Also known as: TW50C (TIP)
Tracked by: 009804 (ETF)
Parent index: FTSE TWSE Taiwan 50 Index ↗
At a glance
- Weighting schemeCapped market cap
- Review frequencyQuarterly
- Constituent count50
- Single cap30
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Series constituent indices | FTSE TWSE Taiwan 50 Index, FTSE TWSE Taiwan 50 30% Capped Index, FTSE TWSE Taiwan Mid-Cap 100 Index, FTSE TWSE Taiwan Eight Industries Index, FTSE TWSE Taiwan Technology Index | The FTSE TWSE Taiwan Index Series consists of: FTSE TWSE Taiwan 50 Index; FTSE TWSE Taiwan 50 30% Capped Index1; FTSE TWSE Taiwan Mid-Cap 100 Index; FTSE TWSE Taiwan Eight Industries Index; and FTSE TWSE Taiwan Technology Index.Open p.3 ↗ |
The series comprises the Taiwan 50, Taiwan 50 30% Capped, Taiwan Mid-Cap 100, Taiwan Eight Industries, and Taiwan Technology indices. |
| Real time publication frequency | 5 seconds | The FTSE TWSE Taiwan Index Series is calculated in real time and published every five seconds.Open p.3 ↗ |
The index series is calculated in real time and published every five seconds. |
| Total return publication | Total return indices are published at the end of each working day and include income based on ex-dividend adjustments. | Total return indices are published at the end of each working day. The total return indices include income based on ex-dividend adjustments.Open p.3 ↗ |
Total return indices are published at each working day's close and include income from ex-dividend adjustments. |
| Index name | FTSE TWSE Taiwan 50 30% Capped Index | The FTSE TWSE Taiwan 50 30% Capped Index will contain the same constituents as the FTSE TWSE Taiwan 50 IndexOpen p.11 ↗ |
The official index name is the FTSE TWSE Taiwan 50 30% Capped Index. |
| Administrator | FTSE Russell and Taiwan Stock Exchange | Copies of the Ground Rules are available from FTSE Russell and the Taiwan Stock Exchange (see Appendix F) or from www.lseg.com/en/ftse-russell/Open p.3 ↗ |
The Ground Rules are available from FTSE Russell and the Taiwan Stock Exchange. |
| Index family | FTSE TWSE Taiwan Index Series | This document sets out the Ground Rules for the construction and management of the FTSE TWSE Taiwan Index Series.Open p.3 ↗ |
The index family is the FTSE TWSE Taiwan Index Series. |
| Parent index | FTSE TWSE Taiwan 50 Index | The FTSE TWSE Taiwan 50 30% Capped Index will contain the same constituents as the FTSE TWSE Taiwan 50 IndexOpen p.11 ↗ |
The capped index contains the same constituents as the FTSE TWSE Taiwan 50 Index. |
| Currency | TWD, USD | Each index is calculated and published in New Taiwan Dollars in real time and New Taiwan Dollars and US Dollars at the end of the day.Open p.3 ↗ |
Each index is calculated and published in New Taiwan Dollars in real time and in New Taiwan Dollars and US Dollars at the end of the day; the base currency is New Taiwan Dollars. |
| Methodology version | v5.2 | The methodology document is version v5.2. | |
| Benchmark type | Not stated | This document sets out the Ground Rules for the construction and management of the FTSE TWSE Taiwan Index Series.Open p.3 ↗ |
The document does not classify the benchmark as regulated, significant, or non-significant. |
| Market classification | Domestic | The FTSE TWSE Taiwan Index Series is designed to represent the performance of the Taiwan stock market.Open p.3 ↗ |
The series represents the Taiwan domestic stock market. |
| Index family type | Capped | The constituents of the FTSE TWSE Taiwan 50 30% Capped Index are capped at the quarterly review so that no company represents more than 30% of the index.Open p.13 ↗ |
This index is a capped variant of the Taiwan 50 Index, with a single-constituent weight limit of 30%. |
| Limitations | The index series does not take account of ESG factors in its index design. | The FTSE TWSE Taiwan Index Series does not take account of ESG factors in its index design.Open p.3 ↗ |
The index design does not take ESG factors into account. |
| M2 Universe · 7 fields | |||
| Eligible securities rule | Stocks listed on the Taiwan Stock Exchange and all classes of equity in issue are eligible, subject to rules 4.1 to 4.6. | The stocks listed on the Taiwan Stock Exchange are eligible to join FTSE TWSE Taiwan Index Series. All classes of equity in issue are eligible for inclusion in the FTSE TWSE Taiwan Index Series subject to conforming with rules 4.1 to 4.6Open p.9 ↗ |
Eligible securities are stocks and all classes of equity in issue listed on the Taiwan Stock Exchange, subject to the stated rules. |
| Markets | Taiwan | Market eligible for the FTSE TWSE Taiwan Index Series Region Market Exchange location Exchange and Market Segment Asia/Pacific Taiwan Taipei Taiwan Stock Exchange - Main Board Taiwan Innovation Board (TIB)Open p.21 ↗ |
The eligible market is Taiwan in the Asia/Pacific region. |
| Exchanges | Taiwan Stock Exchange | The FTSE TWSE Taiwan Index Series consists of the companies that trade on the Taiwan Stock Exchange.Open p.20 ↗ |
The index series consists of companies that trade on the Taiwan Stock Exchange. |
| Boards | Main Board, Taiwan Innovation Board (TIB) | Asia/Pacific Taiwan Taipei Taiwan Stock Exchange - Main Board Taiwan Innovation Board (TIB)Open p.21 ↗ |
The eligible exchange segments are the Taiwan Stock Exchange Main Board and the Taiwan Innovation Board. |
| Security types | Common | The stocks listed on the Taiwan Stock Exchange are eligible to join FTSE TWSE Taiwan Index Series. All classes of equity in issue are eligible for inclusion in the FTSE TWSE Taiwan Index SeriesOpen p.9 ↗ |
Stocks listed on the Taiwan Stock Exchange, covering all classes of equity in issue, are eligible; the document does not identify a more specific depositary or cross-listing instrument type. |
| Parent universe index | FTSE TWSE Taiwan 50 Index | The FTSE TWSE Taiwan 50 30% Capped Index will contain the same constituents as the FTSE TWSE Taiwan 50 IndexOpen p.11 ↗ |
The index's constituent universe is the membership of the FTSE TWSE Taiwan 50 Index. |
| Exclusions | Altered-Trading-Method (Full Delivery) Stocks, convertible preference shares until converted, ICB closed-end investments, ICB open-end and miscellaneous investment vehicles | Altered-Trading-Method (Full Delivery) Stocks are not eligible to be included in the FTSE TWSE Taiwan Index SeriesOpen p.9 ↗ |
Altered-trading-method full-delivery stocks, unconverted convertible preference shares, closed-end investment trusts, and open-end or miscellaneous investment vehicles are excluded. |
| M3 Eligibility screens · 10 fields | |||
| Foreign ownership restrictions | The methodology accounts for legal, regulatory, or constitutional foreign-investor ownership restrictions, with details in an external foreign ownership restrictions document. | FTSE Russell’s index methodology takes account of the restrictions placed on the equity holdings of foreign investors in a company where these have been imposed by a government, regulatory authority or the company’s constitution.Open p.9 ↗ |
Foreign ownership restrictions imposed by a government, regulator, or company constitution are taken into account. |
| Foreign headroom definition | (foreign ownership limit minus foreign holdings) divided by 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.9 ↗ |
Foreign headroom is the percentage of shares available to foreign investors as a proportion of the foreign ownership limit, calculated as (FOL minus foreign holdings) divided by FOL. |
| Partly paid share price adjustment | Where call dates are determined and known, partly or nil paid shares use a price adjusted to include all calls, i.e. the fully paid price. | the market price will, for the purposes of calculating its market capitalisation, be adjusted so as to include all such calls (i.e. the fully paid price).Open p.10 ↗ |
Partly or nil paid shares with known call dates are valued for market capitalisation at a fully paid price including all calls. |
| Liquidity exceptional market discretion | In exceptional low-volume market conditions, the liquidity percentage may be reduced market-wide, not for individual securities, with a public statement at least two weeks before the quarterly review. | In exceptional market conditions, if trading volumes are very low, the percentage figure stated in rulesOpen p.10 ↗ |
The liquidity threshold may be reduced across the market in exceptional conditions, but not for individual securities, subject to at least two weeks' public notice. |
| Trading history | Minimum value: 20 trading days; Exceptions: Applies to new issues and newly eligible securities that do not have a 12-month trading record; they are tested from the date of eligibility | New issues and newly eligible securities that do not have a 12-month trading record must have a minimum 20 days’ trading record when reviewed and will be tested from the date of eligibility.Open p.10 ↗ |
New issues and newly eligible securities without a 12-month trading record must have at least 20 trading days' record when reviewed. |
| Liquidity screen | Metric: Liquidity ratio; Window: Annual March review: first business day of March of the previous year to the February review cut-off date; new issues are tested pro-rata from eligibility or listing; Threshold: 0.05 | Each security will be tested for liquidity annually in March by calculating its monthly median daily trading volume.Open p.10 ↗ |
Securities must turn over at least 0.050% of investability-weighted shares in issue based on median daily trading volume each month, with each month requiring at least five trading days. |
| Minimum size | Metric: Full market cap; Threshold: 2,500,000,000 | A company that has a free float greater than 5% but less than or equal to 15% will be eligible for the index providing the full market capitalisation of the company is greater than 2.5 billion US DollarsOpen p.9 ↗ |
A company with free float above 5% and up to 15% is eligible only if its full market capitalisation exceeds USD 2.5 billion; existing constituents in that range are deleted if full market capitalisation is below USD 2 billion at review. |
| Minimum free float | 5% | Companies with a free float of 5% or below are excluded from the index. A company that has a free float greater than 5% but less than or equal to 15% will be eligibleOpen p.9 ↗ |
Companies with free float of 5% or below are excluded; companies above 5% and up to 15% may qualify subject to the larger market-capitalisation condition. |
| 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)Open p.9 ↗ |
Foreign headroom is defined, but the supplied text does not state the numerical minimum requirement and refers to an external document. |
| Business or ESG exclusions | Companies whose business is holding equity and other investments, classified by ICB as closed end investments (30204000), are ineligible., Non-equity investment instruments classified by ICB as open end and miscellaneous investment vehicles (30205000) are ineligible. | Companies whose business is that of holding equity and other investments (e.g. investment trusts) which are classified by the Industry Classification Benchmark (ICB)6 as closed end investments (30204000)Open p.10 ↗ |
Specified investment-holding and investment-vehicle businesses classified under ICB codes 30204000 and 30205000 are ineligible. |
| M4 Selection and constituent count · 2 fields | |||
| Selection method | Parent index members | The FTSE TWSE Taiwan 50 30% Capped Index will contain the same constituents as the FTSE TWSE Taiwan 50 IndexOpen p.11 ↗ |
The index uses the same constituents as the FTSE TWSE Taiwan 50 Index rather than selecting a separate set of securities. |
| Target constituent count | 50 | A constant number of constituents will be maintained for the FTSE TWSE Taiwan 50 Index, the FTSE TWSE Taiwan 50 30% Capped Index and the FTSE TWSE Taiwan Mid-Cap 100 Index.Open p.12 ↗ |
A constant number of constituents is maintained for the Taiwan 50 30% Capped Index; the count is inherited from the 50-stock Taiwan 50 Index, although the supplied index-specific text does not itself print the numeral 50 as the count. |
| M5 Weighting and capping · 8 fields | |||
| Foreign ownership adjustment | Adjusted for foreign ownership limits | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituents in the index series are adjusted for foreign ownership limits. |
| Free float restrictions reference | Free_Float_Restrictions.pdf | Further details on free float restrictions can be accessed using the following link: Free_Float_Restrictions.pdfOpen p.9 ↗ |
Further details on free float restrictions are available in Free_Float_Restrictions.pdf. |
| Capping methodology guide | Capping Methodology Guide | For further information on the FTSE TWSE Taiwan 50 30% Capped Index, please see the Capping Methodology GuideOpen p.13 ↗ |
Further information on the capped index is provided in the Capping Methodology Guide. |
| Weighting scheme | Capped market cap | The constituents of the FTSE TWSE Taiwan 50 30% Capped Index are capped at the quarterly review so that no company represents more than 30% of the index.Open p.13 ↗ |
Constituents are weighted as in the underlying market-cap index but company weights are capped so no single constituent exceeds 30%. |
| Free float factor | Method: Free float | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituents are adjusted for free float. |
| Foreign ownership limit | Constituent weights are adjusted for foreign ownership limits. | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituents are adjusted for foreign ownership limits. |
| Weight cap | 30% | no company represents more than 30% of the indexOpen p.13 ↗ |
No single constituent may represent more than 30% of the index. |
| Cap application timing | Quarterly | are capped at the quarterly review so that no company represents more than 30% of the indexOpen p.13 ↗ |
Constituent weights are capped at the quarterly review. |
| M6 Review and rebalance schedule · 9 fields | |||
| Annual review liquidity test | Liquidity is tested in addition to the standard review process at the annual review. | The annual review will take place at the same time as the March quarterly review, where in addition to the standard review process liquidity will also be tested (see rule 4.6).Open p.12 ↗ |
At the annual review, held with the March quarterly review, liquidity is tested in addition to the standard review process. |
| Review ranking metric | Full market capitalisation before investability weightings | All eligible securities will be ranked by their full market capitalisations (i.e. before the application of any investability weightings).Open p.12 ↗ |
All eligible securities are ranked by full market capitalisation before applying investability weightings for the quarterly review. |
| Review frequency | Quarterly | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and December using data from the close of business on the Monday four weeks prior to the review effective date.Open p.12 ↗ |
The FTSE TWSE Taiwan Index Series is reviewed quarterly. |
| Review types | Quarterly review, Annual review | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and DecemberOpen p.12 ↗ |
The index series has quarterly reviews, and an annual review is conducted alongside the March quarterly review. |
| Review months | March, June, September, December | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and DecemberOpen p.12 ↗ |
Quarterly reviews occur in March, June, September and December. |
| Data cutoff rule | Data as of the close of business on the Monday four weeks before the review effective date. | using data from the close of business on the Monday four weeks prior to the review effective date.Open p.12 ↗ |
Quarterly reviews use data from the close of business on the Monday four weeks prior to the review effective date. |
| Announcement rule | Review outcomes and implementation dates are published after the close of business on the first Friday of the review month. | Details of the outcome of the review and the dates on which any changes are to be implemented will be published after the close of business on the first Friday of the review monthOpen p.12 ↗ |
FTSE Russell publishes the review outcome and implementation dates after the close of business on the first Friday of the review month. |
| Effective date rule | Constituent changes are implemented after the close of business on the third Friday of the review month, effective the following Monday. | Any constituent changes will be implemented after the close of business on the third Friday (i.e. effective Monday) of the review month.Open p.12 ↗ |
Constituent changes take effect after the close of business on the third Friday, i.e. effective Monday, of the review month. |
| Weight reset frequency | Quarterly | The constituents of the FTSE TWSE Taiwan 50 30% Capped Index are capped at the quarterly reviewOpen p.13 ↗ |
The constituent weights of the capped index are reset at each quarterly review. |
| M8 Corporate actions, IPOs, ad-hoc changes · 17 fields | |||
| Fast entry trading history and liquidity | No minimum trading record or liquidity test is required for a fast-entry security. | The fast entry security is not required to have a minimum trading record or to pass a liquidity test.Open p.15 ↗ |
A fast-entry IPO security is not required to have a minimum trading record or pass a liquidity test. |
| Fast entry shares included | Only shares offered for sale in the IPO are included in index weighting at fast entry, subject to restricted-share rules. | 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 sharesOpen p.15 ↗ |
At fast entry, only the shares offered for sale in the IPO are included in the index weighting, unless categorised as restricted shares. |
| Fast entry cascading removal | The lowest-ranking Taiwan 50 constituent is removed and normally moves to Mid-Cap 100, while the lowest-ranking Mid-Cap 100 constituent is removed. | The security that is the lowest-ranking constituent by full market capitalisation of the FTSE TWSE Taiwan 50 index will be selected for removalOpen p.15 ↗ |
Fast entry causes the lowest-ranking Taiwan 50 security to be removed and normally added to Mid-Cap 100, and the lowest-ranking Mid-Cap 100 security to be removed. |
| Non fast entry IPOs | IPOs not qualifying for fast entry are eligible at the next quarterly review if they meet eligibility and size requirements, and may qualify for the reserve list. | A new equity security (IPO) that does not qualify for fast entry under rule 7.3.1 (but which meets the criteria for eligible securities set out in section 4) will be eligible for inclusion at the next quarterly reviewOpen p.15 ↗ |
An IPO that does not qualify for fast entry may be included at the next quarterly review or qualify for the reserve list if it meets the relevant criteria. |
| Variable best effort direct listing exclusion | Variable, best-effort and direct-listing IPOs are not eligible for fast entry. | Variable, best effort and direct listing IPOs* will not be considered for fast entry inclusion since FTSE Russell isOpen p.15 ↗ |
Variable, best-effort and direct-listing IPOs are excluded from fast entry because free float cannot be confirmed or accurately assigned. |
| Removal replacement notice | Removal and replacement occur simultaneously with two days' notice. | The removal and replacement are effected simultaneously with the provision of a two-day notice period.Open p.14 ↗ |
The removal and replacement of a constituent are effected simultaneously after a two-day notice period. |
| Takeover free float reinclusion | A company deleted after a takeover with remaining free float of 15% or less is not reconsidered until it completes a one-year trading record. | A company deleted following a takeover, with a remaining free float of 15% or less, will not be re-considered for index inclusion until completion of a one-year trading record.Open p.14 ↗ |
A takeover-deleted company whose remaining free float is 15% or less must complete a one-year trading record before it can be reconsidered. |
| Suspended companies reference | Suspension of dealing rules are in Suspended_Companies_Rule.pdf. | Suspension of dealing rules can be found using the following link: Suspended_Companies_Rule.pdfOpen p.16 ↗ |
Detailed suspension-of-dealing rules are referenced in Suspended_Companies_Rule.pdf. |
| Altered trading method treatment | Altered-Trading-Method stocks are normally deleted at the next quarterly review and may only be reconsidered at the next periodic review after 12 months if no longer classified as such. | it will normally be deleted from the FTSE TWSE Taiwan 50 Index, FTSE TWSE Taiwan 50 30% Capped Index or FTSE TWSE Taiwan Mid- Cap 100 Index at the next quarterly reviewOpen p.16 ↗ |
A constituent that becomes an Altered-Trading-Method Stock is normally deleted at the next quarterly review and treated as a new issue after 12 months if the status has ended. |
| Reserve list replenishment trigger | Remaining reserve stocks: 2; Additional stocks published: 3 | If only two reserve list stocks remain available for the FTSE TWSE Taiwan 50 Index or the FTSE TWSE Taiwan 50 30% Capped IndexOpen p.13 ↗ |
If only two reserve-list stocks remain available for the Taiwan 50 or Taiwan 50 30% Capped Index, FTSE Russell publishes three additional reserve-list stocks. |
| Additional reserve list ranking rule | Additional reserve stocks are selected using the previous quarterly review rankings and re-ranked using prices two days before the last constituent deletion. | companies will be selected using the rankings determined at the previous quarterly review but will be re-ranked using prices two days prior to the last deletion of a constituent.Open p.13 ↗ |
Additional reserve-list stocks are selected from the previous quarterly review rankings and re-ranked using prices from two days before the last deletion. |
| Fast entry | Size threshold: Full market capitalisation sufficient to rank 20th or higher in the FTSE TWSE Taiwan 50 Index before individual constituent investability weightings; Timing: Normally included after the close of business on the fifth day of official trading; if that day falls in the index review week, added concurrently with the review effective date | that security will be eligible for fast entry inclusion to the FTSE TWSE Taiwan 50 Index if its full market capitalisation which would ensure the company joins the FTSE TWSE Taiwan 50 Index in 20th position or higherOpen p.15 ↗ |
An IPO security is eligible for fast entry to the FTSE TWSE Taiwan 50 Index if its full market capitalisation would place it 20th or higher, and it is normally added after the close on the fifth official trading day. |
| Ad-hoc deletion | Delisting, Acquisition, Other, Prolonged suspension | If a constituent is delisted, ceases to have a firm quotation, is subject to a takeover 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 delisted, ceases to have a firm quotation, is subject to a takeover, ceases to be viable under the Ground Rules, is suspended and deleted, or changes to Altered-Trading-Method status. |
| Replacement policy | Reserve list | it will be replaced by the highest-ranking company by full market capitalisation eligible on the reserve list (see rule 6.4) as at the close of the index calculation two days prior to the deletion.Open p.14 ↗ |
Removed constituents of the FTSE TWSE Taiwan 50, 30% Capped and Mid-Cap 100 indices are replaced by the highest-ranking eligible company on the relevant reserve list. |
| Merger spinoff rules | In a constituent-to-constituent merger, the resulting company remains and the vacancy is filled from the reserve list; if acquired by a non-constituent, the eligible resulting company replaces the acquired company, otherwise the reserve list is used; split-result companies are assessed for inclusion by full market capitalisation and other eligibility, with changes determined on day-one closing market values and applied on two days' notice. | If the effect of a merger or takeover is that one constituent is absorbed by another constituent in the FTSE TWSE Taiwan 50 IndexOpen p.14 ↗ |
The rules specify treatment for mergers, takeovers by non-constituents and splits, including reserve-list vacancies, eligibility of resulting companies and two-day notice for split changes. |
| Share or float change threshold | Changes to shares in issue and free float 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.17 ↗ |
The document does not state a numerical threshold; it refers share and free-float changes to the Corporate Actions and Events Guide. |
| 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.7 ↗ |
Full corporate-action and event details are in the Corporate Actions and Events Guide, referenced as Corporate_Actions_and_Events_Guide.pdf. |
| M9 Calculation and return variants · 9 fields | |||
| Foreign exchange source for USD index values | WMR FX Benchmarks rates at index closing time | The foreign exchange rates received from WMR FX Benchmarks at the closing time of the Index (see Appendix B and Appendix C) are used to calculate the end of day index values in US Dollars.Open p.19 ↗ |
US-dollar end-of-day index values use foreign exchange rates received from WMR FX Benchmarks at the index closing time. |
| Real time calculation agent | TWSE | TWSE is responsible for real-time calculation and dissemination of the FTSE TWSE Taiwan Index Series throughout the market open period on a trading day.Open p.5 ↗ |
TWSE is responsible for real-time calculation and dissemination of the index series throughout the market-open period on a trading day. |
| Market hours monitoring | TWSE assists in monitoring pricing, corporate actions, and intraday market issues. | TWSE will assist in monitoring of all pricing, corporate actions and intraday market issues in relation to the FTSE TWSE Taiwan Index Series.Open p.5 ↗ |
TWSE assists with monitoring pricing, corporate actions, and intraday market issues for the index series. |
| 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.23 ↗ |
The index is calculated as the sum of securities' adjusted market values divided by an adjustable divisor. |
| Price source | actual trade prices from the Taiwan Stock Exchange; latest trade price, or previous index-close price when needed | The FTSE TWSE Taiwan Index Series uses actual trade prices for securities from the Taiwan Stock Exchange.Open p.19 ↗ |
The indices use actual trade prices from the Taiwan Stock Exchange, with the latest trade price in the formula and the previous index-close price as the stated fallback. |
| Calculation frequency | Real time interval seconds: 5; End of day: Yes; Calendar days: each day trading takes place on the Taiwan Stock Exchange; Official index period: 09:00-13:35 local Taiwan Time | are published every five seconds during the official index period, using last trade prices.Open p.19 ↗ |
The specified indices are published every five seconds during the official index period, and FTSE produces end-of-day products on days when trading takes place on the Taiwan Stock Exchange. |
| 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.23 ↗ |
The divisor may be adjusted to accommodate changes in individual securities' issued share capital without distorting the index. |
| Market disruption rule | Trading halts, market closures, and non-tradable-market or security scenarios are governed by separate FTSE Russell policies. | 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 ↗ |
For trading halts, market closures, or situations where clients cannot trade a market or security, the index treatment follows separate FTSE Russell policies rather than being specified in the extracted rules. |
| Recalculation policy | Follow the FTSE Russell Index Recalculation Guidelines to determine whether an index or index series should be recalculated and/or data products reissued; 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 TWSE Taiwan Index Series are notified through appropriate media.Open p.8 ↗ |
If an inaccuracy is identified, FTSE Russell applies its recalculation guidelines, decides whether to recalculate the index or reissue data products, and notifies users through appropriate media. |
| M10 Governance, change policy, disclosure · 14 fields | |||
| Benchmark administrator | FTSE International Limited (FTSE) | FTSE is the benchmark administrator of the index seriesOpen p.5 ↗ |
FTSE International Limited is the benchmark administrator of the FTSE TWSE Taiwan Index Series. |
| Daily operation responsibilities | FTSE is responsible for daily calculation, production, operation, recordkeeping, constituent and weighting changes, periodic reviews, publication of weighting changes, and dissemination. | 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 and reserve companiesOpen p.5 ↗ |
FTSE is responsible for the daily calculation, production and operation of the index series and carries out maintenance, reviews, publication, and dissemination. |
| Unforeseen event notification | After a determination under the Statement of Principles, FTSE Russell advises the market at the earliest opportunity. | After making any such determination, FTSE Russell shall advise the market of its decision at the earliest opportunity.Open p.6 ↗ |
When FTSE Russell resolves an unforeseen or ambiguous matter using the Statement of Principles, it notifies the market as soon as possible. |
| Governance framework reference | FTSE Russell Governance Framework | The framework incorporates the London Stock Exchange Group’s three lines of defence risk management framework and is designed to meet the requirements of the IOSCO Principles for Financial BenchmarksOpen p.8 ↗ |
FTSE Russell uses a governance framework covering product, service, and technology governance and designed to meet IOSCO, EU, and UK benchmark principles and regulations. |
| Complaints procedure | FTSE Russell 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 benchmark determination complaints handling policy document. |
| Oversight body | FTSE Russell Index Governance Board | The feedback from these consultations will be considered by the FTSE Russell Index Governance Board before approval is granted.Open p.5 ↗ |
The FTSE Russell Index Governance Board considers consultation feedback and approves significant rule amendments, while FTSE Russell operates a broader governance framework. |
| Discretion points | When the Ground Rules are silent or do not specifically and unambiguously apply to a decision, When the rules do not fully cover a specific event or development, Determining appropriate treatment by reference to the Statement of Principles, Deciding whether subsequent rules should be updated for greater clarity | where FTSE Russell determines that the Ground Rules are silent or do not specifically and unambiguously apply to the subject matter of any decision, any decision shall be based as far as practical on the Statement of Principles.Open p.6 ↗ |
When the Ground Rules are silent, ambiguous, or do not cover an event, FTSE Russell determines the treatment by reference to the Statement of Principles and notifies the market at the earliest opportunity. |
| 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 series.Open p.5 ↗ |
The Ground Rules are regularly reviewed at least once a year, and the Statement of Principles is also reviewed annually. |
| External review | Significant amendments are consulted on with FTSE Russell advisory committees and other stakeholders when appropriate, with feedback 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.Open p.5 ↗ |
Significant Ground Rules amendments undergo consultation with advisory committees and other stakeholders as appropriate before Governance Board approval. |
| Consultation procedure | Material changes are announced in advance to permit comments from index users and the market; significant amendments are consulted on with advisory committees and stakeholders where appropriate, and feedback is considered by the FTSE Russell Index Governance Board. | Material changes to the Ground Rules will be announced in advance to allow for comments from index users and the market in general.Open p.6 ↗ |
FTSE Russell announces material changes in advance for market comment and consults advisory committees and stakeholders as appropriate before Governance Board approval. |
| Error correction policy | FTSE Russell follows its Index Recalculation Guidelines when determining whether to recalculate an index or reissue associated data products, and notifies 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.Open p.8 ↗ |
Upon identifying an inaccuracy, FTSE Russell applies its recalculation guidelines, decides on recalculation or data-product reissue, and notifies users through appropriate media. |
| Change announcement | appropriate media, FTSE Russell dissemination, TWSE real-time dissemination, FTSE Russell website for policy documents | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic review; and – disseminate the indices.Open p.5 ↗ |
FTSE disseminates the indices and publishes weighting changes, TWSE disseminates them in real time, recalculation users are notified through appropriate media, and policies are available on 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 reviewOpen p.5 ↗ |
FTSE publishes changes to constituent weightings resulting from ongoing maintenance and periodic reviews. |
| Cessation policy | Circumstances beyond FTSE Russell's control may require changes to or cessation of the index; referencing financial products should be able to withstand or address that possibility. | it is possible that circumstances, including external events beyond the control of FTSE Russell, may necessitate changes to, or the cessation of, the indexOpen p.3 ↗ |
FTSE Russell warns that external events may necessitate changes to or cessation of the index and that users and referencing products should address that possibility. |
Open points · 34Model-written, for reference
- 1No index short name or abbreviation was found text.
- 2No local-language index name was found text.
- 3No vendor index code, ISIN, or third-party ticker codes were found text.
- 4No distinct calculation agent was stated beyond references to FTSE Russell, TWSE, and publication/calculation rules.
- 5No launch date, base date, or base value was found.
- 6No methodology publication date other than version v5.2 was found.
- 7The document does not state a regulatory benchmark status (regulated, significant, or non-significant).
- 8No explicit intended uses such as ETF underlyings or derivatives were found.
- 9The numerical minimum foreign headroom threshold is not stated and is deferred to an external linked PDF.
- 10No minimum voting-rights requirement, minimum share price, financial-health screen, suspension rule, or abnormal price-rise screen was found.
- 11Liquidity rules refer to days' trading record without explicitly naming those 20 days as trading days; the surrounding monthly rule specifies trading days, but the 20-day phrase itself is not explicit.
- 12The supplied Section 4 heading contains no body rules beyond its subsections, so any broader index-construction provisions not included in the excerpts could not be assessed.
- 13Selection method, ranking metrics, target constituent count, tie-breaking, industry neutrality, and reserve-list rules are not stated.
- 14The precise weighting scheme is not expressly named; the section only states that constituents are adjusted for free float and foreign ownership limits.
- 15Free-float adjustment bands or factors are not provided in the section; they are referred to an external Free_Float_Restrictions.pdf document.
- 16The mechanics by which foreign ownership limits are applied to weights are not specified.
- 17Single-constituent, group, sector, and country caps, cap timing, share-count source, and divisor adjustment rules are not stated.
- 18No rank-based migration buffer, size-segment buffer, liquidity buffer for existing constituents, or maximum turnover per review was stated.
- 19No separate rebalancing frequency or weight-reset frequency distinct from the quarterly review was stated.
- 20No explicit deletion price was stated; replacements use the highest-ranking reserve-list company as at the close of the index calculation two days prior to deletion or replacement.
- 21No numerical threshold for implementing share or free-float changes between reviews was stated; the rules refer to the Corporate Actions and Events Guide.
- 22Fast-entry excluded boards were not stated.
- 23No explicit definition of a material change was found.
- 24No numerical notice period for methodology or constituent changes was found.
- 25No published index-level precision or number of decimal places was found.
- 26No price return, gross total return, or net total return variant labels were found.
- 27No withholding tax basis or dividend reinvestment treatment was found.
- 28The detailed mechanics of the separate trading-halt, market-closure, and inability-to-trade policies are not included.
- 29The frequency of full constituent-list publication is not specified; the text only states publication of changes to constituent weightings.
- 30The supplied index-specific sections do not state an index short name, local-language name, vendor index code, ISIN, Bloomberg or Refinitiv ticker for the FTSE TWSE Taiwan 50 30% Capped Index.
- 31The supplied sections do not state this capped index's launch date, base date, or base value.
- 32The exact capping algorithm and treatment of weights between quarterly reviews are not provided beyond reference to the Capping Methodology Guide.
- 33Although the index is understood to have 50 constituents because it mirrors the Taiwan 50 Index, the supplied index-specific passages do not print the numerical target count for the capped index.
- 34Not coveredM7 Buffers and turnover control: not covered by this edition
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