Also known as: TWMC Index (Bloomberg)
Tracked by: 0051 (ETF)
At a glance
- Review frequencyQuarterly
- Constituent count100
- Buffer130 / 171
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Publication frequency | real time, every five seconds | The FTSE TWSE Taiwan Index Series is calculated in real time and published every five seconds.Open p.3 ↗ |
The index series is calculated in real time and published every five seconds. |
| Total return publication | Total return indices are published at the end of each working day and include income based on ex-dividend adjustments. | Total return indices are published at the end of each working day. The total return indices include income based on ex-dividend adjustments.Open p.3 ↗ |
Total return indices are published at the end of each working day and include income from ex-dividend adjustments. |
| ESG factor policy | The index series does not take account of ESG factors in its index design. | The FTSE TWSE Taiwan Index Series does not take account of ESG factors in its index design.Open p.3 ↗ |
The index series does not incorporate ESG factors into its design. |
| Series constituent indices | FTSE TWSE Taiwan 50 Index, FTSE TWSE Taiwan 50 30% Capped Index, FTSE TWSE Taiwan Mid-Cap 100 Index, FTSE TWSE Taiwan Eight Industries Index, FTSE TWSE Taiwan Technology Index | The FTSE TWSE Taiwan Index Series consists of: FTSE TWSE Taiwan 50 Index; FTSE TWSE Taiwan 50 30% Capped Index1; FTSE TWSE Taiwan Mid-Cap 100 Index; FTSE TWSE Taiwan Eight Industries Index; and FTSE TWSE Taiwan Technology Index.Open p.3 ↗ |
The series comprises the Taiwan 50, Taiwan 50 30% Capped, Taiwan Mid-Cap 100, Taiwan Eight Industries, and Taiwan Technology indices. |
| Index name | FTSE TWSE Taiwan Mid-Cap 100 Index | The FTSE TWSE Taiwan Mid-Cap 100 Index consists of the next 100 companies ranked by full market valueOpen p.11 ↗ |
The official index name is the FTSE TWSE Taiwan Mid-Cap 100 Index. |
| Administrator | FTSE Russell and Taiwan Stock Exchange | Copies of the Ground Rules are available from FTSE Russell and the Taiwan Stock Exchange (see Appendix F) or from www.lseg.com/en/ftse-russell/Open p.3 ↗ |
The ground rules are available from FTSE Russell and the Taiwan Stock Exchange. |
| Index family | FTSE TWSE Taiwan Index Series | The FTSE TWSE Taiwan Index Series is designed to represent the performance of the Taiwan stock market.Open p.3 ↗ |
The index family is the FTSE TWSE Taiwan Index Series. |
| Parent index | FTSE TWSE Taiwan 50 Index | outside the FTSE TWSE Taiwan 50 Index that qualify under Section 4 as eligible for inclusion in the indexOpen p.11 ↗ |
The index consists of companies outside the FTSE TWSE Taiwan 50 Index. |
| Currency | TWD, USD | Each index is calculated and published in New Taiwan Dollars in real time and New Taiwan Dollars and US Dollars at the end of the day.Open p.3 ↗ |
Each index is calculated and published in New Taiwan Dollars in real time and in New Taiwan Dollars and US Dollars at the end of the day; the base currency is New Taiwan Dollars. |
| Methodology version | v5.2 | The methodology document is version v5.2. | |
| Market classification | Developed | The FTSE TWSE Taiwan Index Series is designed to represent the performance of the Taiwan stock market.Open p.3 ↗ |
The index series covers the Taiwan stock market, classified here as developed. |
| Size segment | Mid | FTSE TWSE Taiwan Mid-Cap 100 Index consists of the next 100 companies ranked by full market valueOpen p.11 ↗ |
The index targets the mid-cap segment. |
| Index family type | Market cap | A company that has a free float greater than 5% but less than or equal to 15% will be eligible for the index providing the full market capitalisation of the company is greater than 2.5 billion US DollarsOpen p.9 ↗ |
The rules use full market capitalisation and free-float investability weighting for index eligibility. |
| M2 Universe · 6 fields | |||
| Markets | Taiwan | Market eligible for the FTSE TWSE Taiwan Index Series Region Market Exchange location Exchange and Market Segment Asia/Pacific Taiwan TaipeiOpen p.21 ↗ |
The eligible market is Taiwan in the Asia/Pacific region. |
| Exchanges | Taiwan Stock Exchange | The FTSE TWSE Taiwan Index Series consists of the companies that trade on the Taiwan Stock Exchange.Open p.20 ↗ |
The index series consists of companies that trade on the Taiwan Stock Exchange. |
| Boards | Main Board, Taiwan Innovation Board (TIB) | Taiwan Stock Exchange - Main Board Taiwan Innovation Board (TIB)Open p.21 ↗ |
The eligible exchange and market segments are the Taiwan Stock Exchange Main Board and Taiwan Innovation Board (TIB). |
| Security types | Common | The stocks listed on the Taiwan Stock Exchange are eligible to join FTSE TWSE Taiwan Index Series. All classes of equity in issue are eligible for inclusionOpen p.9 ↗ |
Stocks listed on the Taiwan Stock Exchange, covering all classes of equity in issue, are eligible; the document does not specify a more granular mapped security type. |
| Parent universe index | FTSE TWSE Taiwan Index Series | when the eligible securities for the FTSE TWSE Taiwan Index Series are ranked by market valueOpen p.12 ↗ |
Candidates are drawn from eligible securities for the FTSE TWSE Taiwan Index Series. |
| Exclusions | Altered-Trading-Method (Full Delivery) Stocks, convertible preference shares until converted, ICB closed-end investments, ICB open-end and miscellaneous investment vehicles | Altered-Trading-Method (Full Delivery) Stocks are not eligible to be included in the FTSE TWSE Taiwan Index SeriesOpen p.9 ↗ |
Altered-trading-method full-delivery stocks, unconverted convertible preference shares, and specified ICB investment-vehicle sectors are excluded. |
| M3 Eligibility screens · 8 fields | |||
| Foreign ownership restrictions policy | The methodology accounts for government, regulatory, or constitutional restrictions on foreign equity holdings. | FTSE Russell’s index methodology takes account of the restrictions placed on the equity holdings of foreign investors in a company where these have been imposed by a government, regulatory authority or the company’s constitution.Open p.9 ↗ |
FTSE Russell's methodology takes account of foreign-investor equity restrictions imposed by a government, regulator, or company constitution. |
| Foreign headroom definition | (foreign ownership limit - foreign holdings) / foreign ownership limit | FTSE Russell defines “foreign headroom” as the percentage of shares available to foreign investors as a proportion of the company’s foreign ownership limit (FOL), i.e. (FOL – foreign holdings)/FOL.Open p.9 ↗ |
Foreign headroom is the percentage of shares available to foreign investors as a proportion of the company's foreign ownership limit. |
| Partly paid shares price adjustment | Market price is adjusted to include determined and known calls, producing a fully paid price. | the market price will, for the purposes of calculating its market capitalisation, be adjusted so as to include all such calls (i.e. the fully paid price).Open p.10 ↗ |
For partly or nil paid shares with determined and known call dates, the market price is adjusted to include all calls for market-capitalisation calculation. |
| Trading history | Minimum value: 20 trading days; Exceptions: Applies to new issues and newly eligible securities without a 12-month trading record; the liquidity test runs from the date of eligibility | New issues and newly eligible securities that do not have a 12-month trading record must have a minimum 20 days’ trading record when reviewed and will be tested from the date of eligibility.Open p.10 ↗ |
New issues and newly eligible securities without a 12-month trading record must have at least 20 trading days' record when reviewed. |
| Liquidity screen | Metric: Liquidity ratio; Window: Annual March review: first business day of March of the previous year to the February review cut-off date; monthly calculation; at least five trading days are required in a month for that month to count; Threshold: 0.05 | Each security will be tested for liquidity annually in March by calculating its monthly median daily trading volume.Open p.10 ↗ |
Securities are tested annually in March using monthly median daily trading volume and must turn over at least 0.050% of investability-weighted shares in issue each month on a pro-rata basis. |
| Minimum size | Metric: Full market cap; Threshold: 2,500,000,000; Currency: USD; Existing constituent deletion threshold: 2,000,000,000; Applies when free float: >5% and <=15% | A company that has a free float greater than 5% but less than or equal to 15% will be eligible for the index providing the full market capitalisation of the company is greater than 2.5 billion US DollarsOpen p.9 ↗ |
A company with free float above 5% and up to 15% is eligible only if its full market capitalisation exceeds USD 2.5 billion; existing constituents below USD 2 billion at review are deleted. |
| Minimum free float | 5% | Companies with a free float of 5% or below are excluded from the index. A company that has a free float greater than 5% but less than or equal to 15%Open p.9 ↗ |
Companies with free float of 5% or below are excluded, while companies above 5% and up to 15% may qualify subject to the size requirement. |
| Business or ESG exclusions | Companies whose business is holding equity and other investments classified by ICB as closed end investments (30204000) are ineligible., Non-equity investment instruments classified by ICB as open end and miscellaneous investment vehicles (30205000) are ineligible. | Companies whose business is that of holding equity and other investments (e.g. investment trusts) which are classified by the Industry Classification Benchmark (ICB)6 as closed end investments (30204000)Open p.10 ↗ |
Specified investment-holding and investment-vehicle businesses classified under ICB codes 30204000 and 30205000 are not eligible. |
| M4 Selection and constituent count · 5 fields | |||
| Taiwan 50 migration rule | Companies deleted from the Taiwan 50 at a periodic review normally enter the Mid-Cap 100; companies added to the Taiwan 50 are deleted from the Mid-Cap 100 if constituents. | Companies deleted from the FTSE TWSE Taiwan 50 Index at the periodic review will normally be included in the FTSE TWSE Taiwan Mid-Cap 100 Index.Open p.12 ↗ |
Taiwan 50 deletions normally move into the Mid-Cap 100, while Taiwan 50 additions leave the Mid-Cap 100. |
| Selection method | Rank by metric | consists of the next 100 companies ranked by full market value (subject to rules 6.3.1 and 6.3.2)Open p.11 ↗ |
Eligible companies are selected by full market-value rank, subject to the insertion and deletion rules. |
| Ranking metrics | Name: Full market value; Direction: Descending; Step order: 1 | next 100 companies ranked by full market value (subject to rules 6.3.1 and 6.3.2)Open p.11 ↗ |
Eligible securities are ranked by full market value. |
| Target constituent count | 100 | The FTSE TWSE Taiwan Mid-Cap 100 Index consists of the next 100 companies ranked by full market valueOpen p.11 ↗ |
The index maintains a constant 100 constituents. |
| Reserve list | Size rule: FTSE Russell publishes the 10 highest-ranking non-constituents after each quarterly review; if five remain, it publishes five additional reserve stocks | 10 highest-ranking non-constituents of the FTSE TWSE Taiwan Mid-Cap 100 index following each quarterly review.Open p.13 ↗ |
The reserve list contains the 10 highest-ranking non-constituents and is replenished by five stocks when only five remain. |
| M5 Weighting and capping · 3 fields | |||
| Free float restrictions reference | Free_Float_Restrictions.pdf | Further details on free float restrictions can be accessed using the following link: Free_Float_Restrictions.pdfOpen p.9 ↗ |
Further details on free float restrictions are available in the referenced Free_Float_Restrictions.pdf document. |
| Free float factor | Method: Free float | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituents in the index series are adjusted for free float, with further free-float restriction details contained in a referenced document. |
| Foreign ownership limit | Adjusted for foreign ownership limits | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituent weights are adjusted for foreign ownership limits. |
| M6 Review and rebalance schedule · 8 fields | |||
| Annual review liquidity test | Yes | The annual review will take place at the same time as the March quarterly review, where in addition to the standard review process liquidity will also be tested (see rule 4.6).Open p.12 ↗ |
At the annual review held with the March quarterly review, liquidity is tested in addition to the standard review process. |
| Review ranking metric | full market capitalisation before investability weightings | All eligible securities will be ranked by their full market capitalisations (i.e. before the application of any investability weightings).Open p.12 ↗ |
Eligible securities are ranked for the quarterly review by full market capitalisation before applying investability weightings. |
| Review frequency | Quarterly | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and DecemberOpen p.12 ↗ |
The index series has quarterly constituent reviews. |
| Review types | Quarterly review, Annual review, Ad hoc | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and DecemberOpen p.12 ↗ |
The methodology provides for quarterly reviews, an annual review held with the March quarterly review, and changes outside reviews for corporate actions and events. |
| Review months | March, June, September, December | take place in March, June, September and December using data from the close of business on the Monday four weeks prior to the review effective date.Open p.12 ↗ |
Quarterly reviews occur in March, June, September and December. |
| Data cutoff rule | Data as of the close of business on the Monday four weeks before the review effective date. | using data from the close of business on the Monday four weeks prior to the review effective date.Open p.12 ↗ |
Reviews use data from the close of business on the Monday four weeks prior to the review effective date. |
| Announcement rule | Review outcomes and implementation dates are published after the close of business on the first Friday of the review month. | Details of the outcome of the review and the dates on which any changes are to be implemented will be published after the close of business on the first Friday of the review monthOpen p.12 ↗ |
FTSE Russell publishes the review outcome and implementation dates after the close of business on the first Friday of the review month. |
| Effective date rule | Constituent changes are implemented after the close of business on the third Friday of the review month, effective the following Monday. | Any constituent changes will be implemented after the close of business on the third Friday (i.e. effective Monday) of the review month.Open p.12 ↗ |
Changes take effect after the close of business on the third Friday of the review month, i.e. on Monday. |
| M7 Buffers and turnover control · 2 fields | |||
| Constant constituent count balancing | Insertions and deletions are equalized at the periodic review by removing the lowest-ranking constituents or adding the highest-ranking non-constituents as needed. | the lowest-ranking constituents presently included in the index will be deleted to ensure that an equal number of companies are inserted and deleted at the periodic review.Open p.12 ↗ |
The review balances insertion and deletion counts to preserve a constant number of constituents. |
| Buffer zone | Entry rank: 130; Exit rank: 171 | FTSE TWSE Taiwan Mid-Cap 100 Index – risen to 130th or aboveOpen p.12 ↗ |
A company is inserted when ranked 130th or above and deleted when ranked 171st or below at a periodic review. |
| M8 Corporate actions, IPOs, ad-hoc changes · 12 fields | |||
| Removal replacement notice period | 2 days | The removal and replacement are effected simultaneously with the provision of a two-day notice period.Open p.14 ↗ |
Removal and replacement are effected simultaneously with a two-day notice period. |
| Post takeover reinclusion condition | A company deleted after a takeover with remaining free float of 15% or less is not reconsidered until it completes a one-year trading record. | A company deleted following a takeover, with a remaining free float of 15% or less, will not be re-considered for index inclusion until completion of a one-year trading record.Open p.14 ↗ |
A takeover-deleted company whose remaining free float is 15% or less cannot be reconsidered until it has completed a one-year trading record. |
| Non fast entry IPO timing | next quarterly review | A new equity security (IPO) that does not qualify for fast entry under rule 7.3.1 (but which meets the criteria for eligible securities set out in section 4) will be eligible for inclusion at the next quarterly reviewOpen p.15 ↗ |
An IPO that does not qualify for fast entry but otherwise meets eligibility is considered at the next quarterly review. |
| Fast entry liquidity and trading record | Minimum trading record required: No; Liquidity test required: No | The fast entry security is not required to have a minimum trading record or to pass a liquidity test.Open p.15 ↗ |
A fast-entry security is not required to have a minimum trading record or pass a liquidity test. |
| Fast entry excluded IPO types | variable IPOs, best effort IPOs, direct listing IPOs | Variable, best effort and direct listing IPOs* will not be considered for fast entry inclusion since FTSE Russell isOpen p.15 ↗ |
Variable, best-effort and direct-listing IPOs are not eligible for fast entry. |
| Suspended companies rule reference | Suspended_Companies_Rule.pdf | Suspension of dealing rules can be found using the following link: Suspended_Companies_Rule.pdfOpen p.16 ↗ |
Suspension-of-dealing rules are provided in the separate Suspended Companies Rule document. |
| Altered trading method deletion timing | A constituent that becomes an Altered-Trading-Method Stock is normally deleted at the next quarterly review. | If a constituent changes status to an Altered-Trading-Method Stock, it will normally be deleted from the FTSE TWSE Taiwan 50 IndexOpen p.16 ↗ |
An Altered-Trading-Method Stock is normally removed at the next quarterly review. |
| Fast entry | Size threshold: full market capitalisation sufficient to rank 20th or higher in the FTSE TWSE Taiwan 50 Index before investability weightings; Timing: normally after close of business on the fifth day of official trading; concurrent with the review effective date if the fifth day falls in the index review week | that security will be eligible for fast entry inclusion to the FTSE TWSE Taiwan 50 Index if its full market capitalisation which would ensure the company joins the FTSE TWSE Taiwan 50 Index in 20th position or higherOpen p.15 ↗ |
An IPO security is eligible for fast entry to the FTSE TWSE Taiwan 50 Index if its full market capitalisation would place it 20th or higher before investability weightings, normally after the fifth day of official trading. |
| Ad-hoc deletion | Delisting, Prolonged suspension, Acquisition, Other | If a constituent is delisted, ceases to have a firm quotation, is subject to a takeover or has ceased to be a viable constituent as defined by the Ground Rules, it will be removedOpen p.14 ↗ |
A constituent may be removed outside a review if it is delisted, ceases to have a firm quotation, is subject to a takeover, is suspended and deleted, or ceases to be viable under the Ground Rules. |
| Replacement policy | Reserve list | it will be replaced by the highest-ranking company by full market capitalisation eligible on the reserve list (see rule 6.4) as at the close of the index calculation two days prior to the deletion.Open p.14 ↗ |
Deleted constituents of the Taiwan 50, Taiwan 50 30% Capped, or Mid-Cap 100 indices are replaced by the highest-ranking eligible company on the relevant reserve list. |
| Merger spinoff rules | In a constituent-to-constituent merger, the resulting company remains and the vacancy is filled from the reserve list. If acquired by a non-constituent, the eligible resulting company replaces the acquired company; otherwise a reserve-list company fills the vacancy. Split companies are assessed by full market capitalisation and other eligibility criteria, with changes determined using first-day closing market values and applied on two days' notice. | If the effect of a merger or takeover is that one constituent is absorbed by another constituentOpen p.14 ↗ |
Mergers, takeovers and splits are handled by retaining or evaluating the resulting companies and filling any vacancy from the reserve list where required. |
| Corporate actions guide ref | Corporate Actions and Events Guide | Full details of changes to constituent companies due to corporate actions and events can be accessed in the Corporate Actions and Events GuideOpen p.7 ↗ |
Detailed corporate actions and events, shares in issue, and free-float changes are covered in the Corporate Actions and Events Guide. |
| M9 Calculation and return variants · 7 fields | |||
| Foreign exchange rate source | WMR FX Benchmarks rates at index closing time are used for US Dollar end-of-day index values. | The foreign exchange rates received from WMR FX Benchmarks at the closing time of the Index (see Appendix B and Appendix C) are used to calculate the end of day index values in US Dollars.Open p.19 ↗ |
Foreign exchange rates from WMR FX Benchmarks at the index closing time are used to calculate end-of-day index values in US Dollars. |
| Formula type | Divisor | d is the divisor, a figure that represents the total issued share capital of the index at the base date. The divisor can be adjusted to allow changes in the issued share capital of individual securities to be made without distorting the index.Open p.23 ↗ |
The index is calculated by summing adjusted constituent market values and dividing by an adjustable divisor. |
| Price source | actual last trade prices from the Taiwan Stock Exchange; latest trade price or previous index closing price in the algorithm | The FTSE TWSE Taiwan Index Series uses actual trade prices for securities from the Taiwan Stock Exchange.Open p.19 ↗ |
The index uses actual trade prices from the Taiwan Stock Exchange, with the algorithm using each security's latest trade price or the previous day's index closing price. |
| Calculation frequency | Real time interval seconds: 5; End of day: Yes; Official index period: 09:00-13:35 Taiwan Time; Trading calendar: each day trading takes place on the Taiwan Stock Exchange | The FTSE TWSE Taiwan 50 Index, the FTSE TWSE Taiwan 50 30% Capped Index, the FTSE TWSE Taiwan Mid-Cap 100 Index, the FTSE TWSE Taiwan Eight Industries Index and the FTSE TWSE Taiwan Technology Index are published every five seconds during the official index period, using last trade prices.Open p.19 ↗ |
Specified indices are published every five seconds during the official index period using last trade prices, and FTSE produces end-of-day products. |
| Divisor adjustment | changes in the issued share capital of individual securities | The divisor can be adjusted to allow changes in the issued share capital of individual securities to be made without distorting the index.Open p.23 ↗ |
The divisor may be adjusted for changes in individual securities' issued share capital so that the index is not distorted. |
| Market disruption rule | Trading halts, market closures, and inability-to-trade scenarios are handled under separate FTSE Russell index policies. | Guidance for the treatment of index changes in the event of trading halts or market closures can be found using the following link: Index_Policy_for_Trading_Halts_and_Market_Closures.pdfOpen p.7 ↗ |
Guidance for index changes during trading halts or market closures and treatment when clients cannot trade a market or security is contained in separate FTSE Russell policies. |
| Recalculation policy | Follow the FTSE Russell Index Recalculation Guidelines when deciding whether to recalculate an index or reissue associated data products, and notify users through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued. Users of the FTSE TWSE Taiwan Index Series are notified through appropriate media.Open p.8 ↗ |
If an inaccuracy is identified, FTSE Russell follows its recalculation guidelines to determine whether to recalculate the index or reissue data products and notifies users through appropriate media. |
| M10 Governance, change policy, disclosure · 13 fields | |||
| Benchmark administrator | FTSE International Limited (FTSE) | FTSE is the benchmark administrator of the index seriesOpen p.5 ↗ |
FTSE International Limited is the benchmark administrator of the index series. |
| Real time calculation agent | Taiwan Stock Exchange Corporation (TWSE) | TWSE is responsible for real-time calculation and dissemination of the FTSE TWSE Taiwan Index Series throughout the market open period on a trading day.Open p.5 ↗ |
TWSE is responsible for real-time calculation and dissemination of the index series during market open periods. |
| Governance framework | FTSE Russell governance framework incorporating the London Stock Exchange Group's three lines of defence risk management framework | To oversee its indices, FTSE Russell employs a governance framework that encompasses product, service and technology governance. The framework incorporates the London Stock Exchange Group’s three lines of defence risk management frameworkOpen p.8 ↗ |
FTSE Russell uses a governance framework covering product, service and technology governance and incorporating the London Stock Exchange Group's three lines of defence risk framework. |
| Complaints procedure | Benchmark Determination Complaints Handling Policy | FTSE Russell’s complaints procedure can be accessed using the following link: Benchmark_Determination_Complaints_Handling_Policy.pdfOpen p.7 ↗ |
FTSE Russell's complaints procedure is available in its benchmark determination complaints handling policy document. |
| Oversight body | FTSE Russell Index Governance Board | The feedback from these consultations will be considered by the FTSE Russell Index Governance Board before approval is granted.Open p.5 ↗ |
The FTSE Russell Index Governance Board considers consultation feedback and approves significant Ground Rule amendments. |
| Discretion points | When the Ground Rules are silent or do not specifically and unambiguously apply to a decision, When the rules do not fully cover a specific event or development | where FTSE Russell determines that the Ground Rules are silent or do not specifically and unambiguously apply to the subject matter of any decision, any decision shall be based as far as practical on the Statement of Principles.Open p.6 ↗ |
FTSE Russell may determine treatment where the Ground Rules are silent, ambiguous, or do not fully cover an event, based as far as practicable on the Statement of Principles. |
| Methodology review frequency | at least annually | These Ground Rules shall be subject to regular review (at least once a year) by FTSE Russell to ensure that they continue to best reflect the aims of the index series.Open p.5 ↗ |
The Ground Rules are subject to regular review at least once a year. |
| External review | Significant amendments are consulted on with FTSE Russell advisory committees and other stakeholders if appropriate, with feedback considered by the Index Governance Board. | Any proposals for significant amendments to these Ground Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders if appropriate. The feedback from these consultations will be considered by the FTSE Russell Index Governance Board before approval is granted.Open p.5 ↗ |
Proposed significant amendments are consulted on with advisory committees and other stakeholders where appropriate, and the feedback is considered by the Index Governance Board before approval. |
| Consultation procedure | Material changes are announced in advance for comments from index users and the market; significant amendments are consulted on with advisory committees and other stakeholders if appropriate. | Material changes to the Ground Rules will be announced in advance to allow for comments from index users and the market in general.Open p.6 ↗ |
Material Ground Rule changes are announced in advance to permit comments, and significant amendments are consulted on with advisory committees and other stakeholders when appropriate. |
| Error correction policy | FTSE Russell follows the FTSE Russell Recalculation Policy and Guidelines to determine recalculation or data-product reissuance and notifies users through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued. Users of the FTSE TWSE Taiwan Index Series are notified through appropriate media.Open p.8 ↗ |
Upon identifying an inaccuracy, FTSE Russell applies its recalculation guidelines, determines whether to recalculate or reissue products, and notifies users through appropriate media. |
| Change announcement | appropriate media, FTSE Russell website | Users of the FTSE TWSE Taiwan Index Series are notified through appropriate media.Open p.8 ↗ |
Users are notified through appropriate media, and FTSE Russell policy documents are available on the FTSE Russell website. |
| Constituents published | Bool: Yes; Frequency: changes are published as part of ongoing maintenance and periodic reviews | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviewOpen p.5 ↗ |
FTSE publishes changes to constituent weightings resulting from ongoing maintenance and periodic reviews. |
| Cessation policy | Circumstances beyond FTSE Russell's control may necessitate changes to or cessation of the index; referenced products and funds should be able to withstand or address that possibility. | it is possible that circumstances, including external events beyond the control of FTSE Russell, may necessitate changes to, or the cessation of, the index and therefore any financial contracts or other financial instruments that reference the index or investment funds that use the index to measure their performance should be able to withstand, or otherwise address the possibility of changes to, or cessation of, the index.Open p.3 ↗ |
FTSE Russell notifies users that external circumstances may require changes to or cessation of the index, and users should ensure referenced instruments or funds can address that possibility. |
Open points · 38Model-written, for reference
- 1No short name, index code, ISIN, or third-party vendor tickers were found.
- 2No launch date, base date, or base value was found.
- 3No methodology publication date was found; only version v5.2 was shown.
- 4No explicit benchmark-regulation status (regulated, significant, or non-significant) was stated.
- 5No stated intended uses such as ETF or derivatives underlyings were found.
- 6No separate calculation-agent designation was found.
- 7No nationality or country-classification rule beyond Taiwan listing was stated.
- 8The minimum numeric foreign-headroom threshold is not stated; it is only referenced in an external linked document.
- 9No suspension treatment rule or extreme-price screen was found.
- 10No minimum share price, voting-rights, profitability, or financial-health screen was found.
- 11Market classification as developed is inferred from Taiwan market coverage rather than explicitly stated as a vendor classification.
- 12The family-level index family type is inferred from market-capitalisation and free-float rules rather than expressly labelled by the document.
- 13The provided section does not state the overall weighting scheme enum.
- 14The provided section does not specify free-float band factors or the calculation method beyond adjustment for free float.
- 15The provided section does not explain how foreign ownership limits are operationalized in weights.
- 16The provided section does not state single-constituent, group, sector, or country caps.
- 17The provided section does not state cap application timing.
- 18The provided section does not state the shares-outstanding source or update timing.
- 19The provided section does not state divisor adjustment rules.
- 20The provided section does not provide selection-method, ranking, constituent-count, tie-breaking, industry-neutrality, or reserve-list rules.
- 21No rank-based migration buffer was stated.
- 22No market-cap size-segment buffer thresholds were stated.
- 23No relaxed liquidity threshold specifically for existing constituents was stated.
- 24No maximum constituent or weight turnover per review was stated.
- 25No explicit deletion price or valuation price for removed securities was stated beyond references to closing index calculations two days prior to deletion or replacement.
- 26No numeric threshold for implementing shares-in-issue or free-float changes between reviews was stated; details are deferred to the Corporate Actions and Events Guide.
- 27No separate weight-rebalancing or weight-reset frequency distinct from quarterly constituent reviews was stated.
- 28The provided sections refer to reserve lists under rule 6.4 but do not include the detailed reserve-list construction rules.
- 29Number of decimal places for published index levels was not stated.
- 30Published price return, gross total return, and net total return variants were not specified.
- 31Withholding tax basis for net return variants was not stated.
- 32Cash dividend reinvestment or dividend treatment was not stated.
- 33A quantitative advance notice period for methodology changes or cessation was not stated.
- 34A formal definition of material change was not stated, although material changes must be announced in advance.
- 35The exact frequency or channel for publication of a complete constituent list was not stated; the text states that constituent weighting changes are published.
- 36Index-specific short name, index code, ISIN, vendor tickers, launch date, base date, and base value were not stated.
- 37Index-specific weighting caps or inclusion-factor overrides were not stated.
- 38No index-specific special fast-entry rule for the Mid-Cap 100 was stated.
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