Also known as: ENGL Index (Bloomberg)
At a glance
- Weighting schemeFree float market cap
- Review frequencyQuarterly
- Constituent count40 for Developed Europe Liquid 40 variants; 33 for Developed Asia 33; 50 for Asia Pacific Select REITs; variable n for Super Liquid, normally at least 20 and at least 10 if the underlying index falls below 20
- Single cap10
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 15 fields | |||
| Return variants | Capital return, Total return, Net total return | Two values for each index are calculated: (1) a capital return and (2) a total return. A net total return value is also calculated (see Appendix 3).Open p.3 ↗ |
Capital return and total return values are calculated, and a net total return value is also calculated. |
| Index name | FTSE EPRA Nareit Global Real Estate Index Series | This document sets out the Ground Rules for the construction and management of the FTSE EPRA Nareit Global Real Estate Index Series.Open p.3 ↗ |
The official index family name is the FTSE EPRA Nareit Global Real Estate Index Series. |
| Index short name | FTSE EPRA Nareit Global Index | The flagship index for the family is the FTSE EPRA Nareit Global Index 1.Open p.30 ↗ |
The document identifies the FTSE EPRA Nareit Global Index as the flagship index for the family. |
| Administrator | FTSE International Limited (FTSE Russell) | Copies of the Ground Rules are available from FTSE International Limited (“FTSE”).Open p.3 ↗ |
FTSE International Limited, referred to as FTSE, publishes the Ground Rules for the index series. |
| Index family | FTSE EPRA Nareit Global Real Estate Index Series | The FTSE EPRA Nareit Global Real Estate Index Series is designed to represent general trends in eligible listed real estate stocks worldwide.Open p.3 ↗ |
The index belongs to the FTSE EPRA Nareit Global Real Estate Index Series. |
| Base value | — | — (not found verbatim in the PDF) |
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| Currency | EUR, USD, GBP, JPY, AUD | The main calculation currency is the Euro although the indices are also calculated in US Dollar, British Sterling and Japanese Yen on an end-of-day basis. The FTSE EPRA Nareit Pure Australia Index is also calculated in Australian dollar.Open p.3 ↗ |
The main calculation currency is the Euro, with indices also calculated in US dollars, British sterling, Japanese yen, and Australian dollars for the Pure Australia Index. |
| Methodology version | v12.9 | The methodology document is version v12.9. | |
| Benchmark type | Not stated | — (not found verbatim in the PDF) |
The provided sections do not classify the index series as a regulated, significant, or non-significant benchmark. |
| Objective | Represent general trends in eligible listed real estate stocks worldwide | The FTSE EPRA Nareit Global Real Estate Index Series is designed to represent general trends in eligible listed real estate stocks worldwide.Open p.3 ↗ |
The index series is designed to represent general trends in eligible listed real estate stocks worldwide. |
| Market classification | Global | The index series is designed to reflect the stock performance of companies engaged in specific aspects of the major real estate markets/regions of the world - Americas, EMEA (Europe, Middle East and Africa) and Asia.Open p.3 ↗ |
The index series covers eligible listed real estate stocks worldwide across the Americas, EMEA, and Asia. |
| Size segment | Custom | The size rule of the FTSE EPRA Nareit Global Real Estate Index Series is a relative measure that is expressed as a percentage of the regional index market capitalisationOpen p.15 ↗ |
The family uses a relative regional size rule rather than a fixed large-, mid-, small-, or standard-cap segment label. |
| Index family type | Sector | The initial eligible universe consists of companies with the following Industry Classification Benchmark (ICB) Classifications: Real Estate (Industry 35) and Storage Facilities (Subsector 40201050).Open p.11 ↗ |
The index family is a real-estate sector index family covering listed real estate companies and REITs. |
| Factor exposures | — | — (not found verbatim in the PDF) |
No factor exposures are stated; the series is sector-focused rather than factor-oriented. |
| Limitations | ESG factors are not considered in index design. | The FTSE EPRA Nareit Global Real Estate Index Series does not take account of ESG factors in its index design.Open p.3 ↗ |
The index series does not take account of ESG factors in its index design. |
| M2 Universe · 8 fields | |||
| Eligible industry classifications | ICB Real Estate Industry 35, ICB Storage Facilities Subsector 40201050, ICB Home Construction Subsector 40202010 for Emerging Index only, ICB Closed End Investments Subsector 30204000 with majority real estate revenue, ICB Computer Services Subsector 10101010 for data-center ownership, operation, or leasing, ICB Hotels and Motels Subsector 40501025 under ownership and disclosure conditions | The initial eligible universe consists of companies with the following Industry Classification Benchmark (ICB) Classifications: Real Estate (Industry 35) and Storage Facilities (Subsector 40201050).Open p.11 ↗ |
The initial universe includes specified ICB real estate and related classifications, subject to revenue, ownership, and emerging-market conditions. |
| Tokyo REIT segment | Tokyo Stock Exchange REIT segment | In addition to the eligible markets listed in the FTSE Global Equity Index Series Ground Rules, securities trading on the Real Estate Investment Trust (REIT) segment of the Tokyo Stock Exchange are eligibleOpen p.10 ↗ |
Securities trading on the Real Estate Investment Trust segment of the Tokyo Stock Exchange are additionally eligible. |
| Markets | Brazil, Canada, Chile, Colombia, Mexico, United States, Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam, Austria, Belgium/Luxembourg, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Kuwait, Netherlands, Norway, Poland, Portugal, Qatar, Romania, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Türkiye, UAE, United Kingdom | FTSE EPRA Nareit Global Real Estate Index Series Region Country Developed Emerging Americas Brazil X Canada X Chile X Colombia X Mexico X United States XOpen p.27 ↗ |
Appendix 1 lists the developed and emerging eligible countries across the Americas, Asia Pacific, and EMEA regions. |
| Exchanges | Eligible stock exchanges and market segments are those specified in the FTSE Global Equity Index Series Ground Rules, including the Tokyo Stock Exchange REIT segment. | The security must be listed on an eligible stock exchange. For a list of eligible markets and market segments please refer to the FTSE Global Equity Index Series Ground Rules.5Open p.9 ↗ |
Securities must be listed on an eligible stock exchange, with eligible markets and segments defined by the FTSE Global Equity Index Series Ground Rules. |
| Security types | REIT, Common, Other | The FTSE EPRA Nareit Global Real Estate Index Series includes only real estate securities that are traded in one of the countries listed in Appendix 1.Open p.9 ↗ |
The universe comprises listed real estate securities, including REITs and eligible real estate operating companies, but excludes several partnership and preference-share structures. |
| Nationality rule | Market nationality is assigned under FTSE Russell's Determining Nationality Guide, with special EBITDA-based tests for companies assigned developed-market nationality. | Prospective or existing index constituents assigned an Emerging, Frontier or Unclassified market nationality per the Determining Nationality Guide (the Guide) will retain that nationality within the FTSE EPRA Nareit Global Real Estate Index Series.Open p.10 ↗ |
Companies retain emerging, frontier, or unclassified nationality under the Determining Nationality Guide, while developed-assigned companies are tested by developed-market EBITDA and regional trading-location criteria. |
| Parent universe index | FTSE Global Equity Index Series | For a list of eligible markets and sources of trading, please refer to the FTSE Global Equity Index Series Ground Rules11.Open p.29 ↗ |
Eligible markets, exchanges, and trading sources are determined by reference to the FTSE Global Equity Index Series Ground Rules. |
| Exclusions | Limited Liability Partnerships, Limited Partnerships, Master Limited Partnerships, Publicly Traded Partnerships, Limited Liability Companies, Business Development Companies, Preference shares, Swedish class D shares, Securities on ineligible market-surveillance segments | Limited Liability Partnerships (LLP), Limited Partnerships (LP), Master Limited Partnerships (MLP), Publically Traded Partnerships (PTP), Limited Liability Companies (LLC) and Business Development Companies (BDC) will not be eligibleOpen p.10 ↗ |
Partnership and LLC structures, BDCs, preference shares, Swedish class D shares, and securities assigned to specified surveillance segments are ineligible. |
| M3 Eligibility screens · 13 fields | |||
| Reporting requirement | Publicly available audited annual report in English, including profit and loss statement, balance sheet, directors' review, and full notes; Japanese audited fiscal reports in English are eligible, with limited US exceptions. | In order to be considered for index inclusion, companies must publish a publicly available audited annual report in English*.Open p.11 ↗ |
Companies must publish an eligible audited annual report in English to be considered for index inclusion. |
| Trading screen | Minimum trading days: 60; Window: past year through review cut-off date; Pro rata for new listings: Yes | 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 (continued) index inclusion.Open p.20 ↗ |
Securities that have not traded on at least 60 trading days during the past year are ineligible, with the requirement pro-rated for securities lacking a full year of trading. |
| Market surveillance rule | Securities assigned to specified exchange surveillance or warning segments are ineligible; existing constituents are normally deleted at the next quarterly review and cannot be reconsidered for 12 months. | Securities which 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.9 ↗ |
Exchange-surveilled securities in listed ineligible segments are excluded, and existing constituents are generally deleted at the next quarterly review. |
| Trading history | Minimum value: 20 trading days; Exceptions: Securities without a 12-month trading record must have at least a 20-day trading record when reviewed; other new issues may be reviewed pro rata since listing | A. New issues which do not have a twelve month trading record must have a minimum 20 day trading record when reviewed.Open p.16 ↗ |
New issues without a 12-month trading record must have a minimum 20 trading-day record when reviewed. |
| Liquidity screen | Metric: Liquidity ratio; Window: 12 months for full March and September reviews; pro-rata for shorter periods and quarterly prospective-constituent reviews; Threshold: 0.05; Buffer for existing: 0.04 | Non-constituent securities which do not turnover at least 0.05% of their shares in issue (after the application of any investability weightings) based on their median daily trading volume per month in ten of the twelve months prior to a full market review, will not be eligibleOpen p.16 ↗ |
Non-constituents must turn over at least 0.05% of shares in issue in 10 of 12 months, while existing constituents must turn over at least 0.04% in 8 of 12 months, with a six-month retest. |
| Minimum size | Metric: Global minimum size (%) | The size thresholds are expressed in basis points and are highlighted below.Open p.15 ↗ |
The size rule is a percentage, expressed in basis points, of each regional index's investability-weighted market capitalisation, but the numeric threshold table is not included in the supplied text. |
| Minimum free float | 5% | Companies with a free float of 5% or below are excluded from the index.Open p.17 ↗ |
Companies with free float of 5% or below are excluded from the index. |
| 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.18 ↗ |
The document defines foreign headroom and links to further requirement details, but the supplied text does not state the numeric minimum. |
| Minimum voting rights | 5% | Companies assigned a developed market nationality are required to have greater than 5% of the company’s voting rights (aggregated across all of its equity securities, including, where identifiable, those that are not listed or trading) in the hands of unrestricted shareholdersOpen p.18 ↗ |
Developed-market companies must have more than 5% of total voting rights in the hands of unrestricted shareholders; emerging-market securities are exempt. |
| Financial screens | Audited English annual report required, Prospective constituents must derive at least 75% of prior-year consolidated EBITDA from relevant real estate activities, At least 50% of EBITDA must come from traditional real estate when property, development, or fund management activities are counted, At least 50% of consolidated assets must be invested in income-producing real estate or real-estate companies or funds when qualifying management activities are counted, Existing constituents below 75% but at least 65% relevant real estate EBITDA receive one further year; below 65% are removed, Existing constituents have a reduced 40% traditional-real-estate EBITDA threshold, More than 25% EBITDA from frontier or unclassified markets disqualifies prospective constituents | Prospective constituents must have derived, in the previous full financial year at least 75% of their total consolidated EBITDA from relevant real estate activities.Open p.13 ↗ |
Eligibility requires audited English reporting and a real-estate EBITDA test, with a 75% prospective threshold, asset and traditional-real-estate conditions, and separate existing-constituent grace rules. |
| Business or ESG exclusions | Real estate financing, Construction management, general contracting, and project management services, Insurance, power supply, brokerage, and other non-relevant services, Holding companies with more than 50% of gross assets in securities of other listed companies, Commodity storage caverns or units, Gaming, theme parks, and entertainment where real property ownership is incidental, Infrastructure, energy and utilities, water and waste, communications assets, and prisons, Timberland and farmland, Outdoor advertising, Data-center service revenues other than eligible colocation or interconnection revenues, Parking lots and parking services unless incidental to relevant real estate | The following are not considered relevant real estate activities. For further information please see Appendix 7: i) The financing of real estate.Open p.12 ↗ |
The EBITDA rules exclude financing, construction services, holding companies, commodity storage, gaming, infrastructure, timberland, outdoor advertising, certain data-center services, and parking activities. |
| Suspension rule | Suspension periods are excluded from the liquidity test; securities that do not trade on at least the required number of trading days are ineligible. | Any period of suspension will not be included in the test. Only exchange trading days will be included in the calculation i.e. exchange holidays will be excluded.Open p.16 ↗ |
Any period of suspension is not included in the liquidity test, and only exchange trading days are included. |
| Extreme price screen | — | — (not found verbatim in the PDF) |
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| M4 Selection and constituent count · 8 fields | |||
| REIT non REIT selection rule | REIT indices include constituents operating as REITs under domicile legislation; Non-REIT indices include constituents in countries without recognised REIT legislation or constituents that do not qualify as REITs. | Recognised REIT legislation must be in operation in the country in which the constituent is domiciled, and – The FTSE EPRA Nareit Global/Developed/Emerging REIT Index consists of all constituents operating as a REIT in their country of domicileOpen p.45 ↗ |
REIT and Non-REIT index constituents are selected by domicile legislation and REIT qualification verified using financial accounts, regulatory announcements, or formal company announcements. |
| Investment focus classification rule | Rental if property EBITDA or revenue is at least 70% in both years of a two-year period; Non-Rental if below 70% in both years. | A company will be classified as Rental if the EBITDA or revenue from properties is greater than or equal to 70% of the total EBITDA or revenue both years individually of a two year period.Open p.46 ↗ |
Investment Focus classifies a company as Rental or Non-Rental using a 70% property EBITDA or revenue threshold over two individual years. |
| Property sector classification threshold | 75% | Health Care Real estate investment trusts or corporations (REITs) or listed property trusts (LPTs) where 75% or more of their gross invested book assets are invested in health care properties.Open p.46 ↗ |
A company is assigned to most single-property sectors when at least 75% of gross invested book assets are invested in that property type. |
| Regional allocation super liquid | Regional constituent counts are allocated pro rata to underlying regional constituent counts and rounded to the nearest integer. | if the underlying index contains 100 stocks and the Asia-Pacific region contains 40 stocks and n=35; then the then the number of constituents in the Asia Pacific region of the FTSE Super Liquid Index will be nr = 40/100x35 = 14 (rounding to the nearest integer).Open p.54 ↗ |
Before stock selection, Super Liquid Index constituent counts are allocated across four regions in proportion to underlying index membership. |
| Selection method | Rank by metric | Both indices consist of the 40 stocks with the highest volume traded and/or market capitalisation within the FTSE EPRA Nareit Developed Europe Index.Open p.45 ↗ |
Specialist indices select constituents by ranking eligible stocks on liquidity, market capitalisation, or other specified metrics. |
| Ranking metrics | Name: Volume traded and or market capitalisation; Direction: Highest; Step order: 1, Name: Market capitalisation; Direction: Top; Step order: 1, Name: Combined liquidity measure; Window: 252 trading days; Direction: Descending; Step order: 1, Name: Median traded value; Window: 252 trading days; Direction: Higher is more liquid; Step order: 2, Name: Price impact ratio; Window: 252 trading days; Direction: Higher is more liquid; Step order: 3 | Both indices consist of the 40 stocks with the highest volume traded and/or market capitalisation within the FTSE EPRA Nareit Developed Europe Index.Open p.45 ↗ |
Selection metrics include highest volume traded and/or market capitalisation, top market capitalisation, and a 252-trading-day combined liquidity measure based on traded value and price impact. |
| Target constituent count | 40 for Developed Europe Liquid 40 variants; 33 for Developed Asia 33; 50 for Asia Pacific Select REITs; variable n for Super Liquid, normally at least 20 and at least 10 if the underlying index falls below 20 | Both indices consist of the 40 stocks with the highest volume traded and/or market capitalisation within the FTSE EPRA Nareit Developed Europe Index.Open p.45 ↗ |
Specialist indices use fixed counts of 40, 33, or 50 constituents, while the Super Liquid Index uses a variable count determined by realised basket liquidity with minimums. |
| Industry neutrality rule | Property sector sub-indices separate existing constituents into 11 property sectors; there is no stated neutrality or balancing requirement. | The idea behind the Property Sectors Index Series is to distinguish the cohorts of listed real estate equities by separating the existing constituents into 11 distinct Property Sectors based on gross invested book assets.Open p.46 ↗ |
The sector series classifies constituents into 11 property sectors rather than imposing industry-neutral selection. |
| M5 Weighting and capping · 13 fields | |||
| Ranked constituent caps | Rank: 1; Cap (%): 10, Rank: 2; Cap (%): 9, Rank: 3; Cap (%): 8, Rank: 4; Cap (%): 7, Rank: 5; Cap (%): 6, Rank: 6; Cap (%): 4 | Capping the largest company at 10%Open p.40 ↗ |
The staged capping methodology limits the largest company to 10%, second to 9%, third to 8%, fourth to 7%, fifth to 6%, and sixth and lower-ranked companies to 4%. |
| Capping redistribution rule | When a company is capped, the weights of lower-ranking or remaining companies are increased correspondingly, and checks are repeated until capping conditions are satisfied. | Any companies whose weights are greater than 10% are capped at 10%. The weights of all lower ranking companies are increased correspondingly.Open p.40 ↗ |
Weight removed by capping is redistributed to lower-ranking or remaining companies, followed by iterative threshold checks. |
| Capping corporate actions cutoff | Corporate actions or events announced after the second Friday of the review month but effective through the review effective date do not cause further capping adjustment. | Corporate actions/events announced after the second Friday of the review month that become effective up and including the review effective date will not result in any further adjustment.Open p.41 ↗ |
Capping does not adjust again for corporate actions announced after the second Friday even if they become effective by the review effective date. |
| Non trading price rule for capping | If a constituent does not trade on Friday, the previous day's closing price is used and capping is effective from the following Monday. | For constituents that do not trade on Friday, the previous day’s closing prices are used and the capping implemented after close on the third Friday of the review month (i.e. effective from the open the following Monday).Open p.41 ↗ |
For constituents that do not trade on Friday, capping uses the prior day's close and takes effect after the third Friday's close. |
| UK restricted weight adjustment | UK company market capitalisations are multiplied by a ratio of UK GDP to Europe GDP; composition remains identical to the underlying Developed Europe Index. | The weight of the UK companies is adjusted, according to the UK’s GDP compared against Europe’s GDP. This ratio is applied to the market capitalisation of the UK companies in the index.Open p.45 ↗ |
The UK Restricted variant adjusts UK companies' market capitalisation using UK-to-Europe GDP while retaining the same constituents. |
| Weighting scheme | Free float market cap | The FTSE EPRA Nareit Global Real Estate Index Series are adjusted for free float and foreign ownership limits.Open p.17 ↗ |
The index series is adjusted for free float and foreign ownership limits, and capped variants use investible or free-float market capitalisation weights. |
| Free float factor | Method: Free float | The FTSE EPRA Nareit Global Real Estate Index Series are adjusted for free float and foreign ownership limits.Open p.17 ↗ |
Constituent weights are adjusted for free float, but the supplied sections do not provide free-float factor bands. |
| Foreign ownership limit | Index weightings take account of government, regulatory, or constitutional restrictions on foreign equity holdings; further details are maintained in FTSE Russell's foreign ownership restrictions and minimum foreign headroom requirement document. | FTSE Russell’s index methodology takes account of the restrictions placed on the equity holdings of foreigners in a company where these have been imposed by a government, regulatory authority or the company’s constitution.Open p.17 ↗ |
Foreign ownership restrictions imposed by authorities or a company's constitution are reflected in index methodology and investability weighting. |
| Weight cap | 10% | Stage 1 Any companies whose weights are greater than 10% are capped at 10%. The weights of all lower ranking companies are increased correspondingly.Open p.40 ↗ |
For the standard capped indices, any constituent whose weight exceeds 10% is capped at 10%, with only one company ultimately allowed a 10% weight. |
| Group cap | Aggregate (%): 40 | if the total index weight of those companies whose individual weights exceed 5% is NOT greater than 40% then no further capping is required.Open p.40 ↗ |
The aggregate weight of companies whose individual weights exceed 5% must not be greater than 40%. |
| Country cap (%) | 55% | FTSE EPRA Nareit Global 55% US Capped Indices are capped as follows: Constituents of the United States are capped on a quarterly basis at 55% of the index weight.Open p.41 ↗ |
For the FTSE EPRA Nareit Global 55% US Capped Indices, US constituents are capped quarterly at 55% of index weight. |
| Cap application timing | Quarterly | The capping is implemented after the close of business on the third Friday of March, June, September and December.Open p.41 ↗ |
Standard capping and the 55% US cap are applied quarterly and implemented after the close of business on the third Friday of March, June, September, and December. |
| Shares outstanding | Capping uses prices at the close of business on the second Friday of the review quarter and shares in issue and free float adjusted for corporate actions as at the Monday after the third Friday. | Companies are capped using prices as at the close of business on the second Friday in March, June, September and December and shares in issue and free float adjusted for corporate actions, as at the Monday after the third Friday.Open p.41 ↗ |
Capping calculations use second-Friday prices with shares in issue and free float adjusted through the Monday after the third Friday, subject to the corporate-action announcement cut-off. |
| M6 Review and rebalance schedule · 9 fields | |||
| Stability objective | Quarterly insertion and deletion rules are designed to provide stability while maintaining representativeness. | The rules for inserting and deleting securities at the quarterly reviews are designed to provide stability in the selection of constituents of the FTSE EPRA Nareit Global Real Estate Index SeriesOpen p.15 ↗ |
The quarterly review rules aim to provide stable constituent selection while keeping the indices representative. |
| Review frequency | Quarterly | The FTSE EPRA Nareit Global Real Estate Index Series is reviewed on a quarterly basis in March, June, September and December.Open p.15 ↗ |
The FTSE EPRA Nareit Global Real Estate Index Series is reviewed quarterly. |
| Review types | Quarterly review, Ad hoc | The FTSE EPRA Nareit Global Real Estate Index Series is reviewed on a quarterly basis in March, June, September and December.Open p.15 ↗ |
The index series has scheduled quarterly reviews and handles changes between reviews under separate corporate-action rules. |
| Review months | March, June, September, December | The FTSE EPRA Nareit Global Real Estate Index Series is reviewed on a quarterly basis in March, June, September and December.Open p.15 ↗ |
Quarterly reviews occur in March, June, September, and December. |
| Data cutoff rule | Data as at the close of business on the Monday five weeks before the review effective date. | The review is based on data as at the close of business of the Monday five weeks prior to the review effective date, this is the index review cut-off date.Open p.15 ↗ |
The review uses data as of the close of business on the Monday five weeks before the review effective date. |
| Announcement rule | FTSE Russell publishes the outcome of the periodic review. | FTSE Russell is responsible for publishing the outcome of the periodic review.Open p.15 ↗ |
FTSE Russell is responsible for publishing the periodic review outcome. |
| Effective date rule | Changes are implemented after the close of business on the third Friday of March, June, September, and December, 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 Monday) of March, June, September and December.Open p.15 ↗ |
Constituent and weighting changes take effect after the close of business on the third Friday, effective Monday, in each review month. |
| Rebalance frequency | Quarterly | Subsequent adjustments in stock weightings (including free float) will become effective at the same time.Open p.15 ↗ |
Stock weighting adjustments, including free-float adjustments, become effective with the quarterly review. |
| Weight reset frequency | Quarterly at review | Subsequent adjustments in stock weightings (including free float) will become effective at the same time.Open p.15 ↗ |
Weight and free-float adjustments are implemented at the quarterly review. |
| M7 Buffers and turnover control · 7 fields | |||
| Developed Asia 33 rank buffer | Entry rank: 28; Exit rank: 38 | To provide stability and reduce turnover and costs at review a buffer of 5 stocks either side of the 33 cut-off is implemented.Open p.50 ↗ |
For the FTSE EPRA Nareit Developed Asia 33 Index, companies enter above rank 28 and exit below rank 38, a five-stock buffer around rank 33. |
| Asia pacific select rank buffer | Entry rank: 40; Exit rank: 61 | A company will be inserted into the Index at the periodic review if it rises to 40th position or above when the eligible companies are ranked by full market capitalisationOpen p.55 ↗ |
For the FTSE EPRA Nareit Asia Pacific Select REITs Capped Index, companies enter at rank 40 or above and exit at rank 61 or below. |
| Developed Europe liquid 40 existing constituent buffer | Metric: Highest rank of turnover or market capitalisation; Threshold: 10 rank places below last selected | Current index constituents that are not included in the selection under (b) are only deleted from the index if their highest rank (either volume traded or market capitalisation) is more than ten places lower than the last selected constituent.Open p.49 ↗ |
For the Developed Europe Liquid 40 indices, an existing constituent is deleted only if its best rank is more than ten places below the last selected constituent. |
| Buffer zone | — | — (not found verbatim in the PDF) |
The document does not state a rank buffer for the main FTSE EPRA Nareit Global Real Estate Index Series; buffers are specified for certain sub-indices. |
| Size segment buffer | Developed addition (%): 0.1; Developed deletion (%): 0.05; Emerging addition (%): 0.3; Emerging deletion (%): 0.15 | Developed markets a) Asian Stocks 0.10% b) EMEA Stocks 0.10% c) Americas Stocks 0.10% Emerging markets a) Asian Stocks 0.30% b) EMEA Stocks 0.30% c) Americas Stocks 0.30%Open p.16 ↗ |
The main index uses different quarterly size thresholds for additions and deletions, creating a size buffer: 0.10% versus 0.05% in developed markets and 0.30% versus 0.15% in emerging markets. |
| Liquidity buffer existing | — | — (not found verbatim in the PDF) |
No relaxed liquidity threshold for existing constituents in the main index is stated in the provided sections. |
| Maximum turnover per review | — | — (not found verbatim in the PDF) |
No maximum turnover cap per periodic review is stated for the main index series in the provided sections. |
| M8 Corporate actions, IPOs, ad-hoc changes · 13 fields | |||
| Fast entry company eligibility | At least 50% of total assets invested in real estate and all additional company and security eligibility criteria must be met. | The issuing company has at least 50% of its total assets invested in real estate and meets the additional company eligibility criteria in Section 4Open p.21 ↗ |
An IPO security is fast-entry eligible only if the issuer has at least 50% of assets in real estate and meets the stated company and security eligibility criteria. |
| Fast entry offering shares only | Only shares offered at the IPO are included in fast-entry market capitalisation and index calculation. | only shares offered at the time of the IPO will be included within the investable market capitalisation calculation for the purposes of evaluating fast entry eligibility, and if eligible, the offering shares only will be included within the index calculation.Open p.22 ↗ |
For fast entry, only shares offered in the IPO count toward investable market capitalisation and index calculation. |
| Non fast entry minimum trading history | 20 trading days | In the case of a security which does not qualify as an immediate fast entrant to the index, it will be re-considered for inclusion at the next review, subject to meeting a minimum 20 trading day ruleOpen p.22 ↗ |
A security that does not qualify for immediate fast entry is reconsidered at the next review subject to a minimum 20-trading-day rule. |
| Demutualisation deferral | Addition is deferred for one month after trading commences if the entire free float is immediately transferred to private shareholders, subject to adequate liquidity. | In the case of a demutualisation where upon listing the entire free float of a newly eligible security is immediately transferred to private shareholders, the addition of the security will be deferred for one month after trading has commencedOpen p.22 ↗ |
A demutualised security whose entire free float is immediately transferred to private shareholders is deferred for one month after trading begins if adequate liquidity is demonstrated. |
| Fast entry capped index exclusion | Fast entries are not eligible for the FTSE EPRA Nareit Global US 55% Capped Indices. | Fast entries are not eligible for the FTSE EPRA Nareit Global US 55% Capped Indices.Open p.22 ↗ |
Fast entries cannot be added to the FTSE EPRA Nareit Global US 55% Capped Indices. |
| Post takeover reinclusion trading record | 1 year | A company deleted following a takeover, with a remaining free float of 15% or less, will not be reconsidered for index inclusion until completion of a one year trading record.Open p.23 ↗ |
A company deleted after a takeover with remaining free float of 15% or less is not reconsidered until it has a one-year trading record. |
| Fast entry | Size threshold: Developed Asia (%): 0.2; Developed emea (%): 0.2; Developed americas (%): 0.15; Emerging Asia (%): 0.4; Emerging emea (%): 0.6; Emerging americas (%): 0.6; Timing: Added after close of business on the fifth day of trading; eligibility is determined using the closing price on the first day of trading; Excluded boards: Variable IPOs, Best-effort IPOs, Direct-listing IPOs | A new issue that has an investable market capitalisation (after the application of any investability weightings) equal to or greater than the following basis points for its respective region will be included in the FTSE EPRA Nareit Global Real Estate Index Series after the close of business on the fifth day of trading.Open p.21 ↗ |
A sufficiently large new issue is added after the fifth trading day based on first-day closing price, subject to regional fast-entry thresholds, while variable, best-effort, and direct-listing IPOs are excluded. |
| Ad-hoc deletion | Delisting, Bankruptcy, Acquisition, Free float drop, Other | A stock will be deleted from the list of constituents when the constituent is delisted from its stock exchange, enters bankruptcy, becomes insolvent or is liquidated.Open p.22 ↗ |
Securities are deleted outside review for delisting, bankruptcy, insolvency or liquidation, certain cash or ineligible-paper acquisitions by non-quoted companies, and takeovers leaving free float at or below 15%. |
| Replacement policy | Next review | Where a constituent is removed from the index, it will not be replaced until the next periodic review.Open p.54 ↗ |
Vacancies created outside a review are generally not filled until the next periodic review. |
| Merger spinoff rules | Spin-off entities may remain in the same indices as the parent until the next quarterly review, when they must meet the 20-trading-day record and size, liquidity, and EBITDA tests; takeover, merger, and demerger treatment is covered in 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 20 trading day recordOpen p.24 ↗ |
Eligible spin-offs may continue temporarily in the parent's indices and are tested at the next quarterly review; detailed merger and takeover treatment is in the corporate actions guide. |
| Deletion price | — | — (not found verbatim in the PDF) |
The provided sections do not specify the price at which a deleted constituent leaves the calculation. |
| Share or float change threshold | — | Changes to the number of shares in issue for constituent securities are covered in the corporate actions and events guide.Open p.24 ↗ |
The provided sections do not state a numerical threshold for implementing share or free-float changes between reviews. |
| 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 through the following link: Corporate_Actions_and_Events_Guide.pdfOpen p.7 ↗ |
The document refers constituents to Corporate_Actions_and_Events_Guide.pdf for detailed corporate actions and events rules. |
Open points · 24Model-written, for reference
- 1Eligibility.extra.h f c a A rule (not snake case): dropped
- 2No index code, ISIN, third-party vendor tickers, launch date, base date, or numeric base value was found.
- 3Calculation agent is not separately identified from FTSE/FTSE Russell.
- 4The numeric basis-points size thresholds are referenced but the threshold table values are not present text.
- 5The numeric minimum foreign headroom percentage is not stated; it is only defined and linked externally.
- 6No minimum share price screen or abnormal/extreme price-increase screen was found.
- 7The provided Appendix 1 text identifies countries by developed or emerging columns but some table formatting is incomplete; the complete market list was inferred from the visible country rows.
- 8No explicit tie-break rule was found for equal ranking metrics.
- 9No reserve list size or replacement-candidate rule was found.
- 10No free-float factor bands were provided.
- 11No domestic inclusion factor was stated.
- 12No sector cap percentage was stated.
- 13No divisor adjustment rule for weight resets was found.
- 14The target constituent count differs across specialist indices; no single family-wide target count was stated.
- 15Could not find a rank buffer for the main FTSE EPRA Nareit Global Real Estate Index Series; rank buffers are specified only for certain sub-indices.
- 16Could not find a relaxed liquidity threshold specifically for existing constituents of the main index.
- 17Could not find a maximum turnover limit per periodic review for the main index.
- 18Could not find the deletion price or valuation rule for securities removed between reviews.
- 19Could not find a numerical threshold for implementing share-count or free-float changes between reviews; the text refers these details to the Corporate Actions and Events Guide.
- 20Could not find a reserve-list policy; the supplied rules indicate vacancies generally await the next review, but no reserve list is named for the main index.
- 21Profile_m9_m10: LLM call failed (model reply contained no JSON object)
- 22Calculation returns, governance change: no reply; group dropped
- 23Not coveredM9 Calculation and return variants: not covered by this edition
- 24Not coveredM10 Governance, change policy, disclosure: not covered by this edition
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