August and November; if that Monday is a market holiday in China or Hong Kong, the prior 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 ↗ |
Quarterly review data are taken at the close on the Monday after the third Friday of February, May, August and November, or the prior common trading day if that Monday is a holiday in China or Hong Kong. |
| 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 the close on the Wednesday before the first Friday of the review month. |
| Effective date rule | Constituent 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 become effective after the close on the third Friday of March, June, September and December. |
| M7 Buffers and turnover control · 2 fields | |||
| Constant constituent count rule | The number of constituents is held constant by adding the highest-ranking eligible non-constituents or deleting the lowest-ranking current constituents so insertions and deletions match. | A constant number of constituents will be maintained for the FTSE China A50 Index. Where a greater number of companies qualify to be inserted in an index than those qualifying to be deleted, the lowest ranking constituents presently included in the index will be deleted to ensure that an equal number of companies are inserted and deleted at the periodic review.Open p.13 ↗ |
At each quarterly review, the number of additions and deletions is equalised to maintain a constant number of constituents. |
| Buffer zone | Entry rank: 40; Exit rank: 61 | A non-constituent will be inserted at the periodic review if it rises to 40th or above when the eligible securities of the FTSE China A50 Index are ranked by full market capitalisation.Open p.12 ↗ |
A non-constituent ranked 40th or higher by full market capitalisation is inserted, while an existing constituent ranked 61st or lower is deleted. |
| M8 Corporate actions, IPOs, ad-hoc changes · 11 fields | |||
| Removal notice period | 2 days | The removal and replacement are implemented simultaneously with the provision of a minimum two days’ notice period.Open p.14 ↗ |
Removals and replacements are implemented simultaneously with at least two days' notice. |
| Replacement ranking reference time | Reserve List ranking is measured as at the close of the index calculation two days prior to 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 ↗ |
The Reserve List replacement is selected by full market capitalisation ranking at the index calculation close two days before the deletion. |
| Share changes guide reference | Changes to shares in issue are covered by the Corporate Actions and Events Guide. | Changes to the number of shares in issue for constituent securities are covered in the Corporate Actions and Events Guide.Open p.15 ↗ |
The treatment of changes in the number of shares in issue is set out in the Corporate Actions and Events Guide. |
| Free float changes guide reference | Changes to free float are covered by the Corporate Actions and Events Guide. | Changes to free float for constituent securities are covered in the Corporate Actions and Events Guide.Open p.15 ↗ |
The treatment of free-float changes is set out in the Corporate Actions and Events Guide. |
| Northbound removal timing | Removal from the index is concurrent with removal from the Northbound China Stock Connect Scheme Buy-and-Sell List. | 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.16 ↗ |
If a constituent loses Northbound Stock Connect buy-and-sell eligibility, it is deleted at the same time as the list change. |
| Post review announcement replacement | If a company is scheduled for deletion after quarterly changes are announced but before implementation, the highest-ranking company from the new Reserve List, excluding current constituents, replaces it. | Where a company is scheduled to be deleted after the periodic review changes have been announced but before they have been implemented, the highest ranking company from the new Reserve List (see Rule 6.3), excluding current index constituents, is selected as the replacement company.Open p.13 ↗ |
A deletion occurring after announcement but before implementation is replaced using the highest-ranked non-constituent from the newly published Reserve List. |
| Fast entry | Timing: No intra-review additions; eligible newly issued securities are considered at the next quarterly review if large enough | There will be no intra review additions for the FTSE China A50 Index. Newly issued securities which meet the criteria for eligible securities set out in Section 4 and Section 5 will be eligible for inclusion at the next quarterly review if large enough to become constituents of the FTSE China A50 Index.Open p.14 ↗ |
There are no fast additions between quarterly reviews; new issues qualify only at the next quarterly review if they meet eligibility and size requirements. |
| Ad-hoc deletion | Delisting, Acquisition, Other, Prolonged suspension | If a constituent ceases to be an eligible constituent of the FTSE China A All Cap Index, 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 Rules, it will be removedOpen p.14 ↗ |
A constituent may be removed outside a review if it is no longer eligible for the FTSE China A All Cap Index, is delisted, lacks a firm quotation, becomes subject to a wholly unconditional takeover offer, ceases to be viable, or is removed from the Northbound Stock Connect buy-and-sell list; suspension rules are handled under the corporate actions guide. |
| Replacement policy | Reserve list | be replaced by the highest ranking company by full market capitalisation 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 ↗ |
Companies removed outside a review are replaced by the highest-ranking eligible company on the Reserve List. |
| Merger spinoff rules | If one constituent absorbs another, the resulting company remains and the vacancy is filled from the Reserve List. If a non-constituent acquires a constituent, the resulting company replaces it if eligible; otherwise the Reserve List is used. Spin-off companies are assessed by full market capitalisation on the first trading day and may create a temporary excess of constituents; the smallest constituent is removed where required. | If the effect of a merger or takeover is that one constituent in the FTSE China A50 Index is absorbed by another constituent, the resulting company will remain a constituent of the appropriate index, and a vacancy will be created.Open p.15 ↗ |
Mergers, takeovers and spin-offs are handled by retaining eligible resulting companies and filling vacancies from the Reserve List, with spin-off eligibility assessed using first-day full market capitalisations. |
| Corporate actions guide ref | Corporate_Actions_and_Events_Guide.pdf | Full details of changes to constituent companies due to corporate actions and events can be accessed in the Corporate Actions and Events Guide using the following link: Corporate_Actions_and_Events_Guide.pdfOpen p.15 ↗ |
Detailed corporate actions and events rules are provided in the Corporate Actions and Events Guide. |
| M9 Calculation and return variants · 13 fields | |||
| Foreign exchange rate source | WMR FX Benchmarks real-time exchange rates | WMR FX Benchmarks real-time exchange rates are used in the calculation which are disseminated in real time.Open p.18 ↗ |
WMR FX Benchmarks real-time exchange rates are used and disseminated in real time in the calculation. |
| Holiday calculation rule | Calculated on public holidays when at least one exchange is trading, but not on 1 January. | The FTSE China A50 Index is calculated on public holidays whenever at least one exchange is trading. The Index will not be calculated on 1 January.Open p.21 ↗ |
The index is calculated on public holidays whenever at least one exchange is trading and is not calculated on 1 January. |
| Index hours local time | Open: 09:30; Close: 15:00; Timezone: Local China Time | Index Open Close FTSE China A50 Index 09:30 15:00Open p.21 ↗ |
The FTSE China A50 Index is open from 09:30 to 15:00 Local China Time. |
| Untradeable market or security policy | Separate FTSE Russell policy applies when clients cannot trade a market or security. | Details of FTSE Russell’s treatment can be accessed using the following link: Index_Policy_in_the_Event_Clients_are_Unable_to_Trade_a_Market_or_a_Security.pdfOpen p.7 ↗ |
Treatment where clients cannot trade a market or security is set out in a separate FTSE Russell policy document. |
| Real time status definitions reference | Separate Real Time Status Definitions guide applies. | Please refer to the following guide for details of real time status definitions for indices which are calculated in real time.Open p.8 ↗ |
Details of real-time index status definitions are provided in a separate FTSE Russell guide. |
| 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.18 ↗ |
The index is calculated using a divisor-based formula. |
| Price source | Actual trade prices | The FTSE China A50 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, and the algorithm uses the latest trade price or the previous day's closing price. |
| Calculation frequency | Real time intra second streaming and end of day | The FTSE China A50 Index is calculated in real time. The FTSE China A50 Index is published on an intra-second streaming basis.Open p.22 ↗ |
The index is calculated in real time, published on an intra-second streaming basis, and total return indices are published at the end of each working day. |
| Return variants | PR, GTR | Cash dividends are included in the total return calculations of the FTSE China A50 Index based on their exdividend dates.Open p.18 ↗ |
The document identifies the real-time FTSE China A50 Index and total return indices, supporting price and gross total return variants; no net total return variant is stated. |
| Dividend treatment | Cash dividends are included in total return calculations based on ex-dividend dates. | Cash dividends are included in the total return calculations of the FTSE China A50 Index based on their exdividend dates.Open p.18 ↗ |
Cash dividends are included in total return index calculations according to their ex-dividend dates. |
| 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.18 ↗ |
The divisor may be adjusted for changes in individual securities' issued share capital so that the index is not distorted. |
| Market disruption rule | FTSE Russell's separate trading halts and market closures policy applies. | 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 ↗ |
Guidance for index changes during trading halts or market closures is contained in FTSE Russell's separate Index Policy for Trading Halts and Market Closures. |
| Recalculation policy | Follow FTSE Russell Index Recalculation Guidelines 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 A50 Index will be notified through appropriate media.Open p.8 ↗ |
If an inaccuracy is identified, FTSE Russell follows its Index Recalculation Guidelines to determine whether recalculation or data-product reissue is needed and notifies users through appropriate media. |
| M10 Governance, change policy, disclosure · 18 fields | |||
| Benchmark administrator | FTSE International Limited (FTSE) | FTSE is the benchmark administrator of the index.1Open p.5 ↗ |
FTSE International Limited is the benchmark administrator of the index. |
| Daily operation responsibility | FTSE is responsible for daily calculation, production, operation, maintenance, periodic reviews, publication of weighting changes, and dissemination of 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;Open p.5 ↗ |
FTSE is responsible for the daily calculation, production, and operation of the index series and for maintenance, reviews, publication of changes, and index dissemination. |
| Advisory committee terms reference | Published on the FTSE Russell website | The Terms of Reference of the FTSE Russell Advisory Committees are set out on the FTSE Russell website. Terms-of-ReferenceOpen p.5 ↗ |
The terms of reference of the FTSE Russell advisory committees are published on the FTSE Russell website. |
| Appeals eligibility | Eligible appellants: A constituent or prospective constituent company, A professional adviser acting on behalf of such a company, A national organisation, A group of at least 10 users of the index from different organisations acting in professional capacities | 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 10 users of the Index from different organisations acting in their professional capacity may appeal against decisions taken by FTSE Russell.Open p.7 ↗ |
A constituent or prospective constituent, its professional adviser, a national organisation, or a group of at least 10 users from different organisations may appeal FTSE Russell decisions. |
| Complaints policy reference | Benchmark Determination Complaints Handling Policy | FTSE Russell’s complaints procedure can be accessed using the following link: Benchmark_Determination_Complaints_Handling_Policy.pdfOpen p.7 ↗ |
FTSE Russell's complaints procedure is available in a separate policy document. |
| Appeals process reference | Appeals Against Decisions | FTSE Russell’s Appeal Process can be accessed using the following link: Appeals_Against_Decisions.pdfOpen p.7 ↗ |
FTSE Russell's appeal process is available in a separate document. |
| 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 available separately. |
| Governance framework | FTSE Russell Governance Framework incorporating LSEG'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 LSEG's three lines of defence risk framework. |
| IOSCO compliance statement | FTSE Russell considers the FTSE China A50 Index to meet the July 2013 IOSCO Principles for Financial Benchmarks. | FTSE Russell considers that the FTSE China A50 Index meets the IOSCO Principles for Financial Benchmarks as published in July 2013.Open p.3 ↗ |
FTSE Russell states that the FTSE China A50 Index meets the IOSCO Principles for Financial Benchmarks published in July 2013. |
| Oversight body | FTSE Russell Index Governance Board, FTSE Russell Asia Pacific Regional Equity Advisory Committee, FTSE Russell Industry Classification Advisory Committee, FTSE Russell Policy Advisory Board | FTSE Russell Asia Pacific Regional Equity Advisory Committee – FTSE Russell Industry Classification Advisory Committee – FTSE Russell Policy Advisory BoardOpen p.5 ↗ |
FTSE Russell uses the Index Governance Board and external advisory committees, including Asia Pacific regional equity, industry classification, and policy advisory bodies, to oversee its indices. |
| Discretion points | When the Ground Rules are silent or do not specifically and unambiguously apply to a decision, When a specific event or development is not fully covered by the Rules | 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 by reference to the Statement of Principles when the Ground Rules are silent, ambiguous, or do not fully cover an event or development. |
| 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.6 ↗ |
The Ground Rules are reviewed regularly, at least once a year, and the Statement of Principles is also reviewed annually. |
| External review | Significant Ground Rules amendments are consulted on with advisory committees and other stakeholders when appropriate, and feedback is considered by the 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.6 ↗ |
Significant amendments are subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate, with feedback considered by the Index Governance Board before approval. |
| Material change definition | significant amendments to the Ground Rules | Any proposals for significant amendments to these Ground Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate.Open p.6 ↗ |
The document refers to significant amendments to the Ground Rules as the category triggering consultation, but it does not provide a more detailed definition. |
| Consultation procedure | Consult advisory committees and other stakeholders if appropriate; consider feedback by the Index Governance Board before 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.6 ↗ |
For significant amendments, FTSE Russell consults advisory committees and other stakeholders as appropriate, considers feedback, and obtains Index Governance Board approval. |
| Error correction policy | Follow the FTSE Russell Index Recalculation Guidelines 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 A50 Index will be notified through appropriate media.Open p.8 ↗ |
When an inaccuracy is identified, FTSE Russell applies its recalculation guidelines to decide whether to recalculate the index or reissue associated data and notifies users through appropriate media. |
| Change announcement | FTSE Russell website, appropriate media, market notices for discretionary determinations | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviews; – disseminate the Indices.Open p.5 ↗ |
FTSE Russell publishes policy documents on its website, disseminates indices and changes, notifies users through appropriate media, and advises the market of discretionary determinations at the earliest opportunity. |
| Cessation policy | External events may necessitate changes to or cessation of the index series; users and referencing products should be able to withstand or address that possibility. | 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.3 ↗ |
FTSE Russell notifies users that circumstances, including external events outside its control, may require changes to or cessation of the index series. |
Open points · 25Model-written, for reference
- 1Index code, ISIN, and third-party vendor tickers were not stated.
- 2Calculation agent was not explicitly identified separately from FTSE Russell.
- 3Launch date, base date, and base value were not stated.
- 4Methodology publication date was not stated; only version v2.8 was shown.
- 5Intended use for ETFs, derivatives, or other products was not stated.
- 6The numerical minimum foreign headroom threshold is not stated and is deferred to an external Foreign Ownership Restrictions document.
- 7The numerical liquidity threshold is not stated and is deferred to the FTSE GEIS median liquidity test guide.
- 8Minimum voting rights, minimum price, financial-health screens, ESG exclusions beyond the statement that ESG factors are not considered, and an extreme price screen were not stated.
- 9A company nationality assignment rule was not stated, although the market is China and securities are China A shares.
- 10Selection method, ranking metrics, target constituent count, tie-break rule, and industry neutrality rule are not stated.
- 11Weighting scheme, free-float factor, ownership limits, caps, share-count source, and divisor adjustment rules are not stated.
- 12No separate rebalance frequency or weight-reset frequency is stated beyond the quarterly constituent review.
- 13No size-segment buffer thresholds are stated.
- 14No relaxed liquidity threshold for existing constituents is stated.
- 15No maximum turnover cap per review is stated; the document instead maintains a constant constituent count through matched additions and deletions.
- 16No explicit deletion price is stated.
- 17No numerical threshold for implementing share or free-float changes between reviews is stated; the supplied text refers readers to the Corporate Actions and Events Guide.
- 18The day type for the minimum two-day removal notice is not specified as trading, business, or calendar days.
- 19The document does not state the number of decimal places used for the published index level.
- 20The document does not specify a withholding tax basis for net total return indices or explicitly state that an NTR variant exists.
- 21The document does not provide a quantitative notice period for methodology changes, constituent changes, or index cessation.
- 22The document does not state whether a full constituent list is published or its publication frequency, although constituent weighting changes are published.
- 23Detailed market-disruption calculation treatments are only referenced through external policy documents and are not reproduced.
- 24The document does not provide a detailed definition of material change beyond the phrase 'significant amendments'.
- 25Not coveredM5 Weighting and capping: not covered by this edition
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