Also known as: TWTECH Index (Bloomberg) · TWIT (TIP)
Tracked by: 0052 (ETF)
At a glance
- Weighting schemeFree float market cap
- Review frequencyQuarterly
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 14 fields | |||
| Series constituent indices | FTSE TWSE Taiwan 50 Index, FTSE TWSE Taiwan 50 30% Capped Index, FTSE TWSE Taiwan Mid-Cap 100 Index, FTSE TWSE Taiwan Eight Industries Index, FTSE TWSE Taiwan Technology Index | The FTSE TWSE Taiwan Index Series consists of: FTSE TWSE Taiwan 50 Index; FTSE TWSE Taiwan 50 30% Capped Index1; FTSE TWSE Taiwan Mid-Cap 100 Index; FTSE TWSE Taiwan Eight Industries Index; and FTSE TWSE Taiwan Technology Index.Open p.3 ↗ |
The family comprises the Taiwan 50, Taiwan 50 30% Capped, Taiwan Mid-Cap 100, Eight Industries, and Technology indices. |
| Calculation frequency | Real time, published 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. |
| Index name | FTSE TWSE Taiwan Technology Index | The FTSE TWSE Taiwan Technology Index consists of all the constituents from the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 IndexOpen p.11 ↗ |
The official index name is the FTSE TWSE Taiwan Technology 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 consists of: FTSE TWSE Taiwan 50 Index; FTSE TWSE Taiwan 50 30% Capped Index1;Open p.3 ↗ |
The index family is the FTSE TWSE Taiwan Index Series. |
| 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. |
| Methodology version | v5.2 | The methodology document is version v5.2. | |
| Objective | The index comprises technology-classified constituents from the FTSE TWSE Taiwan 50 Index and FTSE TWSE Taiwan Mid-Cap 100 Index. | The FTSE TWSE Taiwan Technology Index consists of all the constituents from the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index with classification of industry group technology (10) under the ICB system.Open p.11 ↗ |
The FTSE TWSE Taiwan Technology Index consists of technology industry-group constituents drawn from the Taiwan 50 and Taiwan Mid-Cap 100 indices. |
| Market classification | Developed | The FTSE TWSE Taiwan Index Series is designed to represent the performance of the Taiwan stock market.Open p.3 ↗ |
The series covers Taiwan, classified here as developed. |
| Size segment | Custom | consists of all the constituents from the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index with classification of industry group technology (10)Open p.11 ↗ |
The index combines large-cap and mid-cap parent-index constituents that belong to the technology industry group, so its size segment is custom. |
| Index family type | Sector | with classification of industry group technology (10) under the ICB system.Open p.11 ↗ |
The index is a sector index focused on the ICB technology industry group. |
| Factor exposures | — | The FTSE TWSE Taiwan Index Series does not take account of ESG factors in its index design.Open p.3 ↗ |
The index design does not take account of ESG factors and no factor exposures are stated. |
| Limitations | The index series does not take account of ESG factors in its index design. | The FTSE TWSE Taiwan Index Series does not take account of ESG factors in its index design.Open p.3 ↗ |
A stated design limitation is that the index series does not take ESG factors into account. |
| M2 Universe · 8 fields | |||
| Eligible securities rule | Stocks listed on the Taiwan Stock Exchange and all classes of equity in issue are eligible, subject to rules 4.1 to 4.6. | The stocks listed on the Taiwan Stock Exchange are eligible to join FTSE TWSE Taiwan Index Series. All classes of equity in issue are eligibleOpen p.9 ↗ |
Taiwan Stock Exchange listed stocks and all equity classes are eligible if they satisfy rules 4.1 through 4.6. |
| Partly paid shares treatment | Market prices of partly or nil paid shares with determined call dates are adjusted to the fully paid price for market capitalisation. | the market price will, for the purposes of calculating its market capitalisation, be adjusted so as to include all such calls (i.e. the fully paid price).Open p.10 ↗ |
Partly or nil paid shares with known call dates are valued at the fully paid price for market-capitalisation calculations. |
| 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 market segments are the Taiwan Stock Exchange Main Board and the Taiwan Innovation Board. |
| Security types | Common | All classes of equity in issue are eligible for inclusion in the FTSE TWSE Taiwan Index Series subject to conforming with rules 4.1 to 4.6Open p.9 ↗ |
Stocks and all classes of equity in issue are eligible, subject to the stated qualification rules. |
| Parent universe index | FTSE TWSE Taiwan 50 Index, FTSE TWSE Taiwan Mid-Cap 100 Index | consists of all the constituents from the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index with classification of industry group technology (10) under the ICB system.Open p.11 ↗ |
The index universe consists of constituents of the FTSE TWSE Taiwan 50 Index and FTSE TWSE Taiwan Mid-Cap 100 Index. |
| Exclusions | Altered-Trading-Method (Full Delivery) Stocks, Convertible preference shares until converted, ICB closed-end investments, ICB open-end and miscellaneous investment vehicles | Altered-Trading-Method (Full Delivery) Stocks are not eligible to be included in the FTSE TWSE Taiwan Index SeriesOpen p.9 ↗ |
Altered-trading-method stocks, unconverted convertible preference shares, and specified investment-vehicle sectors are excluded. |
| M3 Eligibility screens · 9 fields | |||
| Foreign ownership restrictions treatment | The methodology accounts for foreign-investor equity holding restrictions imposed by a government, regulator, or company constitution. | FTSE Russell’s index methodology takes account of the restrictions placed on the equity holdings of foreign investors in a companyOpen p.9 ↗ |
Foreign ownership restrictions imposed by governments, regulators, or company constitutions are taken into account. |
| Foreign headroom definition | Foreign headroom equals (foreign ownership limit minus foreign holdings) divided by the 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)Open p.9 ↗ |
Foreign headroom is the percentage of shares available to foreign investors relative to the company's foreign ownership limit. |
| Liquidity month minimum trading days | Minimum value: 5 trading days | a minimum of five trading days in that month must exist, otherwise the month will be excluded from the test.Open p.10 ↗ |
A month is excluded from the median daily trading volume test if it contains fewer than five trading days. |
| Liquidity exceptional market discretion | In exceptional low-volume market conditions, the liquidity percentage may be reduced market-wide, but not for individual securities, with public notice at least two weeks before the quarterly review. | In exceptional market conditions, if trading volumes are very low, the percentage figure stated in rulesOpen p.10 ↗ |
FTSE may reduce the liquidity threshold market-wide in exceptional low-volume conditions, but not for individual securities, after a public statement at least two weeks beforehand. |
| Trading history | Minimum value: 20 trading days; Exceptions: Applies to new issues and newly eligible securities without a 12-month trading record; the test runs from the date of eligibility and prior trading records are not considered | New issues and newly eligible securities that do not have a 12-month trading record must have a minimum 20 days’ trading record when reviewedOpen p.10 ↗ |
New issues and newly eligible securities without a 12-month record must have at least 20 trading days 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 medians are used; 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 shares in issue after investability weighting. |
| Minimum size | Metric: Full market cap; Threshold: 2,500,000,000; Deletion threshold: 2,000,000,000; Currency: USD | 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% must have full market capitalisation above USD 2.5 billion for entry and is deleted if below USD 2 billion at review. |
| Minimum free float | 5% | Companies with a free float of 5% or below are excluded from the index. A company that has a free float greater than 5% but less than or equal to 15%Open p.9 ↗ |
Companies with free float of 5% or below are excluded; free float above 5% and up to 15% requires the larger market-capitalisation condition. |
| Business or ESG exclusions | Companies whose business is holding equity and other investments classified by ICB as closed end investments (30204000), Non-equity investment instruments classified by ICB as open end and miscellaneous investment vehicles (30205000) | 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 investmentsOpen p.10 ↗ |
Specified closed-end investment and open-end or miscellaneous investment-vehicle ICB classifications are ineligible. |
| M4 Selection and constituent count · 3 fields | |||
| Variable constituent count | Yes | A constant number of constituents will not be maintained for the FTSE TWSE Taiwan Eight Industries Index or the FTSE TWSE Taiwan Technology Index.Open p.13 ↗ |
A constant number of constituents is not maintained for the FTSE TWSE Taiwan Technology Index. |
| Selection method | Parent index members | consists of all the constituents from the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index with classification of industry group technology (10) under the ICB system.Open p.11 ↗ |
Securities are selected from constituents of the Taiwan 50 and Taiwan Mid-Cap 100 indices based on ICB technology classification. |
| Industry neutrality rule | Technology only | with classification of industry group technology (10) under the ICB system.Open p.11 ↗ |
The index is not industry-neutral; it includes only constituents classified in ICB industry group technology (10). |
| M5 Weighting and capping · 4 fields | |||
| Free float and foreign ownership adjustment | Constituents are adjusted for free float and foreign ownership limits. | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituents in the FTSE TWSE Taiwan Index Series are weighted after adjustments for free float and foreign ownership limits. |
| Weighting scheme | Free float market cap | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituents are adjusted for free float, indicating a free-float-adjusted market-capitalisation weighting basis. |
| Free float factor | Method: Free float | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituents are adjusted for free float; the document does not provide the factor bands or calculation details. |
| Foreign ownership limit | Weights are adjusted for foreign ownership limits. | Constituents of the FTSE TWSE Taiwan Index Series are adjusted for free float and foreign ownership limits.Open p.9 ↗ |
Constituent weights are adjusted to reflect foreign ownership limits. |
| M6 Review and rebalance schedule · 11 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 testedOpen p.12 ↗ |
At the annual 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 by full market capitalisation before application of investability weightings. |
| Automatic parent index change propagation | Yes | Changes made to the FTSE TWSE Taiwan 50 Index and the FTSE TWSE Taiwan Mid-Cap 100 Index at the periodic review will be made automatically to the FTSE TWSE Taiwan Eight Industries Index or the FTSE TWSE Taiwan Technology IndexOpen p.13 ↗ |
Changes made to the Taiwan 50 and Taiwan Mid-Cap 100 indices at periodic reviews are applied automatically to the Taiwan Technology Index when the industry-group condition is met. |
| Addition rule at parent review | A new parent-index addition is added to the Technology Index if it is classified in the applicable technology industry group and is not already a constituent. | if a new addition to the FTSE TWSE Taiwan 50 Index or the FTSE TWSE Taiwan Mid-Cap 100 Index with classification industry groups as outlined in rules 5.4.1 and 5.5.1 respectively and is not presently a constituent in the FTSE TWSE Taiwan Eight Industries Index or the FTSE TWSE Taiwan Technology Index, it will be added in the respective index.Open p.13 ↗ |
A new addition to the Taiwan 50 or Taiwan Mid-Cap 100 that has the required technology industry-group classification and is not already in the Technology Index is added. |
| Deletion rule at parent review | A constituent is removed when it is no longer a constituent of either the Taiwan 50 Index or the Taiwan Mid-Cap 100 Index. | Naturally the present constituent will be deleted from the FTSE TWSE Taiwan Eight Industries Index or the FTSE TWSE Taiwan Technology Index if it is no longer a constituent in either the FTSE TWSE Taiwan 50 Index or the FTSE TWSE Taiwan Mid-Cap 100 Index at the periodic review.Open p.13 ↗ |
A present Technology Index constituent is deleted if it is no longer a constituent of either the Taiwan 50 or Taiwan Mid-Cap 100 at the periodic review. |
| Review frequency | Quarterly | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and December using data from the close of business on the Monday four weeks prior to the review effective date.Open p.12 ↗ |
The FTSE TWSE Taiwan Index Series is reviewed quarterly. |
| Review types | Quarterly review, Annual review | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and DecemberOpen p.12 ↗ |
The index series has quarterly reviews and an annual review conducted with the March quarterly review. |
| Review months | March, June, September, December | The quarterly reviews of the FTSE TWSE Taiwan Index Series take place in March, June, September and DecemberOpen p.12 ↗ |
Quarterly reviews occur in March, June, September and December. |
| Data cutoff rule | Data are taken from the close of business on the Monday four weeks before the review effective date. | using data from the close of business on the Monday four weeks prior to the review effective date.Open p.12 ↗ |
Quarterly reviews use data as of the close of business on the Monday four weeks before 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, and therefore become effective on Monday. |
| M8 Corporate actions, IPOs, ad-hoc changes · 15 fields | |||
| Removal replacement timing | Removal and replacement occur simultaneously after a two-day notice period. | The removal and replacement are effected simultaneously with the provision of a two-day notice period.Open p.14 ↗ |
Removals and replacements are effected simultaneously with two days' notice. |
| Reserve list selection reference time | Highest-ranking eligible reserve-list company by full market capitalisation as at the close of index calculation two days before deletion or replacement. | 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 ↗ |
Reserve-list replacements are selected by full market capitalisation as of the close of the index calculation two days before the deletion or replacement. |
| Takeover free float reinclusion rule | 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 a one-year trading record. |
| Fast entry trading history and liquidity | Minimum trading record: No; Liquidity test: 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 shares included | Only shares offered for sale in the IPO are included in index weighting at fast entry, excluding restricted shares. | only those shares being offered for sale in the IPO will be included within the index weighting at the time of fast entry inclusionOpen p.15 ↗ |
At fast entry, only IPO-offered shares that are not restricted shares are included in the index weighting. |
| Non fast entry IPO timing | IPOs not qualifying for fast entry are eligible at the next quarterly review if they meet eligibility criteria and are large enough. | A new equity security (IPO) that does not qualify for fast entry under rule 7.3.1 (but which meets the criteria for eligible securities set out in section 4) will be eligible for inclusion at the next quarterly reviewOpen p.15 ↗ |
An IPO that does not qualify for fast entry may be included at the next quarterly review if eligible and large enough. |
| Variable best effort direct listing rule | Variable, best-effort and direct-listing IPOs are ineligible for fast entry and are considered at a quarterly review only if required post-IPO shareholder-structure disclosure is available by the cutoff. | Variable, best effort and direct listing IPOs* will not be considered for fast entry inclusionOpen p.15 ↗ |
Variable, best-effort and direct-listing IPOs cannot use fast entry and must wait for a quarterly review after required public disclosure of shareholder structure. |
| Altered trading method reinclusion | An altered-trading-method stock is normally deleted at the next quarterly review and may only be reconsidered at the next periodic review after 12 months, provided it is no longer classified as altered-trading-method stock. | it will normally be deleted from the FTSE TWSE Taiwan 50 Index, FTSE TWSE Taiwan 50 30% Capped Index or FTSE TWSE Taiwan Mid- Cap 100 Index at the next quarterly reviewOpen p.16 ↗ |
Altered-trading-method stocks are normally removed at the next quarterly review and may be reconsidered only after 12 months at a periodic review if their status has ended. |
| Corporate action types | capital repayments, rights issues/entitlement offers, stock conversion, splits/sub-divisions, reverse splits/consolidations, scrip issues/capitalisation or bonus issues | These include the following: – capital repayments; – rights Issues/entitlement offers; – stock conversion; – splits (sub-division)/reverse splits (consolidation); and – scrip issuesOpen p.17 ↗ |
Corporate actions include capital repayments, rights issues, stock conversion, splits, reverse splits, and scrip issues. |
| Fast entry | Size threshold: Would rank 20th or higher in the FTSE TWSE Taiwan 50 Index by full market capitalisation before individual constituent investability weightings; Timing: Normally included after the close of business on the fifth day of official trading; if that day falls during the index-review week, addition occurs on the review effective date | that security will be eligible for fast entry inclusion to the FTSE TWSE Taiwan 50 Index if its full market capitalisation which would ensure the company joins the FTSE TWSE Taiwan 50 Index in 20th position or higherOpen p.15 ↗ |
An IPO security may enter the FTSE TWSE Taiwan 50 Index quickly if it would rank 20th or higher by full market capitalisation 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, lacks a firm quotation, is subject to a takeover, is suspended and deleted, becomes an altered-trading-method stock, or otherwise ceases to be a viable constituent. |
| Replacement policy | Reserve list | it will be replaced by the highest-ranking company by full market capitalisation eligible on the reserve listOpen p.14 ↗ |
Deleted constituents of the Taiwan 50, Taiwan 50 30% Capped, and Taiwan Mid-Cap 100 indices are replaced by the highest-ranking eligible company on the relevant reserve list. |
| Merger spinoff rules | In constituent-to-constituent mergers, the resulting company remains and the vacancy is filled from the reserve list. If a constituent is acquired by a non-constituent, the resulting company replaces it if eligible; otherwise the reserve list is used. Split companies may be included if eligible and otherwise qualified, 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 ↗ |
The rules specify treatment for constituent mergers, acquisitions by non-constituents, and corporate splits, including reserve-list vacancies and eligibility of resulting companies. |
| Share or float change threshold | Changes to shares in issue and free float are covered by the Corporate Actions and Events Guide; no numerical threshold is stated in the supplied sections. | Changes to the number of shares in issue for constituent securities are covered in the Corporate Actions and Events Guide.Open p.17 ↗ |
The supplied sections refer share and free-float changes to the Corporate Actions and Events Guide but do not state a numerical threshold. |
| Corporate actions guide ref | Corporate_Actions_and_Events_Guide.pdf | Full details of changes to constituent companies due to corporate actions and events can be accessed in the Corporate Actions and Events Guide using the following link: Corporate_Actions_and_Events_Guide.pdfOpen p.7 ↗ |
The separate guide is named Corporate_Actions_and_Events_Guide.pdf. |
| M9 Calculation and return variants · 8 fields | |||
| FX source for US dollar index values | WMR FX Benchmarks rates at index closing time | The foreign exchange rates received from WMR FX Benchmarks at the closing time of the Index (see Appendix B and Appendix C) are used to calculate the end of day index values in US Dollars.Open p.19 ↗ |
Foreign exchange rates from WMR FX Benchmarks at the index closing time are used for end-of-day US dollar index values. |
| Official calculation hours | Open: 09:00; Close: 13:35; Timezone: local Taiwan Time | Index Open Close FTSE TWSE Taiwan 50 Index 09:00 13:35 FTSE TWSE Taiwan 50 30% Capped Index 09:00 13:35 FTSE TWSE Taiwan Mid-Cap 100 Index 09:00 13:35Open p.22 ↗ |
The listed indices are open from 09:00 to 13:35 local Taiwan Time. |
| 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 using a market-capitalisation formula divided by an adjustable divisor. |
| Price source | actual last trade prices from the Taiwan Stock Exchange; previous day's index close when no latest trade is available | The FTSE TWSE Taiwan Index Series uses actual trade prices for securities from the Taiwan Stock Exchange.Open p.19 ↗ |
The indices use actual trade prices from the Taiwan Stock Exchange, with real-time calculations using last trade prices and the previous day's index closing price shown as the fallback in the formula. |
| Calculation frequency | Real time interval seconds: 5; End of day: Yes; Trading days only: Yes | 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 ↗ |
The specified indices are published every five seconds during the official index period, and FTSE produces end-of-day products; calculation occurs on days when trading takes place on the Taiwan Stock Exchange. |
| Divisor adjustment | changes in issued share capital of individual securities | The divisor can be adjusted to allow changes in the issued share capital of individual securities to be made without distorting the index.Open p.23 ↗ |
The divisor may be adjusted to reflect changes in individual securities' issued share capital without distorting the index. |
| Market disruption rule | Refer to FTSE Russell's Index Policy for Trading Halts and Market Closures and policy for clients unable to trade a market or 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.7 ↗ |
For trading halts, market closures, or inability to trade a market or security, the Ground Rules refer users to the corresponding 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 Index Recalculation Guidelines to determine whether to recalculate the index or reissue data products and notifies users through appropriate media. |
| M10 Governance, change policy, disclosure · 14 fields | |||
| Benchmark administrator | FTSE International Limited (FTSE) | FTSE is the benchmark administrator of the index seriesOpen p.5 ↗ |
FTSE International Limited is the benchmark administrator of the index series. |
| Daily operation responsibility | FTSE is responsible for daily calculation, production, and operation of the index series; TWSE handles real-time calculation and dissemination during market hours. | FTSE is responsible for the daily calculation, production and operation of the index seriesOpen p.5 ↗ |
FTSE is responsible for daily calculation, production, and operation, while TWSE performs real-time calculation and dissemination during the trading-day market-open period. |
| Governance framework | FTSE Russell governance framework covering product, service, and technology governance and incorporating the LSEG three lines of defence risk 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. |
| Principles fallback policy | Statement of Principles for FTSE Russell Equity Indices | Where the rules do not fully cover a specific event or development, FTSE Russell will determine the appropriate treatment by reference to the Statement of PrinciplesOpen p.7 ↗ |
When the Ground Rules do not fully cover a situation, FTSE Russell determines treatment by reference to the Statement of Principles and advises the market as soon as possible. |
| 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. |
| 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 Rules amendments. |
| Discretion points | When the Ground Rules are silent or do not specifically and unambiguously apply to a decision, When a specific event or development is not fully covered by the rules, When external events beyond FTSE Russell's control necessitate changes to or cessation of the index | 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 rules are silent, ambiguous, or do not cover an event, and external events may necessitate changes or cessation. |
| 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 amendment proposals are consulted on with FTSE Russell advisory committees and other stakeholders when 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 ↗ |
Significant Ground Rules amendments undergo consultation with advisory committees and other stakeholders as appropriate before governance-board approval. |
| Consultation procedure | Material changes are announced in advance to permit comments from index users and the market; significant amendments are discussed with advisory committees and stakeholders where appropriate before Governance Board approval. | Material changes to the Ground Rules will be announced in advance to allow for comments from index users and the market in general.Open p.6 ↗ |
FTSE Russell announces material changes in advance for comments and consults advisory committees and other stakeholders on significant amendments before approval. |
| Error correction policy | FTSE Russell follows its recalculation guidelines to determine whether to recalculate the index or reissue associated data products and notifies users through appropriate media. | Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index Recalculation Guidelines when determining whether an index or index series should be recalculated and/or associated data products reissued. 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 and notifies users through appropriate media if recalculation or data reissue is required. |
| Change announcement | FTSE Russell appropriate media, FTSE Russell website, index dissemination by FTSE, real-time dissemination by TWSE | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic review; and – disseminate the indices.Open p.5 ↗ |
FTSE disseminates the indices and publishes weighting changes, recalculation notices use appropriate media, policy documents are on the FTSE Russell website, and TWSE disseminates real-time index values. |
| Constituents published | Bool: Yes; Frequency: changes resulting from ongoing maintenance and periodic reviews are published | publish changes to the constituent weightings resulting from their ongoing maintenance and the periodic reviewOpen p.5 ↗ |
FTSE publishes changes to constituent weightings arising from ongoing maintenance and periodic reviews. |
| Cessation policy | Circumstances including external events beyond FTSE Russell's control may necessitate changes to or cessation of the index; users and referencing products should be able to withstand or address that possibility. | it is possible that circumstances, including external events beyond the control of FTSE Russell, may necessitate changes to, or the cessation of, the index and therefore any financial contracts or other financial instruments that reference the indexOpen p.3 ↗ |
FTSE Russell warns that external circumstances may require changes to or cessation of the index and that referencing products should address that possibility. |
Open points · 29Model-written, for reference
- 1No index ticker/code, ISIN, Bloomberg, Refinitiv, Wind, or other data-vendor ticker is stated.
- 2No launch date, base date, or base value is stated.
- 3No methodology publication date other than version v5.2 is stated.
- 4No benchmark regulation status such as regulated benchmark, significant, or non-significant is stated.
- 5No explicit intended uses such as ETF underlyings or derivatives are stated.
- 6No numerical minimum foreign headroom threshold is stated; the supplied text only defines foreign headroom and links to another document.
- 7No minimum voting rights, minimum share price, financial-health screens, suspension rule, or abnormal price-increase screen is stated.
- 8Market classification as developed is inferred from coverage of Taiwan and is not explicitly assigned by the supplied document.
- 9Selection method, ranking metrics, target constituent count, tie-break rule, industry neutrality rule, and reserve list are not stated.
- 10The exact free-float factor methodology, including any bands and factor values, is not stated.
- 11The precise foreign ownership adjustment formula, limit data source, and foreign-room treatment are not stated.
- 12No single-constituent, group, sector, or country weight cap is stated.
- 13Weight-cap application timing, shares-outstanding source, and divisor adjustment rules are not stated.
- 14No separate weight-rebalancing or weight-reset frequency distinct from the quarterly review was stated.
- 15No deletion price rule was stated.
- 16No numerical threshold for implementing shares-in-issue or free-float changes between reviews was stated; the document refers these to the Corporate Actions and Events Guide.
- 17Fast-entry excluded boards were not specified, and no board-specific exclusion language appeared.
- 18Published index level precision or number of decimal places is not stated.
- 19Price, gross total return, and net total return index variants are not identified.
- 20Withholding tax basis for net return variants is not stated.
- 21Cash dividend reinvestment or treatment is not stated.
- 22A numerical notice period for material methodology changes is not stated.
- 23A formal definition of material change is not stated.
- 24A detailed index cessation procedure beyond the possibility-of-cessation notice is not stated.
- 25Index short name or abbreviation is not stated in the supplied index-specific sections.
- 26Index vendor code, Bloomberg ticker, ISIN, launch date, base date, and base value are not stated in the supplied index-specific sections.
- 27Index-specific weight cap or inclusion-factor treatment is not stated.
- 28The supplied sections do not state a fixed target constituent count for the Technology Index; they expressly state that a constant number is not maintained.
- 29Not coveredM7 Buffers and turnover control: not covered by this edition
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