editorial · modified The methodology document version label was updated from v3.3 to v4.2, and the LSEG/FTSE Russell website URL was added. No index methodology rule, eligibility criterion, calculation, or other substantive requirement changed. Rated editorial: The change only updates a version identifier and adds a website address; it does not alter what index users must do or expect.Model-written, for reference only. Open p.1 ↗
Also known as: TWDP Index (Bloomberg)
At a glance
- Weighting schemeDividend yield
- Review frequencySemi-annual
- Constituent count50
- Single cap6
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 11 fields | |||
| ESG factors considered | No | The FTSE TWSE Taiwan Dividend+ Index Series does not take account of ESG factors in its index design.Open p.3 ↗ |
The index design does not take account of ESG factors. |
| Weighting scheme | Yield weighted | The constituents’ weightings within the index are determined by their forecast dividend yield as opposed to market capitalisation.Open p.3 ↗ |
Constituent weights are determined by forecast dividend yield rather than market capitalisation. |
| Constituent count | 50 securities | The FTSE TWSE Taiwan Dividend+ Index selects the top 50 Taiwan incorporated stocks by one-year forecast dividend yield.Open p.3 ↗ |
The index selects the top 50 Taiwan-incorporated stocks by one-year forecast dividend yield. |
| Ranking metric | One year forecast dividend yield | The FTSE TWSE Taiwan Dividend+ Index selects the top 50 Taiwan incorporated stocks by one-year forecast dividend yield.Open p.3 ↗ |
Stocks are ranked by one-year forecast dividend yield. |
| Index name | FTSE TWSE Taiwan Dividend+ Index | The FTSE TWSE Taiwan Dividend+ Index is a yield-weighted index designed to select and measure the performance of higher yielding Taiwan incorporated stocksOpen p.3 ↗ |
The official English index name is FTSE TWSE Taiwan Dividend+ Index. |
| Index family | FTSE TWSE Taiwan Dividend+ Index Series | The FTSE TWSE Taiwan Dividend+ Index Series does not take account of ESG factors in its index design.Open p.3 ↗ |
The index belongs to the FTSE TWSE Taiwan Dividend+ Index Series. |
| Methodology version | v4.2 | The methodology document is version v4.2. | |
| Objective | The FTSE TWSE Taiwan Dividend+ Index is a yield-weighted index designed to select and measure the performance of higher yielding Taiwan incorporated stocks within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index. | The FTSE TWSE Taiwan Dividend+ Index is a yield-weighted index designed to select and measure the performance of higher yielding Taiwan incorporated stocks within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index.Open p.3 ↗ |
The index is designed to select and measure the performance of higher-yielding Taiwan-incorporated stocks within the FTSE TWSE Taiwan 50 and FTSE TWSE Taiwan Mid-Cap 100 universes. |
| Size segment | Custom | within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index.Open p.3 ↗ |
The index targets a custom large- and mid-cap selection drawn from the Taiwan 50 and Taiwan Mid-Cap 100 universes. |
| Index family type | Dividend yield | The FTSE TWSE Taiwan Dividend+ Index is a yield-weighted index designed to select and measure the performance of higher yielding Taiwan incorporated stocksOpen p.3 ↗ |
The index family is a dividend-yield strategy because constituents are selected and weighted by forecast dividend yield. |
| Factor exposures | Yield | The FTSE TWSE Taiwan Dividend+ Index selects the top 50 Taiwan incorporated stocks by one-year forecast dividend yield.Open p.3 ↗ |
The index provides exposure to the yield factor through higher forecast dividend-yield stocks. |
| M2 Universe · 4 fields | |||
| Markets | Taiwan | higher yielding Taiwan incorporated stocks within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index.Open p.3 ↗ |
The index covers Taiwan-incorporated stocks. |
| Security types | Common | higher yielding Taiwan incorporated stocks within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index.Open p.3 ↗ |
The universe consists of stocks, interpreted as common equities. |
| Nationality rule | Stocks must be Taiwan incorporated. | selects the top 50 Taiwan incorporated stocks by one-year forecast dividend yield.Open p.3 ↗ |
Eligible stocks are Taiwan-incorporated companies. |
| Parent universe index | FTSE TWSE Taiwan 50 Index, FTSE TWSE Taiwan Mid-Cap 100 Index | within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index.Open p.3 ↗ |
The index universe is the combined universe of the FTSE TWSE Taiwan 50 Index and FTSE TWSE Taiwan Mid-Cap 100 Index. |
| M3 Eligibility screens · 1 field | |||
| Selection eligibility | Top 50 Taiwan-incorporated stocks by one-year forecast dividend yield within the parent index universes. | The FTSE TWSE Taiwan Dividend+ Index selects the top 50 Taiwan incorporated stocks by one-year forecast dividend yield.Open p.3 ↗ |
A stock is selected if it ranks among the top 50 Taiwan-incorporated stocks by one-year forecast dividend yield within the parent index universes. |
| M4 Selection and constituent count · 12 fields | |||
| Review universe | Members of the FTSE TWSE Taiwan 50 Index and FTSE TWSE Taiwan Mid-Cap 100 Index | At review the universe is comprised of constituents from the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index, which together cover the largest 150 companies, by full market value, listed on the Taiwan Stock Exchange.Open p.7 ↗ |
At each review, the selection universe consists of constituents of the FTSE TWSE Taiwan 50 and FTSE TWSE Taiwan Mid-Cap 100 indices. |
| Entry rank for non constituents | 35 rank or higher | Non-constituents that rank 35th place or above will be included in the index. Constituents that rank 66th or below will be removed from the index.Open p.7 ↗ |
Non-constituents ranked 35th or higher by forecast 12-month forward dividend yield are added to the index. |
| Removal rank for existing constituents | 66 rank or lower | Non-constituents that rank 35th place or above will be included in the index. Constituents that rank 66th or below will be removed from the index.Open p.7 ↗ |
Existing constituents ranked 66th or lower by forecast 12-month forward dividend yield are removed from the index. |
| Multiple share line rule | Select the eligible line with the largest dividend yield; if tied, select the line with the largest full market capitalisation. | Where a company has more than one line of stock and both are eligible for inclusion into the index, the line with the largest dividend yield will be included. Where both lines have the same dividend yield, the line with the largest full market capitalisation will be included.Open p.7 ↗ |
When a company has multiple eligible stock lines, the higher-dividend-yield line is selected, and a yield tie is resolved by larger full market capitalisation. |
| Maximum additions per semi annual review | 5 constituents | To prevent a large number of constituent changes, a maximum five additions and a maximum five deletions will normally be applied at each semi-annual review.Open p.8 ↗ |
Ordinarily, no more than five additions are made at each semi-annual review, subject to exceptions needed to restore the index to 50 constituents. |
| Maximum deletions per semi annual review | 5 constituents | To prevent a large number of constituent changes, a maximum five additions and a maximum five deletions will normally be applied at each semi-annual review.Open p.8 ↗ |
Ordinarily, no more than five deletions are made at each semi-annual review, subject to exceptions needed to restore the index to 50 constituents. |
| Selection method | Rank by metric | The eligible securities that have passed the screening detailed in rule 4.2.1 to 4.2.7 will be ranked in descending order by the forecast 12-month forward dividend yields (see rule 4.3).Open p.7 ↗ |
Eligible securities are ranked in descending order by forecast 12-month forward dividend yield, with rank-based entry and removal rules. |
| Ranking metrics | Name: Forecast 12 month forward dividend yield; Window: 12 months; Direction: Descending; Step order: 1 | The eligible securities that have passed the screening detailed in rule 4.2.1 to 4.2.7 will be ranked in descending order by the forecast 12-month forward dividend yields (see rule 4.3).Open p.7 ↗ |
Securities that pass the screens are ranked in descending order by forecast 12-month forward dividend yield. |
| Target constituent count | 50 constituents | To maintain a consistent 50 stocks at review, if there are less than 50 constituents after the above process, the next highest-ranking non-constituent will be included until the 50 index stocks are selected.Open p.7 ↗ |
The index is maintained to contain consistently 50 stocks at each review. |
| Tie break rule | — | — (not found verbatim in the PDF) |
The document does not state a general tie-breaking rule for dividend-yield ranking ties. |
| Industry neutrality rule | — | — (not found verbatim in the PDF) |
The document does not state any sector or industry neutrality requirement in constituent selection. |
| Reserve list | — | — (not found verbatim in the PDF) |
The document does not describe a reserve list or a fixed number of pre-ranked replacement candidates. |
| M5 Weighting and capping · 15 fields | |||
| Investable market capitalisation holding cap (%) | 15% | Using the assumed AUM, individual company holdings are capped so they do not exceed 6% of their full market capitalisation and 15% of their investable market capitalisation, whichever is less.Open p.9 ↗ |
Individual company holdings may not exceed 15% of investable market capitalisation if that is lower than the 6% full-market-capitalisation limit. |
| Assumed AUM calculation | Passive assets tracking the index multiplied by 1.2 and rounded up to the nearest TWD 25 billion. | The index constituent weights are capped quarterly in March, June, September and December with an assumed assets under management (AUM) that is 1.2 times the overall passive assets tracking the index. The AUM is then rounded up to the nearest multiple of TWD 25 billion.Open p.9 ↗ |
The capping AUM assumption is 1.2 times passive assets tracking the index, rounded up to the nearest TWD 25 billion. |
| Capping factor data cutoff | Monday four weeks prior to the review effective date | The assumed AUM used in the capping process is calculated based on data available on the Monday four weeks prior to the review effective date.Open p.9 ↗ |
The assumed AUM and capping-factor prices are based on data available as of the Monday four weeks before the review effective date. |
| Capping implementation | Implemented after close on the third Friday of the review month and effective from the open on the following Monday. | The capping is implemented after the close of business on the third Friday of the review month (i.e. effective from the open the following Monday).Open p.10 ↗ |
Capping becomes effective at the open on the Monday following the third Friday of the review month. |
| Weighting scheme | Dividend yield | Each of the index constituents are weighted within the index at review by their 12-month forward dividend yields.Open p.9 ↗ |
Each constituent is weighted at the review by its 12-month forward dividend yield. |
| Free float factor | Method: Free float | The calculation of the constituent capping factors (c) will be based on prices at close on the Monday four weeks prior to the review effective date using shares in issue and investability weights as designated to take effect after close on the third Friday of the review monthOpen p.9 ↗ |
The capping calculation uses investability weights, but the document does not provide free-float factor bands. |
| Domestic inclusion factor | — | — (not found verbatim in the PDF) |
The document does not state a domestic inclusion factor. |
| Foreign ownership limit | — | — (not found verbatim in the PDF) |
The document does not describe how foreign ownership restrictions or foreign headroom affect constituent weights. |
| Weight cap | 6% | Using the assumed AUM, individual company holdings are capped so they do not exceed 6% of their full market capitalisation and 15% of their investable market capitalisation, whichever is less.Open p.9 ↗ |
Individual company holdings are capped so they do not exceed 6% of full market capitalisation, subject also to the investable-market-capitalisation limit. |
| Group cap | — | — (not found verbatim in the PDF) |
The document does not impose an aggregate cap on the largest constituents as a group. |
| Sector cap (%) | — | — (not found verbatim in the PDF) |
The document does not specify a sector cap. |
| Country cap (%) | — | — (not found verbatim in the PDF) |
The document does not specify a country cap. |
| Cap application timing | Quarterly | The index constituent weights are capped quarterly in March, June, September and December with an assumed assets under management (AUM) that is 1.2 times the overall passive assets tracking the index.Open p.9 ↗ |
Constituent weights are capped quarterly in March, June, September, and December. |
| Shares outstanding | Shares in issue designated to take effect after the close on the third Friday of the review month, used with prices as of the Monday four weeks before the review effective date. | The calculation of the constituent capping factors (c) will be based on prices at close on the Monday four weeks prior to the review effective date using shares in issue and investability weights as designated to take effect after close on the third Friday of the review monthOpen p.9 ↗ |
Capping factors use designated shares in issue effective after the third Friday and prices as of the Monday four weeks before the effective date. |
| Divisor adjustment rule | — | — (not found verbatim in the PDF) |
The provided sections do not state a divisor adjustment rule for maintaining index continuity when weights are reset. |
| M6 Review and rebalance schedule · 10 fields | |||
| Implementation period | 5 trading days | During semi-annual review and quarterly capping, the index is rebalanced over five consecutive trading days starting from the review effective date (the rebalancing period).Open p.10 ↗ |
At semi-annual reviews and quarterly capping, the index is rebalanced over five consecutive trading days. |
| Underlying quarterly deletion months | March, September | Intra-review deletions arising from quarterly reviews of the underlying FTSE TWSE Taiwan 50 and FTSE TWSE Taiwan Mid-Cap 100 Indices in March and September will follow rule 4.6.Open p.11 ↗ |
Intra-review deletions arising from the underlying indices' quarterly reviews occur in March and September. |
| Underlying quarterly rebalance period | 5 trading days | Deletions will be removed from the index and the index will be rebalanced over five consecutive trading days commencing from the review effective date of the underlying indices.Open p.11 ↗ |
For March and September deletions arising from underlying-index quarterly reviews, the index is rebalanced over five consecutive trading days from the underlying review effective date. |
| Review frequency | Semi-annual | The FTSE TWSE Taiwan Dividend+ Index will be reviewed semi-annually in June and December using data as at the close of business on the Monday four weeks prior to the review effective date.Open p.7 ↗ |
The index is reviewed semi-annually. |
| Review types | Semi annual review, Ad hoc | The FTSE TWSE Taiwan Dividend+ Index will be reviewed semi-annually in June and December using data as at the close of business on the Monday four weeks prior to the review effective date.Open p.7 ↗ |
The index undergoes semi-annual constituent reviews and intra-review changes tied to the underlying indices. |
| Review months | June, December | The FTSE TWSE Taiwan Dividend+ Index will be reviewed semi-annually in June and December using data as at the close of business on the Monday four weeks prior to the review effective date.Open p.7 ↗ |
Semi-annual reviews take place in June and December. |
| Data cutoff rule | Data as at the close of business on the Monday four weeks prior to the review effective date. | using data as at the close of business on the Monday four weeks prior to the review effective date.Open p.7 ↗ |
Review data is measured as at the close of business on the Monday four weeks before the review effective date. |
| Effective date rule | Changes become effective after the close of business on the third Friday of the review month, i.e. effective Monday. | Changes arising from each semi-annual review will be made effective after the close of business on the third Friday (i.e. effective Monday) of the review month.Open p.7 ↗ |
Semi-annual review changes are effective after the close of business on the third Friday of the review month, taking effect on Monday. |
| Rebalance frequency | Semi annual and quarterly capping | During semi-annual review and quarterly capping, the index is rebalanced over five consecutive trading days starting from the review effective date (the rebalancing period).Open p.10 ↗ |
The index is rebalanced during the semi-annual review and quarterly capping. |
| Weight reset frequency | Quarterly | During semi-annual review and quarterly capping, the index is rebalanced over five consecutive trading days starting from the review effective date (the rebalancing period).Open p.10 ↗ |
Capping and the associated rebalancing are performed quarterly in addition to the semi-annual review. |
| M8 Corporate actions, IPOs, ad-hoc changes · 10 fields | |||
| Concurrent underlying deletion | Yes | The deletion will be concurrent with its deletion from the underlying indices and its weight will be distributed pro-rata amongst the remaining constituents in the FTSE TWSE Taiwan Dividend+ Index.Open p.11 ↗ |
Deletion from the Dividend+ Index occurs concurrently with deletion from the relevant underlying index. |
| Pro rata weight redistribution | Yes | its weight will be distributed pro-rata amongst the remaining constituents in the FTSE TWSE Taiwan Dividend+ Index.Open p.11 ↗ |
The deleted constituent's weight is distributed pro-rata among the remaining constituents. |
| Suspension rules reference | Corporate Actions and Events Guide for Non Market Cap Weighted Indices | Suspension of dealing rules can be found within the Corporate Actions and Events Guide for Non Market Cap Weighted Indices.Open p.12 ↗ |
Suspension-of-dealing rules are contained in the Corporate Actions and Events Guide for Non Market Cap Weighted Indices. |
| Corporate action ex-date adjustment | The index is adjusted in line with the prescribed ex-date. | A corporate action is an action on shareholders with a prescribed ex-date. The share price will be subject to an adjustment on the ex-date. The index will be adjusted in line with the ex-date.Open p.12 ↗ |
For corporate actions with a prescribed ex-date, the share price adjusts on the ex-date and the index is adjusted in line with that date. |
| Fast entry | Timing: Next semi annual review | There will be no intra-review additions to the index. If a security is eligible for the index, it will only be considered for inclusion at the next semi-annual review.Open p.11 ↗ |
There are no intra-review additions; an eligible security is considered only at the next semi-annual review. |
| Ad-hoc deletion | Other | A constituent will be removed from the FTSE TWSE Taiwan Dividend+ Index if it is also removed from the underlying FTSE TWSE Taiwan 50 or FTSE TWSE Taiwan Mid Cap 100 Indices.Open p.11 ↗ |
A constituent is deleted intra-review if it is removed from either underlying FTSE TWSE Taiwan 50 or FTSE TWSE Taiwan Mid-Cap 100 Index. |
| Replacement policy | None | The deletion will be concurrent with its deletion from the underlying indices and its weight will be distributed pro-rata amongst the remaining constituents in the FTSE TWSE Taiwan Dividend+ Index.Open p.11 ↗ |
Deleted constituents are not replaced by a reserve candidate; their weight is distributed pro-rata among the remaining constituents. |
| Merger spinoff rules | Treatment is governed by the Corporate Actions and Events Guide for Non Market Cap Weighted Indices. | The treatment of takeovers, mergers and demergers can be found within the Corporate Actions and Events Guide for Non Market Cap Weighted Indices.Open p.12 ↗ |
The treatment of takeovers, mergers and demergers is set out in the Corporate Actions and Events Guide for Non Market Cap Weighted Indices. |
| Share or float change threshold | No threshold is stated; specified share and free-float changes, excluding tender offers, do not change the constituent's index weight around the event. | If a constituent in the underlying index has a stock split, stock consolidation, rights issue, bonus issue, a change in the number of shares in issue or a change in free float (except for tender offers), the constituent’s weighting in the corresponding FTSE TWSE Taiwan Dividend+ Index will remain unchanged pre and post such an event.Open p.12 ↗ |
For stock splits, consolidations, rights and bonus issues, changes in shares in issue, or free-float changes other than tender offers, the constituent's weighting remains unchanged pre- and post-event. |
| Corporate actions guide ref | Corporate Actions and Events Guide for Non Market Cap Weighted Indices | Full details of changes to constituent companies due to corporate actions and events can be accessed in the Corporate Actions and Events Guide for Non Market Cap Weighted IndicesOpen p.5 ↗ |
Detailed corporate-action and event treatment is provided in the Corporate Actions and Events Guide for Non Market Cap Weighted Indices. |
| M9 Calculation and return variants · 8 fields | |||
| Calculation currencies | New Taiwan Dollar, US Dollar | The index will be calculated and published in New Taiwan Dollars on a real-time basis (every five seconds). New Taiwan and US Dollars index values will also be calculated on an end-of-day basis.Open p.13 ↗ |
The index is published in New Taiwan dollars, and New Taiwan dollar and US dollar values are calculated at end of day. |
| Real time status definitions reference | Real-time status definitions are provided in FTSE Russell's Real Time Status Definitions guide. | For indices which are calculated in real time, please refer to the following guide for details of real time status definitions:Open p.6 ↗ |
For real-time-calculated indices, real-time status definitions are covered by 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.Open p.13 ↗ |
The index is calculated using a divisor-based algorithm. |
| Price source | latest trade price, or previous day's index closing price when no latest trade price is available | – 𝑝𝑖 is the latest trade price of the component security (or the price at the close of the index on the previous day);Open p.13 ↗ |
Each security is valued using its latest trade price, or the price at the previous day's index close when applicable. |
| Calculation frequency | Real time interval seconds: 5; End of day: Yes | The index will be calculated and published in New Taiwan Dollars on a real-time basis (every five seconds). New Taiwan and US Dollars index values will also be calculated on an end-of-day basis.Open p.13 ↗ |
The index is calculated and published in New Taiwan dollars every five seconds in real time, with New Taiwan dollar and US dollar values also calculated at end of day. |
| 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.13 ↗ |
The divisor may be adjusted for changes in individual securities' issued share capital so the index is not distorted. |
| Market disruption rule | Governed by FTSE Russell's Index Policy for Trading Halts and Market Closures and Index Policy in the Event Clients are Unable to Trade a Market or a Security. | Guidance for the treatment of index changes in the event of trading halts or market closures can be found using the following link: Index_Policy_for_Trading_Halts_and_Market_Closures.pdfOpen p.5 ↗ |
Trading halts, market closures, and situations where clients cannot trade a market or security are handled under separate FTSE Russell policies. |
| Recalculation policy | If an inaccuracy is identified, FTSE Russell follows its Index Recalculation Guidelines to determine whether an index or series should be recalculated and whether associated data products should be reissued; users are notified through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued.Open p.5 ↗ |
FTSE Russell follows its recalculation guidelines when an inaccuracy is found and notifies users through appropriate media. |
| M10 Governance, change policy, disclosure · 11 fields | |||
| Benchmark administrator | FTSE International Limited | FTSE is the benchmark administrator of the index seriesOpen p.4 ↗ |
FTSE International Limited is the benchmark administrator of the index series. |
| Administrator responsibilities | daily calculation, production and operation, maintain constituent index weighting records, change constituents and weightings under the Ground Rules, conduct periodic reviews and apply resulting changes, publish constituent weighting changes, disseminate 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 constituentsOpen p.4 ↗ |
FTSE is responsible for daily calculation, operation, constituent and weighting maintenance, periodic reviews, publication of weighting changes, and dissemination. |
| Governance framework | FTSE Russell uses a governance framework covering product, service, and technology governance and incorporating the London Stock Exchange Group's three lines of defence risk management framework. | To oversee its indices, FTSE Russell employs a governance framework that encompasses product, service and technology governance. The framework incorporates the London Stock Exchange Group’s three lines of defence risk management frameworkOpen p.6 ↗ |
FTSE Russell oversees indices through a governance framework covering product, service, technology, and three-lines-of-defence risk management. |
| Methodology changes 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.5 ↗ |
Benchmark methodology changes are governed by FTSE Russell's separate Policy for Benchmark Methodology Changes. |
| 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.4 ↗ |
The FTSE Russell Index Governance Board considers consultation feedback before significant Ground Rules amendments are approved. |
| Methodology review frequency | Frequency: at least annually; Periods per year: 1 | 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.4 ↗ |
The Ground Rules are reviewed regularly, at least once a year. |
| External review | Significant amendments are consulted on with FTSE Russell advisory committees and other stakeholders when appropriate, and feedback is considered by the FTSE Russell Index Governance Board. | Any proposals for significant amendments to these Ground Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate.Open p.4 ↗ |
Significant rule amendments may be consulted on with advisory committees and other stakeholders before governance-board approval. |
| Consultation procedure | Proposals for significant amendments are consulted on with FTSE Russell advisory committees and other stakeholders if appropriate, and feedback is considered by the FTSE Russell 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.4 ↗ |
FTSE Russell consults advisory committees and stakeholders as appropriate on significant amendments and considers their feedback before board approval. |
| Error correction policy | FTSE Russell follows its Index Recalculation Guidelines to decide whether to recalculate an index or index series and/or reissue associated data products, and users are notified through appropriate media. | Users of the FTSE TWSE Dividend+ Index will be notified through appropriate media. For further information refer to the FTSE Russell Recalculation Policy and Guidelines documentOpen p.5 ↗ |
Errors are handled under FTSE Russell's recalculation guidelines, including possible recalculation, data reissue, and user notification. |
| Change announcement | appropriate media, FTSE Russell website | Users of the FTSE TWSE Dividend+ Index will be notified through appropriate media. For further information refer to the FTSE Russell Recalculation Policy and Guidelines document which is available from the FTSE Russell websiteOpen p.5 ↗ |
Users are notified through appropriate media, and policy documents are available on the FTSE Russell website. |
| Constituents published | Bool: Yes; Frequency: ongoing maintenance and periodic reviews | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviewsOpen p.4 ↗ |
FTSE publishes changes to constituent weightings resulting from ongoing maintenance and periodic reviews. |
Open points · 38Model-written, for reference
- 1Index short name or abbreviation was not stated.
- 2Local-language index name was not stated.
- 3Vendor index code, ISIN, and third-party tickers were not stated.
- 4Benchmark administrator and calculation agent were not explicitly stated.
- 5Launch date, base date, base value, and calculation currency were not stated.
- 6Methodology publication date was not stated; only version v4.2 was shown.
- 7Benchmark regulatory status was not stated.
- 8Stated intended uses such as ETF or derivatives underlyings were not provided.
- 9Market classification and size-segment tier were not explicitly labelled.
- 10Specific exchanges, boards, and security-subtype rules were not stated beyond stocks in the parent index universes.
- 11Trading-history, liquidity, minimum-size, free-float, foreign-room, voting-rights, price, financial, suspension, and extreme-price screens were not stated.
- 12Explicit universe exclusions were not stated beyond the selection requirement for Taiwan-incorporated stocks.
- 13No general tie-breaking rule was stated for securities with equal forecast 12-month forward dividend yields.
- 14No industry or sector neutrality rule was stated for constituent selection.
- 15No reserve list or pre-ranked replacement candidate pool was stated.
- 16No domestic inclusion factor was stated.
- 17No foreign ownership limit or foreign-room weighting treatment was stated.
- 18No aggregate top-constituent, sector, or country cap was stated.
- 19The document describes capping holdings relative to company market capitalisation rather than a straightforward maximum index weight percentage.
- 20No announcement timing or publication channel for semi-annual review results was stated.
- 21No rank buffer or migration buffer was stated.
- 22No size-segment buffer was stated.
- 23No relaxed liquidity threshold for existing constituents was stated.
- 24No maximum turnover or constituent-change cap per review was stated.
- 25No specific fast-entry size threshold or excluded boards were stated; the document says there are no intra-review additions.
- 26No deletion price was stated.
- 27The precise underlying-index removal events triggering ad hoc deletion are not enumerated beyond removal from the underlying indices.
- 28Detailed merger, demerger, spin-off and suspension treatments are referenced only in a separate guide and are not included.
- 29Published index-level precision or number of decimal places is not stated.
- 30Return variants (PR, GTR, NTR) are not identified.
- 31Withholding tax basis for net return variants is not stated.
- 32Cash dividend reinvestment or treatment is not stated.
- 33A complete list of divisor-adjustment events beyond changes in issued share capital is not stated.
- 34Specific discretionary actions available to the administrator are not listed.
- 35A definition of material or significant methodology change is not provided.
- 36A specified notice period for methodology or constituent changes is not stated.
- 37An index cessation or discontinuation policy is not stated.
- 38Not coveredM7 Buffers and turnover control: not covered by this edition
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v3.3 → v4.2 28 changes: ● 1 major ● 4 minor · 23 editorial
View:editorial · removed The section titled 'ftserussell.com' is absent in the updated version, but the previous version contained no substantive text. No index rule, threshold, schedule, or methodology requirement was added, removed, or modified. Rated editorial: The removed section was empty, so its deletion does not change what an index user would do or expect.Model-written, for reference only. Open old p.1 ↗
editorial · modified The section heading was renumbered from "1.0 Introduction" to "1 Introduction". No index rule, methodology, or affected security set was changed. Rated editorial: This is a heading-numbering and formatting change only; it does not alter any substantive index methodology or user expectation.Model-written, for reference only. Open p.3 ↗
editorial · modified The referenced FTSE Russell website address was updated from www.ftserussell.com to www.lseg.com/en/ftse-russell/, with a minor grammatical change. No index methodology rule was modified. Rated editorial: The change only updates a reference URL and punctuation; it does not alter index identity, eligibility, selection, weighting, calculations, or any other rule affecting index users.Model-written, for reference only. Open p.3 ↗
minor · modified The updated description restricts the index's higher-yielding selection pool to "Taiwan incorporated stocks," including in the top-50 selection rule. It also changes "yield weighted" to "yield-weighted" and specifies that constituent weights are based on forecast dividend yield. Rated minor: Adding a Taiwan-incorporation condition introduces an eligibility/selection criterion that could affect the set of securities considered, making the change substantive. It falls within M1-M5, for which the ceiling is minor; the hyphenation and forecast-yield wording alone do not increase the materiality.Model-written, for reference only. Open p.3 ↗
editorial · modified The updated section removes the introductory paragraph listing the legal entities behind the FTSE Russell trading name. It also presents the existing liability-exclusion categories as a punctuated list rather than a single run-on sentence, without changing the categories themselves. Rated editorial: The change removes branding/legal-entity boilerplate and reformats an existing disclaimer list. It does not alter index eligibility, selection, weighting, calculation, review treatment, or any substantive right or obligation affecting index users.Model-written, for reference only. Open p.3 ↗
editorial · modified The section heading was changed from "2.0 Management Responsibilities" to "2. Management responsibilities." This is a formatting and capitalization update only; no governance rules, obligations, or procedures were modified. Rated editorial: The change only renumbers and changes the capitalization of a section heading. It does not alter any governance, disclosure, notice, or consultation requirement, so it is an editorial.Model-written, for reference only. Open p.4 ↗
editorial · modified The updated text presents FTSE's duties as a bulleted list and makes minor punctuation changes, including moving the footnote marker in rule 2.1.1. No responsibilities, rules, or operational obligations were added, removed, or altered. Rated editorial: This is a formatting and punctuation change that converts the existing duties into a bulleted list without changing their substance. The section is governance-related and does not alter notice periods or consultation obligations.Model-written, for reference only. Open p.4 ↗
editorial · modified The section heading and introductory sentence were reformatted, with "3.0" changed to "3", "Index Policies" lowercased to "index policies", and a comma added after "policy documents". No policy, obligation, or index methodology rule was changed. Rated editorial: This is a presentational and grammatical revision only. It does not alter governance, disclosure obligations, notice periods, consultation requirements, or any index user action.Model-written, for reference only. Open p.5 ↗
editorial · removed The updated methodology removes Section 3.3, including the statement providing access to FTSE Russell’s Benchmark Determination Complaints Handling Policy. No replacement complaint-handling disclosure is provided in the updated text. Rated editorial: This is an M10 governance/disclosure change involving removal of a complaints-procedure reference. It does not alter index methodology, eligibility, weighting, calculations, review schedules, corporate actions, notice periods, or consultation obligations, so it is an editorial.Model-written, for reference only. Open old p.6 ↗
editorial · added A new section 3.3, "Queries and Complaints," was added. It provides a link to FTSE Russell's Benchmark Determination Complaints Handling Policy. No index methodology rule, threshold, schedule, or calculation was changed. Rated editorial: This is a governance/disclosure addition providing access to the complaints procedure. It does not alter index eligibility, selection, weighting, review procedures, corporate actions, calculations, notice periods, or consultation obligations.Model-written, for reference only. Open p.5 ↗
editorial · modified The real-time status reference was reformatted so that the PDF file name appears on its own line. Periods were also added to the ends of footnote entries. No index calculation rule, status definition, or referenced guide was changed. Rated editorial: This is a formatting and punctuation-only change. It does not alter any calculation rule, status definition, threshold, trigger, or user expectation, so it is an editorial despite being in M9.Model-written, for reference only. Open p.6 ↗
editorial · modified The section heading was renumbered from "4.0" to "4" and its capitalization was changed to sentence case. No index review, scheduling, implementation, or other substantive rule was modified. Rated editorial: This is only a heading numbering and capitalization change; it does not alter any review schedule, trigger, procedure, or index-user expectation.Model-written, for reference only. Open p.7 ↗
editorial · modified The updated section makes only wording and capitalization changes: "4 weeks" is spelled "four weeks," "third Friday" becomes "the third Friday," and the heading uses lowercase "review." The semi-annual review schedule, data cutoff, and effective-date timing remain unchanged. Rated editorial: The changes are grammatical and presentational only; no review date, cutoff, timing, trigger, or affected-security rule changes, so the substance is unchanged and the materiality is editorial.Model-written, for reference only. Open p.7 ↗
minor · modified The updated review rules add multiple eligibility screens before dividend-yield ranking: Taiwan incorporation, no zero or missing forward dividend, at least two analysts for both FY1 and FY2 DPS, ADTV above the bottom decile, exclusion of negative-return names in the bottom return decile, and Equity-to-Assets and Common-Stock-to-Assets thresholds. The section drops the explicit ICB closed-end investment exclusion, replaces the TWD 1.5 billion pro-forma liquidity test with percentile screens, removes the historical-yield fallback, and revises turnover-cap exceptions around 45/55 constituent counts. The 35/66 ranking buffer and 50-stock target are retained. Rated minor: The update introduces substantive eligibility conditions and numeric analyst-coverage and percentile thresholds that change which securities may be selected, while removing or replacing prior screens. The designated item is M4 eligibility/selection, so the materiality ceiling is minor; no explicit effective date is stated.Model-written, for reference only. Open p.7 ↗
minor · added The updated methodology adds the formula for the 12-month forward dividend yield, blending I/B/E/S Mean FY1 and FY2 DPS according to the number of months remaining in the current fiscal year and scaling by the security price. It also specifies that the yield is null if either FY1 or FY2 DPS is unavailable. Rated minor: This is a newly specified calculation and null-data condition for a dividend-yield metric used in selection, so it changes user expectations and is substantive. Because the affected outline item is M4, the materiality ceiling is minor.Model-written, for reference only. Open p.9 ↗
editorial · modified The weighting rule was renumbered from section 4.3.1 to 4.4.1 and the section heading was capitalized differently. The phrase "12 month forward dividend yields" was hyphenated as "12-month forward dividend yields," without changing the weighting methodology. Rated editorial: The update only renumbers the provision and makes a grammatical hyphenation change. It does not alter the weighting factor, review treatment, securities affected, or any other substantive index rule.Model-written, for reference only. Open p.9 ↗
minor · modified The capping section was renumbered from 4.4 to 4.5 and made minor stylistic changes, including spelling "four weeks" instead of "4 weeks." Substantively, the updated text deletes the prior rule that constituents not trading on the Monday use the previous day's closing prices; the final clause now only states when capping is implemented. Rated minor: A pricing fallback for non-trading constituents has been removed, which changes the expected capping calculation inputs. This is a weighting/capping rule within M5, so the applicable materiality ceiling is minor; the renumbering and wording changes alone would be editorial.Model-written, for reference only. Open p.9 ↗
editorial · modified The section was renumbered from 4.5 to 4.6 and the formula definitions were reformatted, with “cutoff” changed to “cut-off.” The prior cross-reference stating that corporate-action treatments during the rebalancing period are in Section 6 was removed. The five-day rebalancing mechanism and transitional-weight formula remain unchanged. Rated editorial: No rebalancing rule, number, formula, trigger, or security condition changed. The update is limited to renumbering, formatting, hyphenation, and removal of a navigation cross-reference, so it is an editorial.Model-written, for reference only. Open p.10 ↗
editorial · modified The section heading was renumbered from "5.0" to "5" and capitalization was changed from title case to sentence case. No substantive rule, threshold, procedure, or affected security set was modified. Rated editorial: This is a formatting and capitalization change to a heading only, with no change to index methodology or user expectations.Model-written, for reference only. Open p.11 ↗
editorial · modified The rule was reworded to state explicitly that there are no intra-review additions. Eligible securities are still only considered for inclusion at the next semi-annual review, so the substantive treatment is unchanged. Rated editorial: The updated text clarifies the existing prohibition on additions between semi-annual reviews but does not add, remove, or alter any eligibility condition, timing, trigger, or affected securities.Model-written, for reference only. Open p.11 ↗
major · modified The updated provision changes the cross-reference for intra-review deletions arising from the March and September underlying-index quarterly reviews from Rule 4.5 to Rule 4.6. The stated five-consecutive-trading-day rebalancing period is unchanged. Other edits are stylistic, including "Mid Cap" formatting and adding "will be" before "rebalanced." Rated major: The changed rule reference alters which cited methodology governs intra-review deletions, an M8 corporate-actions/ad-hoc procedure matter. The five-day rebalancing wording itself is unchanged, but the cross-reference is substantive on the face of the text and no effective date is stated.Model-written, for reference only. Open p.11 ↗
editorial · modified The section was editorially restyled: the heading and defined terms were lowercased, the heading number changed from 6.0 to 6, "ex date" became "ex-date," the list of corporate actions was formatted as punctuation-separated bullets, and "with the exception of" was changed to "except for." The substantive treatment of corporate actions, events, weightings, and notice requirements remains unchanged. Rated editorial: Although this is in M8, the update only changes formatting, capitalization, punctuation, numbering, and synonymous wording. No corporate-action treatment, trigger, timing, weighting rule, or affected security set was added, removed, or altered.Model-written, for reference only. Open p.12 ↗
editorial · modified The section title and first word of the sentence were changed from title case (“Suspension of Dealing”) to sentence case (“Suspension of dealing”). The substantive reference to the Corporate Actions and Events Guide for Non Market Cap Weighted Indices is unchanged. Rated editorial: The update only changes capitalization in the heading and sentence; it does not add, remove, or alter any suspension rule, trigger, procedure, or affected security.Model-written, for reference only. Open p.12 ↗
editorial · modified The section heading was renumbered from “7.0” to “7” and its capitalization was changed to sentence case. No index calculation rule, formula, threshold, frequency, or procedure was modified. Rated editorial: This is only a heading numbering and capitalization change; it does not alter any substantive M9 calculation methodology or index-user expectations.Model-written, for reference only. Open p.13 ↗
editorial · modified The calculation-frequency rule is unchanged: the index remains calculated and published in New Taiwan Dollars in real time every five seconds, with New Taiwan and US Dollar values calculated at end of day. The update only changes capitalization and spells out "five" instead of using the numeral "5". Rated editorial: The currencies, real-time calculation frequency, and end-of-day calculation are unchanged; the edits are presentational only, including capitalization and converting "5" to "five".Model-written, for reference only. Open p.13 ↗
editorial · modified The index divisor formula and variable definitions are unchanged. The update reformats the explanatory list, changes punctuation from periods to semicolons/bullets, and lowercases the formal factor names; it also presents the leading formula notation as "N" without altering the defined terms. Rated editorial: Although this is an M9 calculation passage, the update only changes formatting, punctuation, and capitalization; the formula inputs, definitions, divisor mechanics, and resulting calculation methodology remain substantively identical.Model-written, for reference only. Open p.13 ↗
editorial · modified The appendix updates the FTSE Russell contact URL, adds a link to the history of Ground Rule changes, and refreshes the copyright, LSEG entity list, benchmark-administrator statements, trademarks, and legal disclaimers. No index eligibility, selection, weighting, review, corporate-action, or calculation rule is changed. Rated editorial: These are administrative, disclosure, and legal boilerplate changes within the further-information appendix. They do not alter any index methodology rule, affected securities, review process, or calculation, and there is no change to notice periods or consultation obligations.Model-written, for reference only. Open p.14 ↗
1 unchanged section
- other Ground Rules
M1 modified FTSE TWSE Taiwan Dividend+ Indexsimilarity 12%
--- FTSE TWSE Taiwan Dividend+ Index (2026-10-02_fca6bd37)
+++ FTSE TWSE Taiwan Dividend+ Index (2026-10-02_c7173c11)
@@ -1 +1,2 @@
-v3.3
+v4.2
+lseg.com/en/ftse-russell
other removed ftserussell.com
M1 modified Section 1 Introductionsimilarity 97%
--- Section 1 Introduction (2026-10-02_fca6bd37)
+++ Section 1 Introduction (2026-10-02_c7173c11)
@@ -1 +1 @@
-1.0 Introduction
+1. Introduction
M1 modified 1.1 Methodologysimilarity 96%
--- 1.1 Methodology (2026-10-02_fca6bd37)
+++ 1.1 Methodology (2026-10-02_c7173c11)
@@ -1,2 +1,2 @@
-This methodology is to be read in conjunction with the FTSE TWSE Taiwan Index Series Ground Rules which are available on the FTSE Russell website (www.ftserussell.com).
+This methodology is to be read in conjunction with the FTSE TWSE Taiwan Index Series Ground Rules, which is available on the FTSE Russell website (www.lseg.com/en/ftse-russell/).
1.2 The FTSE TWSE Taiwan Dividend+ Index Series does not take account of ESG factors in its index design.
M1 modified 1.3 FTSE TWSE Taiwan Dividend+ Indexsimilarity 95%
--- 1.3 FTSE TWSE Taiwan Dividend+ Index (2026-10-02_fca6bd37)
+++ 1.3 FTSE TWSE Taiwan Dividend+ Index (2026-10-02_c7173c11)
@@ -1,3 +1,3 @@
-The FTSE TWSE Taiwan Dividend+ Index is a yield weighted index designed to select and measure the performance of higher yielding stocks within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index.
-The FTSE TWSE Taiwan Dividend+ Index selects the top 50 stocks by one-year forecast dividend yield.
-The constituents’ weightings within the index are determined by their dividend yield as opposed to market capitalisation.
+The FTSE TWSE Taiwan Dividend+ Index is a yield-weighted index designed to select and measure the performance of higher yielding Taiwan incorporated stocks within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index.
+The FTSE TWSE Taiwan Dividend+ Index selects the top 50 Taiwan incorporated stocks by one-year forecast dividend yield.
+The constituents’ weightings within the index are determined by their forecast dividend yield as opposed to market capitalisation.
other modified 1.4 FTSE Russellsimilarity 89%
--- 1.4 FTSE Russell (2026-10-02_fca6bd37)
+++ 1.4 FTSE Russell (2026-10-02_c7173c11)
@@ -1,4 +1,3 @@
-FTSE Russell is a trading name of FTSE International Limited, Frank Russell Company, FTSE Global Debt Capital Markets Limited (and its subsidiaries FTSE Global Debt Capital Markets Inc. and FTSE Fixed Income Europe Limited), FTSE Fixed Income LLC, The Yield Book Inc and Beyond Ratings.
1.4.1 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 series and therefore, any financial contracts or other financial instruments that reference the index series or investment funds which use the index series to measure their performance should be able to withstand, or otherwise address the possibility of changes to, or cessation of, the index.
1.4.2 Index users who choose to follow this index series or to buy products that claim to follow this index series should assess the merits of the index’s rules-based methodology and take independent investment advice before investing their own or client funds.
-No liability whether as a result of negligence or otherwise is accepted by FTSE Russell for any losses, damages, claims and expenses suffered by any person as a result of: any reliance on these Ground Rules, and/or any inaccuracies in these Ground Rules, and/or any non-application or misapplication of the policies or procedures described in these Ground Rules, and/or any inaccuracies in the compilation of the index or any constituent data.
+No liability whether as a result of negligence or otherwise is accepted by FTSE Russell for any losses, damages, claims and expenses suffered by any person as a result of: – any reliance on these Ground Rules; – any inaccuracies in these Ground Rules; – any non-application or misapplication of the policies or procedures described in these Ground Rules; and/or – any inaccuracies in the compilation of the index or any constituent data.
M10 modified Section 2 Management responsibilities (was Section 2 Management Responsibilities)similarity 95%
--- Section 2 Management Responsibilities (2026-10-02_fca6bd37)
+++ Section 2 Management responsibilities (2026-10-02_c7173c11)
@@ -1 +1 @@
-2.0 Management Responsibilities
+2. Management responsibilities
M10 modified 2.1 FTSE International Limited (FTSE)similarity 99%
--- 2.1 FTSE International Limited (FTSE) (2026-10-02_fca6bd37)
+++ 2.1 FTSE International Limited (FTSE) (2026-10-02_c7173c11)
@@ -1,2 +1,2 @@
-2.1.1 FTSE is the benchmark administrator of the index series.1
-2.1.2 FTSE is responsible for the daily calculation, production and operation of the index series and will: maintain records of the index weightings of all constituents; make changes to the constituents and their weightings in accordance with the Ground Rules; carry out the periodic index reviews of the index series and apply the changes resulting from the reviews as required by the Ground Rules; publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviews; disseminate the indices.
+2.1.1 FTSE is the benchmark administrator of the index series1.
+2.1.2 FTSE is responsible for the daily calculation, production and operation of the index series, and will: – maintain records of the index weightings of all constituents; – make changes to the constituents and their weightings in accordance with the Ground Rules; – carry out the periodic index reviews of the index series and apply the changes resulting from the reviews as required by the Ground Rules; – publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviews; – disseminate the indices.
1 unchanged section
- M10 2.2 Amendments to these Ground Rules
M10 modified Section 3 FTSE Russell index policies (was Section 3 FTSE Russell Index Policies)similarity 98%
--- Section 3 FTSE Russell Index Policies (2026-10-02_fca6bd37)
+++ Section 3 FTSE Russell index policies (2026-10-02_c7173c11)
@@ -1 +1 @@
-3.0 FTSE Russell Index Policies These Ground Rules should be read in conjunction with the following policy documents which can be accessed using the links below:
+3. FTSE Russell index policies These Ground Rules should be read in conjunction with the following policy documents, which can be accessed using the links below:
1 unchanged section
- M8 3.1 Corporate Actions and Events Guide
M10 removed 3.3 Queries, Complaints and Appeals
--- 3.3 Queries, Complaints and Appeals (2026-10-02_fca6bd37)
+++ /dev/null
@@ -1 +0,0 @@
-3.3.1 FTSE Russell’s complaints procedure can be accessed using the following link: Benchmark_Determination_Complaints_Handling_Policy.pdf
other added 3.3 Queries and Complaints
--- /dev/null
+++ 3.3 Queries and Complaints (2026-10-02_c7173c11)
@@ -0,0 +1 @@
+3.3.1 FTSE Russell’s complaints procedure can be accessed using the following link: Benchmark_Determination_Complaints_Handling_Policy.pdf
5 unchanged sections
- M9 3.4 Index Policy for Trading Halts and Market Closures
- M9 3.5 Index Policy in the Event Clients are Unable to Trade a Market or a Security
- M9 3.6 Recalculation Policy and Guidelines
- M10 3.7 Policy for Benchmark Methodology Changes
- M10 3.8 FTSE Russell Governance Framework
M9 modified 3.9 Real Time Status Definitions
--- 3.9 Real Time Status Definitions (2026-10-02_fca6bd37)
+++ 3.9 Real Time Status Definitions (2026-10-02_c7173c11)
@@ -1,2 +1,5 @@
-3.9.1 For indices which are calculated in real time, please refer to the following guide for details of real time status definitions: Real_Time_Status_Definitions.pdf
-2 IOSCO Principles for Financial Benchmarks Final Report, FR07/13 July 2013 3 Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds 4 The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019
+3.9.1 For indices which are calculated in real time, please refer to the following guide for details of real time status definitions:
+Real_Time_Status_Definitions.pdf
+2 IOSCO Principles for Financial Benchmarks Final Report, FR07/13 July 2013.
+3 Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.
+4 The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019.
M6 modified Section 4 Index review and implementation (was Section 4 Index Review and Implementation)similarity 93%
--- Section 4 Index Review and Implementation (2026-10-02_fca6bd37)
+++ Section 4 Index review and implementation (2026-10-02_c7173c11)
@@ -1 +1 @@
-4.0 Index Review and Implementation
+4. Index review and implementation
M6 modified 4.1 Periodic review (was 4.1 Periodic Review)similarity 99%
--- 4.1 Periodic Review (2026-10-02_fca6bd37)
+++ 4.1 Periodic review (2026-10-02_c7173c11)
@@ -1,2 +1,2 @@
-4.1.1 The FTSE TWSE Taiwan Dividend+ Index will be reviewed semi-annually in June and December using data as at the close of business on the Monday 4 weeks prior to the review effective date.
-4.1.2 Changes arising from each semi-annual review will be made effective after the close of business on third Friday (i.e. effective Monday) of the review month.
+4.1.1 The FTSE TWSE Taiwan Dividend+ Index will be reviewed semi-annually in June and December using data as at the close of business on the Monday four weeks prior to the review effective date.
+4.1.2 Changes arising from each semi-annual review will be made effective after the close of business on the third Friday (i.e. effective Monday) of the review month.
M4 modified 4.2 Review of index constituents (was 4.2 Review of Index Constituents)similarity 48%
--- 4.2 Review of Index Constituents (2026-10-02_fca6bd37)
+++ 4.2 Review of index constituents (2026-10-02_c7173c11)
@@ -1,22 +1,39 @@
-4.2.1 Review Universe At review the universe will comprise of constituents from the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index, which together covers the largest 150 companies, by full market value, listed on the Taiwan Stock Exchange.
-Should they appear in the universe, Equity Investment Instruments classified by the Industry Classification Benchmark5 as Closed End Investments (30204000), will be excluded from the index.
-Under the Industry Classification Benchmark (ICB), Equity Investment Instruments are defined as corporate closed-ended investment entities identified under distinguishing legislation, such as investment trusts and venture capital trusts.
-4.2.2 I/B/E/S Forecast/Estimate Dividend Yields The dividend yield data is based on the mean dividends per share forecast/estimates from I/B/E/S for the next 12 months.
-For FTSE TWSE Taiwan 50 and FTSE TWSE Taiwan Mid-Cap 100 constituents that do not have this information FTSE’s historical dividend yield data is used.
-To be able to rank the review universe the I/B/E/S mean dividends per share forecast/estimates for the next 12 months are divided by the underlying stock price at the review data cut-off date.
-I/B/E/S data will be taken from the review data cut-off date.
-4.2.3 The review universe is ranked in descending order by the forecast/estimate 12 month forward dividend yields (see below).
-The current index constituents are marked.
-To reduce index turnover buffers are used.
-Securities that rank 35th place or above are added to the index, constituents that rank 66th or below are removed from the index.
-5 FTSE Indices migrated to the new ICB classification system in March 2021
-4.2.4 To maintain a consistent 50 stocks at review, if there are less than 50 constituents after the above process, the next highest-ranking non-constituent is included until the 50 index stocks are selected.
-If more constituents are added than deleted at review, and this leads to an index of greater than 50 constituents, the lowest ranking constituents are removed until the index comprises of 50 constituents.
-4.2.5 Where a company has more than one line of stock and both are eligible for inclusion into the index, the line with the largest dividend yield will be included. Where both lines have the same dividend yield, the largest by full market capitalisation is included.
-4.2.6 Where a company declares zero dividend for the previous financial year prior to the review it will be not eligible for inclusion into the index. Existing constituent which declares zero dividend for the previous financial year prior to the review will be removed from the index.
-4.2.7 To prevent a large number of constituent changes a maximum limit of 5 additions and 5 deletions are used at each semi-annual review except the following scenarios: Where the total number of proposed constituents is less than 50, the maximum limit of 5 additions will be disregarded in order to maintain the required number of stocks;
-Where the total number of deletions due to failing to meet stock eligibility criteria as outlined in 4.2.1 and 4.2.6 is equal to or greater than 5, at such point there will be no further deletions at the index review.
-For illustration purposes: If eight existing constituents have been identified for deletion under rules 4.2.1 and/or 4.2.6 (i.e. being removed from the underlying universe or having declared a zero dividend for the previous financial year), then these eight constituents will be deleted at the index review and no other further deletions will be applied
-4.2.8 Potential additions that prevent the index from trading TWD 1.5 billion (the notional value) within one trading day are not eligible for inclusion into the index.
-To conduct the liquidity test, the number of days to trade for each security in the pro forma index is calculated as the notional value times its weight and then divided by its 6-month average daily traded value, where its weight is estimated as the ratio of its 12 month forward dividend yield and the aggregate12 month forward dividend yield of the current index.
+4.2.1 At review the universe is comprised of constituents from the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index, which together cover the largest 150 companies, by full market value, listed on the Taiwan Stock Exchange.
+4.2.2 Only companies incorporated in Taiwan are eligible for inclusion in the index.
+4.2.3 Where a company declares zero dividend for the previous financial year prior to the review or is forecasted to pay a zero dividend over the next 12 months or does not have an available forecasted dividend for the next 12 months, it will not be eligible for inclusion in the index.
+4.2.4 Securities must have forecast 12-month forward dividend yield (see rule 4.3) estimates contributed by at least two analysts in order to be eligible for inclusion in the index.
+Both FY1 DPS and FY2 DPS estimates must be contributed by at least two analysts respectively.
+Existing constituents are not subject to this requirement.
+4.2.5 Securities in the bottom 10th percentile based on the six-month average daily traded value within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index will not be eligible for inclusion in the index.
Existing constituents are not subject to this liquidity requirement.
+4.2.6 Securities in the bottom 10th percentile based on the six-month cumulative local total return within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index, and have a negative six-month cumulative local total return will not be eligible for inclusion in the index.
+Securities missing six-month cumulative local total return data will not be eligible for inclusion.
+Existing constituents are not subject to this requirement.
+The cumulative local total return, which includes adjustment for dividends, is calculated by compounding the daily local total return over the period that starts on the next closest business date of six months prior to the Monday four weeks prior to the review effective and ends the Monday four weeks prior to the review effective.
+The data period must be limited to the duration during which the security is listed on the Taiwan Stock Exchange.
+Daily Local Total Return𝑇= Price(𝑇) ∗(1 + 𝑠) + Dividend(𝑇) −1 Price(𝑇−1) 𝑠= Stock Dividend Amount Par Value
+Where: – Price(T) = Closing price on date T (ex-dividend price if applicable). – Price(T-1) = Closing price on the previous date of date T. – Dividend(T) = Cash Dividend amount per share on ex-dividend date T (if applicable). – s = Stock Dividend rate on ex-dividend date T (if applicable).
+𝑛 −1 Cumulative Local Total Return = ∏(1 + Daily Local Total Return𝑖) 𝑖=2 Where: – Day 1 of day n = Next closest business date of six months prior to the Monday four weeks prior to the review effective date. – Day n of day n = The Monday four weeks prior to the review effective date.
+4.2.7 Securities in the bottom 10th percentile based on the Equity to Assets and 5th percentile based on Common Stock to Assets within the universe of the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid- Cap 100 Index will not be eligible for inclusion in the index.
+Existing constituents are not subject to this requirement.
+Equity to Assets Equity to Assets = Total Shareholders' Equity (1) Total Assets Common Stock to Assets Common Stock to Assets = Common Stock Capital (2) Total Assets where: – Total Assets reported in the most recent interim fiscal period prior to the data cut-off date. – Total Shareholders’ Equity reported in the most recent interim fiscal period prior to the data cut-off date.
+Total Shareholders’ Equity represents the sum of Preferred Stock Capital and Common Shareholders’ Equity. – Common Stock Capital reported in the most recent interim fiscal period prior to the data cut-off date.
+Total Assets, Total Shareholders’ Equity and Common Stock Capital are taken from the same interim fiscal period.
+4.2.8 The eligible securities that have passed the screening detailed in rule 4.2.1 to 4.2.7 will be ranked in descending order by the forecast 12-month forward dividend yields (see rule 4.3).
+Non-constituents that rank 35th place or above will be included in the index.
+Constituents that rank 66th or below will be removed from the index.
+4.2.9 To maintain a consistent 50 stocks at review, if there are less than 50 constituents after the above process, the next highest-ranking non-constituent will be included until the 50 index stocks are selected.
+If more than 50 constituents remain following this process, the lowest-ranking constituents will be removed until the index comprises of 50 constituents.
+4.2.10 Where a company has more than one line of stock and both are eligible for inclusion into the index, the line with the largest dividend yield will be included. Where both lines have the same dividend yield, the line with the largest full market capitalisation will be included.
+4.2.11 To prevent a large number of constituent changes, a maximum five additions and a maximum five deletions will normally be applied at each semi-annual review.
+The exception is when following rules 4.2.1 to 4.2.3 would result in the total number of constituents not equalling 50.
+In those circumstances the following logic will apply: Where following the rules outlined in 4.2.1 to 4.2.3 would result in the total number of constituents being above 55, additional deletions will be applied to reduce the total constituent count to 50.
+Where following the rules for deletions outlined in 4.2.1 to 4.2.3 would result in the total number of constituents being below 45, no further deletions will be applied.
+In this circumstance more than five additions would be made so that the total number of constituents will equal 50.
+For illustration purposes, if eight existing constituents have been identified for deletion under rules 4.2.1 to
+4.2.3 (i.e. being removed from the underlying universe, having declared a zero dividend for the previous financial year or do not have an available forecasted dividend for the next 12 months), these eight constituents will be deleted at the index review and no further deletions will be applied.
+An equal number of additions would be implemented to bring the constituent number back to 50.
+4.3 12 Month Forward Dividend Yield
+4.3.1 The dividend yield data used in the review calculation is based on forecast mean dividends per share from I/B/E/S.
+4.3.2 To determine the forecast dividend yield, 12 month forward dividend per share forecast is calculated using the most recent I/B/E/S forecast mean DPS values as of the review data cut-off date, divided by the underlying FTSE stock price at the review data cut-off date.
+4.3.3 DPS estimates are converted to the currency of the security price as of the review data cut-off date using WM/Refinitiv exchange rates. Definition: 12 month Forward Dividend Yield expressed as a percentage:
M4 added [𝑛∗𝐷𝑃𝑆𝐹𝑌1 + (12 −𝑛) ∗𝐷𝑃𝑆𝐹𝑌2] 100
--- /dev/null
+++ [𝑛∗𝐷𝑃𝑆𝐹𝑌1 + (12 −𝑛) ∗𝐷𝑃𝑆𝐹𝑌2] 100 (2026-10-02_c7173c11)
@@ -0,0 +1 @@
+∗ 𝑃 12 Where: 𝑛 is the number of months to company’s current fiscal year end (FY1). 𝑃 is the security price 𝐷𝑃𝑆𝐹𝑌1 is the I/B/E/S Mean FY1 DPS converted to the currency of the security price 𝐷𝑃𝑆𝐹𝑌2 is the I/B/E/S Mean FY2 DPS converted to the currency of the security price If either 𝐷𝑃𝑆𝐹𝑌1or 𝐷𝑃𝑆𝐹𝑌2 is null/unavailable, the 12 month forward dividend yield will be null
M5 modified 4.4 Weighting methodology (was 4.3 Weighting Methodology)similarity 98%
--- 4.3 Weighting Methodology (2026-10-02_fca6bd37)
+++ 4.4 Weighting methodology (2026-10-02_c7173c11)
@@ -1 +1 @@
-4.3.1 Each of the index constituents are weighted within the index at review by their 12 month forward dividend yields.
+4.4.1 Each of the index constituents are weighted within the index at review by their 12-month forward dividend yields.
M5 modified 4.5 Capping constituent weights at quarterly reviews (was 4.4 Capping Constituent Weights at Quarterly Reviews)similarity 95%
--- 4.4 Capping Constituent Weights at Quarterly Reviews (2026-10-02_fca6bd37)
+++ 4.5 Capping constituent weights at quarterly reviews (2026-10-02_c7173c11)
@@ -1,7 +1,7 @@
-4.4.1 The index constituent weights are capped quarterly in March, June, September and December with an assumed assets under management (AUM) that is 1.2 times the overall passive assets tracking the index. The AUM is then rounded up to the nearest multiple of TWD 25 billion.
-4.4.2 Using the assumed AUM, individual company holdings are capped so they do not exceed 6% of their full market capitalisation and 15% of their investable market capitalisation, whichever is less.
-The assumed AUM used in the capping process is calculated based on data available on the Monday 4 weeks prior to the review effective date.
-4.4.3 The calculation of the constituent capping factors (c) will be based on prices at close on the Monday 4 weeks prior to the review effective date using shares in issue and investability weights as designated to take effect after close on the third Friday of the review month (i.e. effective from the open the following Monday).
-4.4.4 The calculation will take into account any corporate actions/events that take effect after close on the Monday 4 weeks prior to the review effective date if they have been announced and confirmed by the Monday 4 weeks prior to the review effective date.
-4.4.5 Corporate actions / events announced after the Monday 4 weeks prior to the review effective date that become effective up and including the review effective date will not result in any further adjustment.
-4.4.6 For constituents that do not trade on the Monday 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).
+4.5.1 The index constituent weights are capped quarterly in March, June, September and December with an assumed assets under management (AUM) that is 1.2 times the overall passive assets tracking the index. The AUM is then rounded up to the nearest multiple of TWD 25 billion.
+4.5.2 Using the assumed AUM, individual company holdings are capped so they do not exceed 6% of their full market capitalisation and 15% of their investable market capitalisation, whichever is less.
+The assumed AUM used in the capping process is calculated based on data available on the Monday four weeks prior to the review effective date.
+4.5.3 The calculation of the constituent capping factors (c) will be based on prices at close on the Monday four weeks prior to the review effective date using shares in issue and investability weights as designated to take effect after close on the third Friday of the review month (i.e. effective from the open the following Monday).
+4.5.4 The calculation will take into account any corporate actions/events that take effect after close on the Monday four weeks prior to the review effective date if they have been announced and confirmed by the Monday four weeks prior to the review effective date.
+4.5.5 Corporate actions/events announced after the Monday four weeks prior to the review effective date that become effective up and including the review effective date will not result in any further adjustment.
+4.5.6 The capping is implemented after the close of business on the third Friday of the review month (i.e. effective from the open the following Monday).
M6 modified 4.6 Implementation of review changes (was 4.5 Implementation of Review Changes)similarity 93%
--- 4.5 Implementation of Review Changes (2026-10-02_fca6bd37)
+++ 4.6 Implementation of review changes (2026-10-02_c7173c11)
@@ -1,8 +1,6 @@
-4.5.1 During semi-annual review and quarterly capping, the index is rebalanced over five consecutive trading days starting from the review effective date (the rebalancing period).
+4.6.1 During semi-annual review and quarterly capping, the index is rebalanced over five consecutive trading days starting from the review effective date (the rebalancing period).
A transitional weight is applied to each security in the index during the rebalancing period.
-The transitional weight of stock i is calculated for each day in the rebalancing period, according to the following formulae: (5-J) Current+ J Rebalance= New Wi,J Wi 5 Wi 𝟓 Where J is the rebalancing day and is equal to 1, 2, 3, 4 or 5.
-Current is the stock weight i in the current index based on the cutoff date data, adjusted for all Wi corporate actions since the current cut-off date to review effective date.
-New is the stock weight i in the new index based on the cutoff date data, adjusted for all Wi corporate actions since the current cut-off date to review effective date.
-Rebalance is the stock weight i in the index during the rebalancing period.
-It will become Wi New Wi,J at the end of the rebalancing period.
-4.5.2 Treatments on corporate actions and events during the rebalancing period can be found in Section 6.
+The transitional weight of stock i is calculated for each day in the rebalancing period, according to the following formulae: (5-J) Current+ J Rebalance= New Wi,J Wi 5 Wi 𝟓 Where: – J is the rebalancing day and is equal to 1, 2, 3, 4 or 5;
+Current is the stock weight i in the current index based on the cut-off date data, adjusted for all corporate – Wi actions since the current cut-off date to review effective date;
+New is the stock weight i in the new index based on the cut-off date data, adjusted for all corporate – Wi actions since the current cut-off date to review effective date; and Rebalance is the stock weight i in the index during the rebalancing period.
+It will become Wi New at the end – Wi,J of the rebalancing period.
M8 modified Section 5 Changes to constituent companies (was Section 5 Changes to Constituent Companies)similarity 93%
--- Section 5 Changes to Constituent Companies (2026-10-02_fca6bd37)
+++ Section 5 Changes to constituent companies (2026-10-02_c7173c11)
@@ -1 +1 @@
-5.0 Changes to Constituent Companies
+5. Changes to constituent companies
M8 modified 5.1 Intra-review additions (was 5.1 Intra-review Additions)similarity 59%
--- 5.1 Intra-review Additions (2026-10-02_fca6bd37)
+++ 5.1 Intra-review additions (2026-10-02_c7173c11)
@@ -1 +1 @@
-5.1.1 Additions into the FTSE TWSE Taiwan Dividend+ Index will only be applied at the next semi-annual review.
+5.1.1 There will be no intra-review additions to the index. If a security is eligible for the index, it will only be considered for inclusion at the next semi-annual review.
M8 modified 5.2 Intra-review deletions (was 5.2 Intra-review Deletions)similarity 99%
--- 5.2 Intra-review Deletions (2026-10-02_fca6bd37)
+++ 5.2 Intra-review deletions (2026-10-02_c7173c11)
@@ -1,5 +1,5 @@
5.2.1 Intra-review changes will be in line with the underlying FTSE TWSE Taiwan 50 and FTSE TWSE Taiwan Mid-Cap 100 Indices.
-A constituent will be removed from the FTSE TWSE Taiwan Dividend+ Index if it is also removed from the underlying FTSE TWSE Taiwan 50 or FTSE TWSE Taiwan Mid-Cap 100 Indices.
+A constituent will be removed from the FTSE TWSE Taiwan Dividend+ Index if it is also removed from the underlying FTSE TWSE Taiwan 50 or FTSE TWSE Taiwan Mid Cap 100 Indices.
The deletion will be concurrent with its deletion from the underlying indices and its weight will be distributed pro-rata amongst the remaining constituents in the FTSE TWSE Taiwan Dividend+ Index.
-5.2.2 Intra-review deletions arising from quarterly reviews of the underlying FTSE TWSE Taiwan 50 and FTSE TWSE Taiwan Mid-Cap 100 Indices in March and September will follow Rule 4.5.
-Deletions will be removed from the index and the index rebalanced over five consecutive trading days commencing from the review effective date of the underlying indices.
+5.2.2 Intra-review deletions arising from quarterly reviews of the underlying FTSE TWSE Taiwan 50 and FTSE TWSE Taiwan Mid-Cap 100 Indices in March and September will follow rule 4.6.
+Deletions will be removed from the index and the index will be rebalanced over five consecutive trading days commencing from the review effective date of the underlying indices.
M8 modified Section 6 Corporate actions and events (was Section 6 Corporate Actions and Events)similarity 97%
--- Section 6 Corporate Actions and Events (2026-10-02_fca6bd37)
+++ Section 6 Corporate actions and events (2026-10-02_c7173c11)
@@ -1,8 +1,9 @@
-6.0 Corporate Actions and Events
-6.1 If a constituent in the underlying index has a stock split, stock consolidation, rights issue, bonus issue, a change in the number of shares in issue or a change in free float (with the exception of tender offers), the constituent’s weighting in the corresponding FTSE TWSE Taiwan Dividend+ Index will remain unchanged pre and post such an event.
-6.2 Full details of changes to constituent companies due to corporate actions and events can be accessed in the Corporate Actions and Events Guide for Non Market Cap Weighted Indices using the following link: Corporate_Actions_and_Events_Guide_for_Non_Market_Cap_Weighted_Indices.pdf A Corporate ‘Action’ is an action on shareholders with a prescribed ex date.
-The share price will be subject to an adjustment on the ex date.
-The index will be adjusted in line with the ex date.
-These include the following: Capital Repayments Rights Issues/Entitlement Offers Stock Conversion Splits (sub-division) / Reverse splits (consolidation) Scrip issues (Capitalisation or Bonus Issue) A Corporate ‘Event’ is a reaction to company news (event) that may impact the index depending on the index rules.
+6. Corporate actions and events
+6.1 If a constituent in the underlying index has a stock split, stock consolidation, rights issue, bonus issue, a change in the number of shares in issue or a change in free float (except for tender offers), the constituent’s weighting in the corresponding FTSE TWSE Taiwan Dividend+ Index will remain unchanged pre and post such an event.
+6.2 Full details of changes to constituent companies due to corporate actions and events can be accessed in the Corporate Actions and Events Guide for Non Market Cap Weighted Indices using the following link: Corporate_Actions_and_Events_Guide_for_Non_Market_Cap_Weighted_Indices.pdf A corporate action is an action on shareholders with a prescribed ex-date.
+The share price will be subject to an adjustment on the ex-date.
+The index will be adjusted in line with the ex-date.
+These include the following: – capital repayments; – rights issues/entitlement offers; – stock conversion; – splits (sub-division)/reverse splits (consolidation); and – scrip issues (capitalisation or bonus issue).
+A corporate event is a reaction to company news (event) that may impact the index depending on the index rules.
For example, a company announces a strategic shareholder is offering to sell their shares (secondary share offer) – this could result in a free float weighting change in the index.
-Where an index adjustment is required FTSE Russell will provide notice advising of the timing of the change.
+Where an index adjustment is required, FTSE Russell will provide notice advising of the timing of the change.
M8 modified 6.3 Suspension of dealing (was 6.3 Suspension of Dealing)similarity 99%
--- 6.3 Suspension of Dealing (2026-10-02_fca6bd37)
+++ 6.3 Suspension of dealing (2026-10-02_c7173c11)
@@ -1 +1 @@
-Suspension of Dealing rules can be found within the Corporate Actions and Events Guide for Non Market Cap Weighted Indices.
+Suspension of dealing rules can be found within the Corporate Actions and Events Guide for Non Market Cap Weighted Indices.
1 unchanged section
- M8 6.4 Takeovers, mergers and demergers
M9 modified Section 7 Index algorithm and calculation method (was Section 7 Index Algorithm and Calculation Method)similarity 92%
--- Section 7 Index Algorithm and Calculation Method (2026-10-02_fca6bd37)
+++ Section 7 Index algorithm and calculation method (2026-10-02_c7173c11)
@@ -1 +1 @@
-7.0 Index Algorithm and Calculation Method
+7. Index algorithm and calculation method
M9 modified 7.1 Calculation currency and frequency (was 7.1 Calculation Currency and Frequency)similarity 98%
--- 7.1 Calculation Currency and Frequency (2026-10-02_fca6bd37)
+++ 7.1 Calculation currency and frequency (2026-10-02_c7173c11)
@@ -1 +1 @@
-7.1.1 The index will be calculated and published in New Taiwan dollars on a real-time basis (every 5 seconds). New Taiwan and US dollars index values will also be calculated on an end-of-day basis.
+7.1.1 The index will be calculated and published in New Taiwan Dollars on a real-time basis (every five seconds). New Taiwan and US Dollars index values will also be calculated on an end-of-day basis.
1 unchanged section
- M9 7.2 Index calculation
M9 modified p e s f c (was N p e s f c)similarity 98%
--- N p e s f c (2026-10-02_fca6bd37)
+++ p e s f c (2026-10-02_c7173c11)
@@ -1,4 +1,4 @@
-i i i i i d = i 1 Where, 𝑖= 1, 2, … , 𝑁 𝑁 is the number of securities in the index. 𝑝𝑖 is the latest trade price of the component security (or the price at the close of the index on the previous day). 𝑒𝑖 is the exchange rate required to convert the security’s currency into the index’s base currency. 𝑠𝑖 is the number of shares in issue used by FTSE Russell for the security, as defined in these Ground Rules. 𝑓𝑖 is the Investability Weighting Factor to be applied to a security to allow amendments to its weighting, expressed as a number between 0 and 1, where 1 represents a 100% free float.
-This factor is published by FTSE Russell for each security in the underlying index. 𝑐𝑖 is the Weight Adjustment Factor to be applied to a security to correctly weight that security in the index.
-This factor maps the investable market capitalisation of each stock to a notional market capitalisation for inclusion in the index. 𝑑 is the divisor, a figure that represents the total issued share capital of the index at the base date.
+N i i i i i d = i 1 Where: – 𝑖= 1, 2, … , 𝑁 – 𝑁 is the number of securities in the index; – 𝑝𝑖 is the latest trade price of the component security (or the price at the close of the index on the previous day); – 𝑒𝑖 is the exchange rate required to convert the security’s currency into the index’s base currency; – 𝑠𝑖 is the number of shares in issue used by FTSE Russell for the security, as defined in these Ground Rules; – 𝑓𝑖 is the investability weighting factor to be applied to a security to allow amendments to its weighting, expressed as a number between 0 and 1, where 1 represents a 100% free float.
+This factor is published by FTSE Russell for each security in the underlying index; – 𝑐𝑖 is the weight adjustment factor to be applied to a security to correctly weight that security in the index.
+This factor maps the investable market capitalisation of each stock to a notional market capitalisation for inclusion in the index; and – 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.
other modified Appendix A Further information (was Appendix A: Further Information)similarity 67%
--- Appendix A: Further Information (2026-10-02_fca6bd37)
+++ Appendix A Further information (2026-10-02_c7173c11)
@@ -1,22 +1,24 @@
-A Glossary of Terms used in FTSE Russell’s Ground Rule documents can be found using the following link:
-Glossary.pdf
-Further information on the FTSE TWSE Taiwan Index Series is available from FTSE Russell and the Taiwan Stock Exchange.
-To contact FTSE Russell, please visit the FTSE Russell website at www.ftserussell.com or contact FTSE Russell via e-mail at [email protected].
-Or:
-The Taiwan Stock Exchange at: Taiwan Stock Exchange 9th Floor, Taipei 101 Tower No 7, Sec.5, Xinyi Road, Taipei, Taiwan Tel: +886 2 8101 3101 Fax: +886 2 8101 3084 E-mail: [email protected] © 2023 London Stock Exchange Group plc and its applicable group undertakings (the “LSE Group”) and the Taiwan Stock Exchange Corporation (“TWSE”)..
-The LSE Group includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company (“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”) and (4) FTSE FI Europe Limited (“FTSE FI Europe”), (5) FTSE Fixed Income LLC (“FTSE FI”), (6) The Yield Book Inc (“YB”) and (7) Beyond Ratings S.A.S.
-(“BR”).
+A Glossary of Terms used in FTSE Russell’s Ground Rule documents can be found using the following link: Glossary.pdf Further information on the FTSE TWSE Taiwan Index Series is available from FTSE Russell and the Taiwan Stock Exchange.
+To contact FTSE Russell, please visit the FTSE Russell website at www.lseg.com/en/ftse-russell/ or contact FTSE Russell via e-mail at [email protected].
+Or: The Taiwan Stock Exchange at: Taiwan Stock Exchange 9th Floor, Taipei 101 Tower No 7, Sec.5, Xinyi Road, Taipei, Taiwan Tel: +886 2 8101 3101 Fax: +886 2 8101 3084 E-mail: [email protected]
+A history of Ground Rule changes is available using the following link: FTSE TWSE Taiwan Dividend+ Index - History of Ground Rule updates Disclaimer © 2026 London Stock Exchange Group plc and its applicable group undertakings (“LSEG”).
+LSEG includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company (“Russell”), (3) FTSE Global Debt Capital Markets Inc. “FTSE Canada”, (4) FTSE Fixed Income LLC (“FTSE FI”), (5) FTSE (Beijing) Consulting Limited (“WOFE”), (6) FTSE EU SAS ("FES").
All rights reserved.
-The FTSE TWSE Taiwan Dividend+ Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. FTSE International Limited is authorised and regulated by the Financial Conduct Authority as a benchmark administrator.
-FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, FTSE FI Europe, FTSE FI, YB and BR. “FTSE®”, “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”, “The Yield Book®”, “Beyond Ratings®” and all other trademarks and service marks used herein (whether registered or unregistered) are trade marks and/or service marks owned or licensed by the applicable member of the LSE Group or their respective licensors and are owned, or used under licence, by FTSE, Russell, FTSE FI Europe, FTSE Canada, FTSE FI, YB or BR. “TWSE” is a trade mark of the Taiwan Stock Exchange.
+FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, FTSE FI, WOFE, FES and other LSEG entities providing LSEG Benchmark and Index services. “FTSE®”, “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”, “Refinitiv”, “ “WMR™”, “FR™” and all other trademarks and service marks used herein (whether registered or unregistered) are trademarks and/or service marks owned or licensed by the applicable member of LSEG or their respective licensors.
+The FTSE TWSE Taiwan Dividend+ Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner.
+FTSE International Limited is authorised as a Benchmark Administrator and regulated in the United Kingdom (UK) by the Financial Conduct Authority ("FCA") under the UK Benchmark Regulation.
+FTSE EU SAS is authorised as a Benchmark Administrator by the Autorité des Marches Financiers (“AMF”) and is supervised by the European Securities and Markets Authority (“ESMA”) under the EU Benchmark Regulation.
All information is provided for information purposes only.
-Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by any member of the LSE Group nor their respective directors, officers, employees, partners or licensors for any errors or for any loss from use of this publication or any of the information or data contained herein.
-No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE TWSE Taiwan Dividend+ Index or the fitness or suitability of the Index for any particular purpose to which it might be put.
-No member of the LSE Group nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing in this document should be taken as constituting financial or investment advice.
-No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any representation regarding the advisability of investing in any asset.
+All information and data contained in this publication is obtained by LSEG, from sources believed by it to be accurate and reliable.
+Because of the possibility of human and mechanical inaccuracy as well as other factors, however, such information and data is provided "as is" without warranty of any kind.
+No member of LSEG nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the accuracy, timeliness, completeness, merchantability of any information or LSEG Products, or of results to be obtained from the use of LSEG products, including but not limited to indices, rates, data and analytics, or the fitness or suitability of the LSEG products for any particular purpose to which they might be put.
+The user of the information assumes the entire risk of any use it may make or permit to be made of the information.
+No responsibility or liability can be accepted by any member of LSEG nor their respective directors, officers, employees, partners or licensors for (a) any loss or damage in whole or in part caused by, resulting from, or relating to any inaccuracy (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data or from use of this document or links to this document or (b) any direct, indirect, special, consequential or incidental damages whatsoever, even if any member of LSEG is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, such information.
+No member of LSEG nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing in this document should be taken as constituting financial or investment advice.
+No member of LSEG nor their respective directors, officers, employees, partners, or licensors make any representation regarding the advisability of investing in any asset or whether such investment creates any legal or compliance risks for the investor.
A decision to invest in any such asset should not be made in reliance on any information herein.
-Indices cannot be invested in directly.
-Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset.
+Indices and rates cannot be invested in directly.
+Inclusion of an asset in an index or rate is not a recommendation to buy, sell or hold that asset nor confirmation that any particular investor may lawfully buy, sell or hold the asset or an index or rate containing the asset.
The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.
-No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the applicable member of the LSE Group.
-Use and distribution of the LSE Group index data and the use of their data to create financial products require a licence with FTSE, Russell, FTSE Canada, FTSE FI Europe, FTSE FI, YB, BR and/or their respective licensors.
+No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the applicable member of LSEG.
+Use and distribution of LSEG data requires a licence from LSEG and/or its licensors.
10 unchanged sections in all.
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·
FTSE TWSE Taiwan Dividend+ Index p.1 editorial · modified The methodology document version label was updated from v3.3 to v4.2, and the LSEG/FTSE Russell website URL was added. No index methodology rule, eligibility criterion, calculation, or other substantive requirement changed. Rated editorial: The change only updates a version identifier and adds a website address; it does not alter what index users must do or expect.Model-written, for reference only. Open p.1 ↗
ftserussell.com p.1 editorial · removed The section titled 'ftserussell.com' is absent in the updated version, but the previous version contained no substantive text. No index rule, threshold, schedule, or methodology requirement was added, removed, or modified. Rated editorial: The removed section was empty, so its deletion does not change what an index user would do or expect.Model-written, for reference only. Open old p.1 ↗
Section 1 Introduction p.3 editorial · modified The section heading was renumbered from "1.0 Introduction" to "1 Introduction". No index rule, methodology, or affected security set was changed. Rated editorial: This is a heading-numbering and formatting change only; it does not alter any substantive index methodology or user expectation.Model-written, for reference only. Open p.3 ↗
1.1 Methodology p.3 editorial · modified The referenced FTSE Russell website address was updated from www.ftserussell.com to www.lseg.com/en/ftse-russell/, with a minor grammatical change. No index methodology rule was modified. Rated editorial: The change only updates a reference URL and punctuation; it does not alter index identity, eligibility, selection, weighting, calculations, or any other rule affecting index users.Model-written, for reference only. Open p.3 ↗
1.3 FTSE TWSE Taiwan Dividend+ Index p.3 minor · modified The updated description restricts the index's higher-yielding selection pool to "Taiwan incorporated stocks," including in the top-50 selection rule. It also changes "yield weighted" to "yield-weighted" and specifies that constituent weights are based on forecast dividend yield. Rated minor: Adding a Taiwan-incorporation condition introduces an eligibility/selection criterion that could affect the set of securities considered, making the change substantive. It falls within M1-M5, for which the ceiling is minor; the hyphenation and forecast-yield wording alone do not increase the materiality.Model-written, for reference only. Open p.3 ↗
1.4 FTSE Russell p.3 editorial · modified The updated section removes the introductory paragraph listing the legal entities behind the FTSE Russell trading name. It also presents the existing liability-exclusion categories as a punctuated list rather than a single run-on sentence, without changing the categories themselves. Rated editorial: The change removes branding/legal-entity boilerplate and reformats an existing disclaimer list. It does not alter index eligibility, selection, weighting, calculation, review treatment, or any substantive right or obligation affecting index users.Model-written, for reference only. Open p.3 ↗
Section 2 Management responsibilities p.4 editorial · modified The section heading was changed from "2.0 Management Responsibilities" to "2. Management responsibilities." This is a formatting and capitalization update only; no governance rules, obligations, or procedures were modified. Rated editorial: The change only renumbers and changes the capitalization of a section heading. It does not alter any governance, disclosure, notice, or consultation requirement, so it is an editorial.Model-written, for reference only. Open p.4 ↗
2.1 FTSE International Limited (FTSE) p.4 editorial · modified The updated text presents FTSE's duties as a bulleted list and makes minor punctuation changes, including moving the footnote marker in rule 2.1.1. No responsibilities, rules, or operational obligations were added, removed, or altered. Rated editorial: This is a formatting and punctuation change that converts the existing duties into a bulleted list without changing their substance. The section is governance-related and does not alter notice periods or consultation obligations.Model-written, for reference only. Open p.4 ↗
Section 3 FTSE Russell index policies p.5 editorial · modified The section heading and introductory sentence were reformatted, with "3.0" changed to "3", "Index Policies" lowercased to "index policies", and a comma added after "policy documents". No policy, obligation, or index methodology rule was changed. Rated editorial: This is a presentational and grammatical revision only. It does not alter governance, disclosure obligations, notice periods, consultation requirements, or any index user action.Model-written, for reference only. Open p.5 ↗
3.3 Queries, Complaints and Appeals p.6 editorial · removed The updated methodology removes Section 3.3, including the statement providing access to FTSE Russell’s Benchmark Determination Complaints Handling Policy. No replacement complaint-handling disclosure is provided in the updated text. Rated editorial: This is an M10 governance/disclosure change involving removal of a complaints-procedure reference. It does not alter index methodology, eligibility, weighting, calculations, review schedules, corporate actions, notice periods, or consultation obligations, so it is an editorial.Model-written, for reference only. Open old p.6 ↗
3.3 Queries and Complaints p.5 editorial · added A new section 3.3, "Queries and Complaints," was added. It provides a link to FTSE Russell's Benchmark Determination Complaints Handling Policy. No index methodology rule, threshold, schedule, or calculation was changed. Rated editorial: This is a governance/disclosure addition providing access to the complaints procedure. It does not alter index eligibility, selection, weighting, review procedures, corporate actions, calculations, notice periods, or consultation obligations.Model-written, for reference only. Open p.5 ↗
3.9 Real Time Status Definitions p.6 editorial · modified The real-time status reference was reformatted so that the PDF file name appears on its own line. Periods were also added to the ends of footnote entries. No index calculation rule, status definition, or referenced guide was changed. Rated editorial: This is a formatting and punctuation-only change. It does not alter any calculation rule, status definition, threshold, trigger, or user expectation, so it is an editorial despite being in M9.Model-written, for reference only. Open p.6 ↗
Section 4 Index review and implementation p.7 editorial · modified The section heading was renumbered from "4.0" to "4" and its capitalization was changed to sentence case. No index review, scheduling, implementation, or other substantive rule was modified. Rated editorial: This is only a heading numbering and capitalization change; it does not alter any review schedule, trigger, procedure, or index-user expectation.Model-written, for reference only. Open p.7 ↗
4.1 Periodic review p.7 editorial · modified The updated section makes only wording and capitalization changes: "4 weeks" is spelled "four weeks," "third Friday" becomes "the third Friday," and the heading uses lowercase "review." The semi-annual review schedule, data cutoff, and effective-date timing remain unchanged. Rated editorial: The changes are grammatical and presentational only; no review date, cutoff, timing, trigger, or affected-security rule changes, so the substance is unchanged and the materiality is editorial.Model-written, for reference only. Open p.7 ↗
4.2 Review of index constituents p.7 minor · modified The updated review rules add multiple eligibility screens before dividend-yield ranking: Taiwan incorporation, no zero or missing forward dividend, at least two analysts for both FY1 and FY2 DPS, ADTV above the bottom decile, exclusion of negative-return names in the bottom return decile, and Equity-to-Assets and Common-Stock-to-Assets thresholds. The section drops the explicit ICB closed-end investment exclusion, replaces the TWD 1.5 billion pro-forma liquidity test with percentile screens, removes the historical-yield fallback, and revises turnover-cap exceptions around 45/55 constituent counts. The 35/66 ranking buffer and 50-stock target are retained. Rated minor: The update introduces substantive eligibility conditions and numeric analyst-coverage and percentile thresholds that change which securities may be selected, while removing or replacing prior screens. The designated item is M4 eligibility/selection, so the materiality ceiling is minor; no explicit effective date is stated.Model-written, for reference only. Open p.7 ↗
[𝑛∗𝐷𝑃𝑆𝐹𝑌1 + (12 −𝑛) ∗𝐷𝑃𝑆𝐹𝑌2] 100 p.9 minor · added The updated methodology adds the formula for the 12-month forward dividend yield, blending I/B/E/S Mean FY1 and FY2 DPS according to the number of months remaining in the current fiscal year and scaling by the security price. It also specifies that the yield is null if either FY1 or FY2 DPS is unavailable. Rated minor: This is a newly specified calculation and null-data condition for a dividend-yield metric used in selection, so it changes user expectations and is substantive. Because the affected outline item is M4, the materiality ceiling is minor.Model-written, for reference only. Open p.9 ↗
4.4 Weighting methodology p.9 editorial · modified The weighting rule was renumbered from section 4.3.1 to 4.4.1 and the section heading was capitalized differently. The phrase "12 month forward dividend yields" was hyphenated as "12-month forward dividend yields," without changing the weighting methodology. Rated editorial: The update only renumbers the provision and makes a grammatical hyphenation change. It does not alter the weighting factor, review treatment, securities affected, or any other substantive index rule.Model-written, for reference only. Open p.9 ↗
4.5 Capping constituent weights at quarterly reviews p.9 minor · modified The capping section was renumbered from 4.4 to 4.5 and made minor stylistic changes, including spelling "four weeks" instead of "4 weeks." Substantively, the updated text deletes the prior rule that constituents not trading on the Monday use the previous day's closing prices; the final clause now only states when capping is implemented. Rated minor: A pricing fallback for non-trading constituents has been removed, which changes the expected capping calculation inputs. This is a weighting/capping rule within M5, so the applicable materiality ceiling is minor; the renumbering and wording changes alone would be editorial.Model-written, for reference only. Open p.9 ↗
4.6 Implementation of review changes p.10 editorial · modified The section was renumbered from 4.5 to 4.6 and the formula definitions were reformatted, with “cutoff” changed to “cut-off.” The prior cross-reference stating that corporate-action treatments during the rebalancing period are in Section 6 was removed. The five-day rebalancing mechanism and transitional-weight formula remain unchanged. Rated editorial: No rebalancing rule, number, formula, trigger, or security condition changed. The update is limited to renumbering, formatting, hyphenation, and removal of a navigation cross-reference, so it is an editorial.Model-written, for reference only. Open p.10 ↗
Section 5 Changes to constituent companies p.11 editorial · modified The section heading was renumbered from "5.0" to "5" and capitalization was changed from title case to sentence case. No substantive rule, threshold, procedure, or affected security set was modified. Rated editorial: This is a formatting and capitalization change to a heading only, with no change to index methodology or user expectations.Model-written, for reference only. Open p.11 ↗
5.1 Intra-review additions p.11 editorial · modified The rule was reworded to state explicitly that there are no intra-review additions. Eligible securities are still only considered for inclusion at the next semi-annual review, so the substantive treatment is unchanged. Rated editorial: The updated text clarifies the existing prohibition on additions between semi-annual reviews but does not add, remove, or alter any eligibility condition, timing, trigger, or affected securities.Model-written, for reference only. Open p.11 ↗
5.2 Intra-review deletions p.11 major · modified The updated provision changes the cross-reference for intra-review deletions arising from the March and September underlying-index quarterly reviews from Rule 4.5 to Rule 4.6. The stated five-consecutive-trading-day rebalancing period is unchanged. Other edits are stylistic, including "Mid Cap" formatting and adding "will be" before "rebalanced." Rated major: The changed rule reference alters which cited methodology governs intra-review deletions, an M8 corporate-actions/ad-hoc procedure matter. The five-day rebalancing wording itself is unchanged, but the cross-reference is substantive on the face of the text and no effective date is stated.Model-written, for reference only. Open p.11 ↗
Section 6 Corporate actions and events p.12 editorial · modified The section was editorially restyled: the heading and defined terms were lowercased, the heading number changed from 6.0 to 6, "ex date" became "ex-date," the list of corporate actions was formatted as punctuation-separated bullets, and "with the exception of" was changed to "except for." The substantive treatment of corporate actions, events, weightings, and notice requirements remains unchanged. Rated editorial: Although this is in M8, the update only changes formatting, capitalization, punctuation, numbering, and synonymous wording. No corporate-action treatment, trigger, timing, weighting rule, or affected security set was added, removed, or altered.Model-written, for reference only. Open p.12 ↗
6.3 Suspension of dealing p.12 editorial · modified The section title and first word of the sentence were changed from title case (“Suspension of Dealing”) to sentence case (“Suspension of dealing”). The substantive reference to the Corporate Actions and Events Guide for Non Market Cap Weighted Indices is unchanged. Rated editorial: The update only changes capitalization in the heading and sentence; it does not add, remove, or alter any suspension rule, trigger, procedure, or affected security.Model-written, for reference only. Open p.12 ↗
Section 7 Index algorithm and calculation method p.13 editorial · modified The section heading was renumbered from “7.0” to “7” and its capitalization was changed to sentence case. No index calculation rule, formula, threshold, frequency, or procedure was modified. Rated editorial: This is only a heading numbering and capitalization change; it does not alter any substantive M9 calculation methodology or index-user expectations.Model-written, for reference only. Open p.13 ↗
7.1 Calculation currency and frequency p.13 editorial · modified The calculation-frequency rule is unchanged: the index remains calculated and published in New Taiwan Dollars in real time every five seconds, with New Taiwan and US Dollar values calculated at end of day. The update only changes capitalization and spells out "five" instead of using the numeral "5". Rated editorial: The currencies, real-time calculation frequency, and end-of-day calculation are unchanged; the edits are presentational only, including capitalization and converting "5" to "five".Model-written, for reference only. Open p.13 ↗
p e s f c p.13 editorial · modified The index divisor formula and variable definitions are unchanged. The update reformats the explanatory list, changes punctuation from periods to semicolons/bullets, and lowercases the formal factor names; it also presents the leading formula notation as "N" without altering the defined terms. Rated editorial: Although this is an M9 calculation passage, the update only changes formatting, punctuation, and capitalization; the formula inputs, definitions, divisor mechanics, and resulting calculation methodology remain substantively identical.Model-written, for reference only. Open p.13 ↗
Appendix A Further information p.14 editorial · modified The appendix updates the FTSE Russell contact URL, adds a link to the history of Ground Rule changes, and refreshes the copyright, LSEG entity list, benchmark-administrator statements, trademarks, and legal disclaimers. No index eligibility, selection, weighting, review, corporate-action, or calculation rule is changed. Rated editorial: These are administrative, disclosure, and legal boilerplate changes within the further-information appendix. They do not alter any index methodology rule, affected securities, review process, or calculation, and there is no change to notice periods or consultation obligations.Model-written, for reference only. Open p.14 ↗
Edition steps (1)
| Date | Step | Major | Minor | Editorial | Largest change |
|---|---|---|---|---|---|
| 2026-10-02 | v3.3 → v4.2 Step page | 1 | 4 | 23 | M8 5.2 Corporate actions, IPOs, ad-hoc changes ↗ |
| M10 Governance, change policy, disclosure Section 3 | ● | The section heading and introductory sentence were reformatted, with "3.0" changed to "3", "Index Policies" lowercased to "index policies", and a comma added after "policy documents". No policy, obligation, or index methodology rule was changed. Show in redline | |||
| M10 Governance, change policy, disclosure 2.1 | ● | The updated text presents FTSE's duties as a bulleted list and makes minor punctuation changes, including moving the footnote marker in rule 2.1.1. No responsibilities, rules, or operational obligations were added, removed, or altered. Show in redline | |||
| M10 Governance, change policy, disclosure Section 2 | ● | The section heading was changed from "2.0 Management Responsibilities" to "2. Management responsibilities." This is a formatting and capitalization update only; no governance rules, obligations, or procedures were modified. Show in redline | |||
| other Other 1.4 | ● | The updated section removes the introductory paragraph listing the legal entities behind the FTSE Russell trading name. It also presents the existing liability-exclusion categories as a punctuated list rather than a single run-on sentence, without changing the categories themselves. Show in redline | |||
| M1 Identity, objective, classification 1.3 | ● | The updated description restricts the index's higher-yielding selection pool to "Taiwan incorporated stocks," including in the top-50 selection rule. It also changes "yield weighted" to "yield-weighted" and specifies that constituent weights are based on forecast dividend yield. Show in redline | |||
| M1 Identity, objective, classification 1.1 | ● | The referenced FTSE Russell website address was updated from www.ftserussell.com to www.lseg.com/en/ftse-russell/, with a minor grammatical change. No index methodology rule was modified. Show in redline | |||
| M1 Identity, objective, classification Section 1 | ● | The section heading was renumbered from "1.0 Introduction" to "1 Introduction". No index rule, methodology, or affected security set was changed. Show in redline | |||
| other Other Appendix A | ● | The appendix updates the FTSE Russell contact URL, adds a link to the history of Ground Rule changes, and refreshes the copyright, LSEG entity list, benchmark-administrator statements, trademarks, and legal disclaimers. No index eligibility, selection, weighting, review, corporate-action, or calculation rule is changed. Show in redline | |||
| M9 Calculation and return variants p e s f c | ● | The index divisor formula and variable definitions are unchanged. The update reformats the explanatory list, changes punctuation from periods to semicolons/bullets, and lowercases the formal factor names; it also presents the leading formula notation as "N" without altering the defined terms. Show in redline | |||
| M9 Calculation and return variants 7.1 | ● | The calculation-frequency rule is unchanged: the index remains calculated and published in New Taiwan Dollars in real time every five seconds, with New Taiwan and US Dollar values calculated at end of day. The update only changes capitalization and spells out "five" instead of using the numeral "5". Show in redline | |||
| M9 Calculation and return variants Section 7 | ● | The section heading was renumbered from “7.0” to “7” and its capitalization was changed to sentence case. No index calculation rule, formula, threshold, frequency, or procedure was modified. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 6.3 | ● | The section title and first word of the sentence were changed from title case (“Suspension of Dealing”) to sentence case (“Suspension of dealing”). The substantive reference to the Corporate Actions and Events Guide for Non Market Cap Weighted Indices is unchanged. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Section 6 | ● | The section was editorially restyled: the heading and defined terms were lowercased, the heading number changed from 6.0 to 6, "ex date" became "ex-date," the list of corporate actions was formatted as punctuation-separated bullets, and "with the exception of" was changed to "except for." The substantive treatment of corporate actions, events, weightings, and notice requirements remains unchanged. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 5.2 | ● | The updated provision changes the cross-reference for intra-review deletions arising from the March and September underlying-index quarterly reviews from Rule 4.5 to Rule 4.6. The stated five-consecutive-trading-day rebalancing period is unchanged. Other edits are stylistic, including "Mid Cap" formatting and adding "will be" before "rebalanced." Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes 5.1 | ● | The rule was reworded to state explicitly that there are no intra-review additions. Eligible securities are still only considered for inclusion at the next semi-annual review, so the substantive treatment is unchanged. Show in redline | |||
| M8 Corporate actions, IPOs, ad-hoc changes Section 5 | ● | The section heading was renumbered from "5.0" to "5" and capitalization was changed from title case to sentence case. No substantive rule, threshold, procedure, or affected security set was modified. Show in redline | |||
| other Other ftserussell.com | ● | The section titled 'ftserussell.com' is absent in the updated version, but the previous version contained no substantive text. No index rule, threshold, schedule, or methodology requirement was added, removed, or modified. Show in redline | |||
| M6 Review and rebalance schedule 4.6 | ● | The section was renumbered from 4.5 to 4.6 and the formula definitions were reformatted, with “cutoff” changed to “cut-off.” The prior cross-reference stating that corporate-action treatments during the rebalancing period are in Section 6 was removed. The five-day rebalancing mechanism and transitional-weight formula remain unchanged. Show in redline | |||
| M5 Weighting and capping 4.5 | ● | The capping section was renumbered from 4.4 to 4.5 and made minor stylistic changes, including spelling "four weeks" instead of "4 weeks." Substantively, the updated text deletes the prior rule that constituents not trading on the Monday use the previous day's closing prices; the final clause now only states when capping is implemented. Show in redline | |||
| M5 Weighting and capping 4.4 | ● | The weighting rule was renumbered from section 4.3.1 to 4.4.1 and the section heading was capitalized differently. The phrase "12 month forward dividend yields" was hyphenated as "12-month forward dividend yields," without changing the weighting methodology. Show in redline | |||
| M4 Selection and constituent count [𝑛∗𝐷𝑃𝑆𝐹𝑌1 + (12 −𝑛) ∗𝐷𝑃𝑆𝐹𝑌2] 100 | ● | The updated methodology adds the formula for the 12-month forward dividend yield, blending I/B/E/S Mean FY1 and FY2 DPS according to the number of months remaining in the current fiscal year and scaling by the security price. It also specifies that the yield is null if either FY1 or FY2 DPS is unavailable. Show in redline | |||
| M4 Selection and constituent count 4.2 | ● | The updated review rules add multiple eligibility screens before dividend-yield ranking: Taiwan incorporation, no zero or missing forward dividend, at least two analysts for both FY1 and FY2 DPS, ADTV above the bottom decile, exclusion of negative-return names in the bottom return decile, and Equity-to-Assets and Common-Stock-to-Assets thresholds. The section drops the explicit ICB closed-end investment exclusion, replaces the TWD 1.5 billion pro-forma liquidity test with percentile screens, removes the historical-yield fallback, and revises turnover-cap exceptions around 45/55 constituent counts. The 35/66 ranking buffer and 50-stock target are retained. Show in redline | |||
| M6 Review and rebalance schedule 4.1 | ● | The updated section makes only wording and capitalization changes: "4 weeks" is spelled "four weeks," "third Friday" becomes "the third Friday," and the heading uses lowercase "review." The semi-annual review schedule, data cutoff, and effective-date timing remain unchanged. Show in redline | |||
| M6 Review and rebalance schedule Section 4 | ● | The section heading was renumbered from "4.0" to "4" and its capitalization was changed to sentence case. No index review, scheduling, implementation, or other substantive rule was modified. Show in redline | |||
| M9 Calculation and return variants 3.9 | ● | The real-time status reference was reformatted so that the PDF file name appears on its own line. Periods were also added to the ends of footnote entries. No index calculation rule, status definition, or referenced guide was changed. Show in redline | |||
| other Other 3.3 | ● | A new section 3.3, "Queries and Complaints," was added. It provides a link to FTSE Russell's Benchmark Determination Complaints Handling Policy. No index methodology rule, threshold, schedule, or calculation was changed. Show in redline | |||
| M10 Governance, change policy, disclosure 3.3 | ● | The updated methodology removes Section 3.3, including the statement providing access to FTSE Russell’s Benchmark Determination Complaints Handling Policy. No replacement complaint-handling disclosure is provided in the updated text. Show in redline | |||
| M1 Identity, objective, classification FTSE TWSE Taiwan Dividend+ Index | ● | The methodology document version label was updated from v3.3 to v4.2, and the LSEG/FTSE Russell website URL was added. No index methodology rule, eligibility criterion, calculation, or other substantive requirement changed. Show in redline |