Also known as: IBUGT Index (Bloomberg) · IBUGT (Indxx code)
At a glance
- Weighting schemeCapped market cap
- Review frequencySemi-annual
- Constituent count40
- Single cap6
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 7 fields | |||
| Return variants | Total Return, Price Return, Net Total Return | The index is currently available in the following versions: Total Return Price Return Net Total ReturnOpen p.3 ↗ |
The index is available in Total Return, Price Return, and Net Total Return versions. |
| Index name | Indxx Cybersecurity Index | The Indxx Cybersecurity Index is designed to track the performance of companies that operate in the cybersecurity industry.Open p.3 ↗ |
The official index name is the Indxx Cybersecurity Index. |
| Index family | Indxx Cybersecurity Index | ind×x INDXX CYBERSECURITY INDEX METHODOLOGYOpen p.1 ↗ |
The methodology document is for the Indxx Cybersecurity Index methodology. |
| Base date | 2019-09-13 | The index has a base date of September 13, 2019 with an initial value of 1,000.Open p.3 ↗ |
The index has a base date of September 13, 2019. |
| Base value | 1,000 | The index has a base date of September 13, 2019 with an initial value of 1,000.Open p.3 ↗ |
The index had an initial value of 1,000. |
| Objective | The Indxx Cybersecurity Index is designed to track the performance of companies that operate in the cybersecurity industry. | The Indxx Cybersecurity Index is designed to track the performance of companies that operate in the cybersecurity industry.Open p.3 ↗ |
The index is designed to track the performance of companies operating in the cybersecurity industry. |
| Index family type | Thematic | The Indxx Cybersecurity Index is designed to track the performance of companies that operate in the cybersecurity industry.Open p.3 ↗ |
The index targets companies operating in the cybersecurity industry, making it a thematic index. |
| M2 Universe · 5 fields | |||
| Excluded markets | India, Taiwan, Vietnam | Their listing in either Developed or Emerging Markets, excluding India, Taiwan and Vietnam.Open p.3 ↗ |
India, Taiwan, and Vietnam are excluded from the developed and emerging market listing universe. |
| Market classification source | Indxx Country Classification and Investability Requirements | Developed and Emerging Markets are defined by Indxx in its ‘Country Classification and Investability Requirements’ document.Open p.3 ↗ |
Developed and emerging markets are defined by Indxx's Country Classification and Investability Requirements document. |
| Share class selection | The existing share class or listing in the portfolio is retained if eligible; otherwise, the most liquid share class or listing is considered. | The existing share class/listing in the portfolio is retained if it satisfies all the eligibility criteria of the index. The most liquid share class/listing is considered for inclusion.Open p.4 ↗ |
The existing eligible share class or listing is retained, and the most liquid share class or listing is considered for inclusion. |
| Markets | Developed, Emerging | Their listing in either Developed or Emerging Markets, excluding India, Taiwan and Vietnam. Developed and Emerging Markets are defined by Indxx in its ‘Country Classification and Investability Requirements’ document.Open p.3 ↗ |
Securities must be listed in developed or emerging markets, excluding India, Taiwan, and Vietnam. |
| Security types | Common, Other, Other | 1.2.4 Security Type The following security types are eligible for inclusion: Common Stock ADR GDROpen p.4 ↗ |
Common stock, ADRs, and GDRs are eligible security types. |
| M3 Eligibility screens · 8 fields | |||
| Significant IPO definition | An IPO is Significant when its company-level total market capitalization exceeds that of at least 50% of ongoing index constituents as of the previous Reconstitution Selection Day. | An IPO is considered to be a “Significant IPO” if its company level total market capitalization is greater than the company level total market capitalization of at least 50% of the on-going index constituents as of previous 'Reconstitution Selection Day'.Open p.3 ↗ |
A Significant IPO must have company-level total market capitalization greater than at least half of ongoing index constituents measured at the previous reconstitution selection day. |
| IPO liquidity history requirement | Trading frequency: 0.9; Window: 3 months; Exception: Not applicable to Significant IPOs | Additionally, unless the security is a Significant IPO, the security must have traded on 90% of the eligible trading days for the 3 months preceding the ‘Selection Day’ (this requirement shall not apply to Significant IPOs).Open p.3 ↗ |
Unless it is a Significant IPO, a security must have traded on 90% of eligible trading days during the three months before the Selection Day. |
| Significant IPO turnover requirement | Metric: Average daily value; Threshold: 2,000,000; Currency: USD; Window: since IPO launch date | In case of a Significant IPO, a security must have an average daily turnover greater than or equal to $2 million since the IPO launch date.Open p.3 ↗ |
A Significant IPO must have average daily turnover of at least $2 million since its IPO launch date. |
| Trading history | Minimum value: 3 calendar months; Exceptions: Significant IPOs must have been listed at least 10 calendar days before the Selection Date | in case of Significant IPOs, the IPO must have been listed at least 10 calendar days prior to the ‘Selection Date’, and in the case of other IPOs, 3 calendar months prior to the 'Selection Day’.Open p.3 ↗ |
Non-significant IPOs must have been listed for at least three calendar months, while Significant IPOs must have been listed for at least 10 calendar days before selection. |
| Liquidity screen | Metric: Average daily value; Window: 6 months; Threshold: 2,000,000; Currency: USD; Frequency of trading: 0.9 | A 6-month average daily turnover greater than or equal to $2 million. In case of a Significant IPO, a security must have an average daily turnover greater than or equal to $2 million since the IPO launch date. Traded on 90% of the eligible trading days in the last 6 months.Open p.3 ↗ |
Securities must have six-month average daily turnover of at least $2 million and must trade on at least 90% of eligible trading days over the prior six months. |
| Minimum size | Metric: Full market cap; Threshold: 200,000,000; Currency: USD | A minimum total market capitalization of $200 million.Open p.3 ↗ |
Securities must have a minimum total market capitalization of $200 million. |
| Minimum free float | 10% | A minimum free float equivalent to 10% of shares outstanding (or) A minimum free float market capitalization of $1 billion.Open p.4 ↗ |
Securities must have free float of at least 10% of shares outstanding or free-float market capitalization of at least $1 billion. |
| Minimum price | 10,000 | Securities trading at a price of $10,000 or above are ineligible for inclusion in the index. This rule is not applicable for existing constituents.Open p.4 ↗ |
Securities trading at $10,000 or above are ineligible, although the rule does not apply to existing constituents. |
| M4 Selection and constituent count · 8 fields | |||
| Theme definition | Cybersecurity activities comprise the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices. | Based on extensive research, Indxx has defined cybersecurity as the following: “Cybersecurity activities comprise the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices.”Open p.4 ↗ |
The index defines cybersecurity as the development and management of security protocols that prevent intrusions and attacks on systems, networks, applications, computers, and mobile devices. |
| Eligible factset industries | Telecommunications Equipment, Packaged Software, Internet Software/Services, Major Telecommunications, Computer Communications, Aerospace & Defense, Wireless Telecommunications, Specialty Telecommunications, Data Processing Services, Information Technology Services, Miscellaneous Commercial Services, Computer Peripherals | The theme is comprised of companies in the following FactSet Industries: Telecommunications Equipment Packaged Software Internet Software/Services Major Telecommunications Computer Communications Aerospace & Defense Wireless Telecommunications Specialty Telecommunications Data Processing Services Information Technology Services Miscellaneous Commercial Computer Peripherals ServicesOpen p.4 ↗ |
Eligible companies must belong to one of the specified FactSet cybersecurity-related industries. |
| Industry list review timing | May semi-annual reconstitution | The industries identified through this research-based approach are subject to change at the May semi-annual reconstitution.Open p.4 ↗ |
The identified FactSet industries are subject to change at the May semi-annual reconstitution. |
| Cybersecurity revenue threshold | 50% | In order to qualify for inclusion in the index, a company must derive revenue greater than or equal to 50% of its revenues from cybersecurity activities.Open p.4 ↗ |
A company must derive at least 50% of its revenues from cybersecurity activities to qualify for inclusion. |
| Selection list construction | Companies meeting the industry and cybersecurity revenue criteria are classified as cybersecurity companies and included on the Selection List. | These companies are considered as ‘Cybersecurity companies’ and are included in the ‘Selection List’ for the index.Open p.4 ↗ |
Qualifying companies are classified as cybersecurity companies and placed on the index's Selection List. |
| Selection method | Rank by metric | The top ‘Cybersecurity companies’, up to 40, ranked by market capitalization will form the final index.Open p.4 ↗ |
The index selects the highest-ranked cybersecurity companies from the Selection List by market capitalization. |
| Ranking metrics | Name: Market capitalization; Direction: Descending; Step order: 1 | The top ‘Cybersecurity companies’, up to 40, ranked by market capitalization will form the final index.Open p.4 ↗ |
Cybersecurity companies on the Selection List are ranked from largest to smallest by market capitalization. |
| Target constituent count | 40 | The top ‘Cybersecurity companies’, up to 40, ranked by market capitalization will form the final index. If there are fewer than 40 ‘Cybersecurity companies’ in the Selection List, all the ‘Cybersecurity companies’ are included.Open p.4 ↗ |
The index includes up to 40 companies, or all eligible cybersecurity companies if fewer than 40 qualify. |
| M5 Weighting and capping · 6 fields | |||
| Single security floor (%) | 0.3% | A single security floor of 0.3% is applied, the excess weight is derived proportionately from the uncapped securities.Open p.5 ↗ |
A single-security weight floor of 0.30% is applied. |
| Large weight security group cap | Aggregate (%): 40; Qualifier: securities with weight greater than 5% | The aggregate weight of all securities with weight greater than 5% is capped at 40%.Open p.5 ↗ |
The aggregate weight of all securities whose weights exceed 5% is capped at 40%. |
| Remaining security cap (%) | 4.5% | All remaining securities are capped at 4.5% and the excess weight is distributed proportionately amongst the uncapped securities.Open p.5 ↗ |
All remaining securities are capped at 4.50%, with excess distributed proportionately among uncapped securities. |
| Weighting scheme | Capped market cap | Constituents are weighted based on their security-level market capitalization.Open p.5 ↗ |
Constituents are weighted by security-level market capitalization, subject to floors and caps. |
| Weight cap | 6% | A single security cap of 6.00% is applied and the excess weight is redistributed proportionately over the remaining securities.Open p.5 ↗ |
A single-security cap of 6.00% is applied, and excess weight is redistributed proportionately to remaining securities. |
| Divisor adjustment rule | The divisor is adjusted on the corporate-action ex-date so that the index value remains unchanged, based on the difference between the prior closing market capitalization and the adjusted opening market capitalization. | Index divisor is adjusted on the ex-date of a corporate action. The adjustment is completed in such a way that the index value remains unchanged. Index Divisor is calculated as follows:From Indxx Calculation Standard Guidelines ↗ |
The index divisor is adjusted on a corporate action ex-date so the index level remains continuous, using the market capitalization difference at the adjustment. |
| M6 Review and rebalance schedule · 7 fields | |||
| Review frequency | Semi-annual | The index follows a semi-annual reconstitution and rebalancing schedule.Open p.5 ↗ |
The index follows a semi-annual reconstitution and rebalancing schedule. |
| Review types | Scheduled review | The index follows a semi-annual reconstitution and rebalancing schedule.Open p.5 ↗ |
The index follows scheduled semi-annual reconstitution and rebalancing. |
| Review months | May, November | The new portfolio becomes effective on the close of business on the second Friday of May and November each year.Open p.5 ↗ |
Semi-annual changes become effective in May and November each year. |
| Data cutoff rule | The selection list is based on data as of the Selection Day, which is the nearest Friday falling at least one month before the Effective Day. | The security selection and portfolio creation process start on the close of the nearest Friday falling at least one month before the effective day, called the ‘Selection Day’. The selection list is created based on the data as of the Selection Day.Open p.5 ↗ |
Securities are selected using data as of the nearest Friday at least one month before the effective day. |
| Effective date rule | Changes become effective after the close of business on the second Friday of May and November. | The new portfolio becomes effective on the close of business on the second Friday of May and November each year. This day is called the ‘Effective Day’.Open p.5 ↗ |
The new portfolio becomes effective at the close of business on the second Friday of May and November. |
| Rebalance frequency | Semi-annual | The index follows a semi-annual reconstitution and rebalancing schedule.Open p.5 ↗ |
Reconstitution and rebalancing occur semi-annually. |
| Weight reset frequency | Semi-annual | Weights are calculated at the close of the seventh trading day prior (six trading days prior) to the Effective Day. Index Shares are frozen using weights as of this day.Open p.5 ↗ |
Weights are calculated and index shares are frozen during each semi-annual rebalancing cycle. |
| M7 Buffers and turnover control · 4 fields | |||
| Market capitalization retention buffer | Threshold: 40 pct of previous market capitalization limit | A constituent shall continue to be included in the Initial Universe if its market capitalization is greater than or equal to 40% of the previously defined market capitalization limit.Open p.5 ↗ |
An existing constituent is retained if its market capitalization is at least 40% of the previously defined market-capitalization limit. |
| Liquidity retention buffer | Metric: 6-month ADTV; Threshold: 60 pct of previous liquidity limit | A constituent shall continue to be included in the Initial Universe if its 6-month ADTV is greater than or equal to 60% of the previously defined liquidity limit.Open p.5 ↗ |
An existing constituent is retained if its six-month ADTV is at least 60% of the previously defined liquidity limit. |
| Buffer purpose | Reduce portfolio turnover. | Buffer Rules are employed to reduce Portfolio Turnover.Open p.5 ↗ |
Buffer rules are used to reduce portfolio turnover. |
| Liquidity buffer existing | Metric: 6-month ADTV; Threshold: 60 pct of previous liquidity limit | A constituent shall continue to be included in the Initial Universe if its 6-month ADTV is greater than or equal to 60% of the previously defined liquidity limit.Open p.5 ↗ |
Existing constituents may remain if their six-month ADTV is at least 60% of the prior liquidity limit. |
| M8 Corporate actions, IPOs, ad-hoc changes · 3 fields | |||
| Corporate actions guide ref | Corporate action guidebook, located in the Announcements section of the website under Index Documents | The corporate action guidebook is present in the Announcements section of our website, under ‘Index Documents’.Open p.5 ↗ |
The corporate action guidebook is available in the Announcements section of the website under Index Documents. |
| Ad-hoc deletion | Delisting, Prolonged suspension, Acquisition, Bankruptcy, Other | The security would be removed from the index, and the invested amount in the delisted security will be reinvested into the index.From Indxx Calculation Standard Guidelines ↗ |
Securities may be removed between reviews for delisting, temporary delisting or prolonged suspension, acquisition-related removal, bankruptcy, and other Index Committee decisions. |
| Merger spinoff rules | Merger acquisition: Acquisition and merger treatment depends on whether the target and acquirer are constituents and the consideration; targets are generally removed, cash proceeds are reinvested, stock terms may increase acquirer shares, and the surviving company may be added by Committee decision; Spin off: Spin-off treatment is decided case by case by the Index Committee: the spun-off company may be added with no divisor change, omitted while the divisor decreases to reflect market value, or omitted with a stock adjustment and no divisor change | Target Company is a part of the index, acquiring company is not: Target Company will be removed from the index and proceeds will be reinvested into the index.From Indxx Calculation Standard Guidelines ↗ |
Mergers and acquisitions are treated by removing targets, reinvesting cash proceeds where applicable, increasing acquirer shares for stock consideration, and possibly adding the survivor at the Committee's discretion. Spin-offs are handled case by case, with the spun-off entity either added or excluded using a divisor or share adjustment depending on the chosen treatment. |
| M9 Calculation and return variants · 4 fields | |||
| Formula type | Divisor | Index value on a business day using the standard formula is calculated as follows:From Indxx Calculation Standard Guidelines ↗ |
The standard index value is calculated from component share counts, component prices converted into index currency, and an index divisor. |
| Calculation frequency | Calculated on all weekdays; no real-time calculation frequency is stated. | Indxx does not follow any holiday calendar. Given this, the index is calculated on all weekdays.From Indxx Calculation Standard Guidelines ↗ |
Indxx does not follow a holiday calendar and calculates the index on all weekdays. |
| Divisor adjustment | Stock splits, Special dividends, Spin offs, Rights offerings, Cash dividends, Additions, Removals, Replacements, Acquisitions, Delistings, Mergers, Bankruptcies, Temporary delistings or prolonged suspensions | The following corporate actions (such as stock splits, special dividends, spin-offs and rightsFrom Indxx Calculation Standard Guidelines ↗ |
Corporate actions such as splits, special dividends, spin-offs, rights offerings, dividends, constituent changes, acquisitions, delistings, mergers, bankruptcies, and prolonged suspensions may trigger index treatment or divisor adjustment. |
| Market disruption rule | When an exchange is closed for a trading holiday and no closing price is available, each stock is valued at its last regular trade before closure; when an exchange closes early, the index uses exchange-published closing prices. | In situations when exchange is closed for a trading holiday and no closing price is available, the index will be calculated based on the last regular trade reported for each stock before the exchange closed.From Indxx Calculation Standard Guidelines ↗ |
Exchange holidays use the last regular trade before closure, and unexpected early exchange closures use the closing prices published by the exchange. |
| M10 Governance, change policy, disclosure · 2 fields | |||
| Discretion points | include a stock, exclude a stock, adjust a stock, postpone inclusion of a stock, exclude a constituent despite meeting stated criteria, decide corporate action timing or treatment, decide spin-off treatment, decide rights participation, decide merger survivor inclusion, decide removal during prolonged suspension | The Index Committee reserves the right to use qualitative judgment to include, exclude, adjust, or postpone the inclusion of a stock.From Indxx Calculation Standard Guidelines ↗ |
The Index Committee may use qualitative judgment over inclusion, exclusion, adjustment, postponement, corporate-action treatment, rights participation, merger survivors, and suspension-related removals. |
| Change announcement | client communications | This will be communicated to the client well ahead of time. Also, important news items as well as corporate actions with respect to all the constituents of the index will be informed to the client well in advance.From Indxx Calculation Standard Guidelines ↗ |
Additions, deletions, important news, and corporate actions are communicated directly to clients in advance. |
Open points · 31Model-written, for reference
- 1Index short name or abbreviation was not stated.
- 2Index code, ISIN, and third-party vendor tickers were not stated.
- 3Administrator and calculation agent were not explicitly identified.
- 4Launch date was not stated; only the base date was provided.
- 5Calculation currency was not explicitly stated, although eligibility thresholds are denominated in U.S. dollars.
- 6Methodology version and methodology date were not stated bodies.
- 7Benchmark regulatory status was not stated.
- 8Intended use was not stated.
- 9Specific exchanges and listing boards were not stated.
- 10Nationality assignment rule beyond listing in developed or emerging markets was not stated.
- 11No parent universe index was stated.
- 12Foreign room, voting rights, financial screens, ESG exclusions, suspension treatment, and extreme price screens were not stated.
- 13No tie-breaking rule is stated for companies with equal market capitalization rankings.
- 14No industry or sector neutrality requirement beyond thematic industry eligibility is stated.
- 15No reserve list or pre-ranked replacement candidate rule is stated.
- 16The document does not state whether market-capitalization weighting uses free-float-adjusted shares or full shares outstanding.
- 17No domestic inclusion factor or foreign ownership limit treatment is stated.
- 18No sector or country cap is stated.
- 19The timing or frequency for applying the weight caps and floors is not stated.
- 20The source and update timing for shares outstanding are not stated.
- 21No divisor adjustment rule is stated.
- 22No announcement timing or publication method for review results was stated.
- 23No rank-based entry or exit buffer was stated.
- 24No size-segment buffer with semi-annual or quarterly upper/lower bounds was stated.
- 25No maximum constituent or weight turnover cap per review was stated.
- 26No fast-entry rule for large new listings was stated.
- 27No ad hoc deletion triggers were stated.
- 28No replacement policy or reserve-list rule was stated.
- 29No specific merger, acquisition, or spin-off treatment was stated.
- 30No deletion price rule was stated.
- 31No share or free-float change implementation threshold was stated.
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