Also known as: IPAVE Index (Bloomberg) · IPAVE (Indxx code)
At a glance
- Weighting schemeCapped market cap
- Review frequencySemi-annual
- Constituent count100
- Single cap3
- Buffer100 / 120
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Return variant | Total Return | The index will be available in the following version: Total Return (Bloomberg Ticker: IPAVE)Open p.3 ↗ |
The index is available in a Total Return version. |
| Bloomberg ticker | IPAVE | The index will be available in the following version: Total Return (Bloomberg Ticker: IPAVE)Open p.3 ↗ |
The Total Return version has Bloomberg ticker IPAVE. |
| Index name | Indxx U.S. Infrastructure Development Index | The Indxx U.S. Infrastructure Development Index is designed to measure the performance of companies that provide exposure to infrastructure development in the United States.Open p.3 ↗ |
The index is the Indxx U.S. Infrastructure Development Index. |
| Index short name | — | The index will be available in the following version: Total Return (Bloomberg Ticker: IPAVE)Open p.3 ↗ |
The document provides the Bloomberg ticker IPAVE, but does not explicitly identify it as an official index short name. |
| Administrator | Indxx | collectively, “U.S. Infrastructure Development Companies”), as defined by Indxx.Open p.3 ↗ |
Indxx is the index provider and defines the index methodology and eligible companies. |
| Index family | Indxx U.S. Infrastructure Development Index | INDXX U.S. INFRASTRUCTURE DEVELOPMENT INDEX METHODOLOGYOpen p.1 ↗ |
The methodology covers the Indxx U.S. Infrastructure Development Index family. |
| Base date | 2011-01-31 | The index has a base date of January 31, 2011 with an initial value of 1,000.Open p.3 ↗ |
The index has a base date of January 31, 2011. |
| Base value | 1,000 | The index has a base date of January 31, 2011 with an initial value of 1,000.Open p.3 ↗ |
The index has an initial base value of 1,000. |
| Currency | USD | A minimum total market capitalization of $US 300 Million. A minimum average daily turnover for the last 6 months greater than $1 million.Open p.3 ↗ |
Eligibility thresholds are expressed in U.S. dollars. |
| Objective | The Indxx U.S. Infrastructure Development Index is designed to measure the performance of companies that provide exposure to infrastructure development in the United States. | The Indxx U.S. Infrastructure Development Index is designed to measure the performance of companies that provide exposure to infrastructure development in the United States.Open p.3 ↗ |
The index measures the performance of U.S. companies exposed to infrastructure development, including construction and engineering, infrastructure materials and products, heavy construction equipment, and transportation of infrastructure materials. |
| Market classification | Developed | Their primary listing in the United States. A minimum total market capitalization of $US 300 Million.Open p.3 ↗ |
The index targets companies with a primary listing in the United States. |
| Size segment | Custom | To be eligible for inclusion in the Initial Universe, securities must have: Their primary listing in the United States.Open p.3 ↗ |
The index uses a custom U.S. infrastructure-company selection universe rather than a named market-cap size segment. |
| Index family type | Thematic | companies that provide exposure to infrastructure development in the United States. This includes companies involved in the construction and engineering of infrastructure projectsOpen p.3 ↗ |
The index is thematic because it tracks companies providing exposure to U.S. infrastructure development. |
| M2 Universe · 4 fields | |||
| Eligible universe | Initial Universe | 1.2.1 Initial Universe To be eligible for inclusion in the Initial Universe, securities must have:Open p.3 ↗ |
The methodology first creates an Initial Universe from eligible U.S.-listed securities. |
| Markets | United States | Their primary listing in the United States. A minimum total market capitalization of $US 300 Million.Open p.3 ↗ |
Securities must have their primary listing in the United States. |
| Security types | Common | 1.2.4 Security Type The following security types are eligible for inclusion: Common StockOpen p.4 ↗ |
Common Stock is the only security type stated as eligible. |
| Exclusions | Securities trading at a price of $10,000 or above, except existing constituents, Security types other than Common Stock | 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 priced at $10,000 or above are ineligible for new inclusion, and the stated eligible security type is limited to Common Stock. |
| M3 Eligibility screens · 8 fields | |||
| IPO trading frequency requirement | Frequency threshold: 0.9; Window: 3 months preceding Selection Day; Exceptions: 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 the security is a Significant IPO, an IPO without six months of history must have traded on 90% of eligible trading days during the three months before the Selection Day. |
| Significant IPO definition | An IPO is Significant when its company-level total market capitalization exceeds the company-level total market capitalization 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 be larger at the company total-market-capitalization level than at least half of ongoing constituents measured on the previous Reconstitution Selection Day. |
| Maximum price existing constituent exception | Yes | Existing constituents shall remain in the initial universe irrespective of their stock price.Open p.4 ↗ |
Existing constituents remain in the initial universe regardless of whether their stock price reaches $10,000 or more. |
| Trading history | Minimum value: 3 calendar months; Exceptions: Significant IPOs must have been listed at least 10 calendar days before the Selection Date; other IPOs must have been listed at least 3 calendar months before the Selection Day | 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 ↗ |
Ordinarily, IPOs must have at least 3 calendar months of trading history, while Significant IPOs need only 10 calendar days since listing. |
| Liquidity screen | Metric: Average daily value; Window: last 6 months; Threshold: 1,000,000; Currency: USD; Frequency threshold: 0.9; Frequency window: last 6 months | A minimum average daily turnover for the last 6 months greater than $1 million. In case of a Significant IPO, a security must have an average daily turnover greater than or equal to $1 million since the IPO launch date.Open p.3 ↗ |
Securities must have average daily turnover greater than $1 million over the last 6 months and trade on at least 90% of eligible trading days; Significant IPOs use turnover since IPO. |
| Minimum size | Metric: Full market cap; Threshold: 300,000,000; Currency: USD | A minimum total market capitalization of $US 300 Million. A minimum average daily turnover for the last 6 months greater than $1 million.Open p.3 ↗ |
Securities must have a minimum total market capitalization of US$300 million. |
| Minimum free float | 10% | 1.2.2 Free Float All constituents must have a minimum free float equivalent to 10% of shares outstanding.Open p.4 ↗ |
All constituents must have a minimum free float equal to 10% of shares outstanding. |
| 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 a price of US$10,000 or above are ineligible for inclusion, though existing constituents are grandfathered. |
| M4 Selection and constituent count · 8 fields | |||
| Theme classification rule | Companies must be classified under ITICS categories relevant to the identified infrastructure sub-themes. | Companies are selected based on ITICS (Indxx Thematic Industry Classification System) classification which are relevant to above mentioned sub-themes.Open p.4 ↗ |
Companies are selected using the Indxx Thematic Industry Classification System classification relevant to the specified sub-themes. |
| Thematic revenue requirement | A significant portion of revenues must come from the identified industries, or the company must state that its primary business focuses on those products and services. | Only those companies that derive a significant portion of their revenues from the above industries or have stated their primary business to be in products and services focused on the above industries are eligible for inclusion in the index.Open p.4 ↗ |
Eligible companies must derive a significant portion of revenues from, or identify as their primary business, products and services focused on the specified infrastructure industries. |
| US revenue minimum (%) | 50% | Additionally, only companies that generate greater than 50% of revenues from the U.S. as of the selection date are eligible for inclusion in the index.Open p.4 ↗ |
Only companies generating more than 50% of revenues from the U.S. as of the selection date are eligible. |
| Identified themes | Construction & Engineering Services, Raw Materials and Composites, Products and Equipment, Industrial Transportation | Indxx has identified the following four U.S. infrastructure development themes: Construction & Engineering ServicesOpen p.4 ↗ |
The four identified themes are Construction & Engineering Services, Raw Materials and Composites, Products and Equipment, and Industrial Transportation. |
| Selection method | Rank by metric | From the Selection List: The top 100 infrastructure development companies by market capitalization will form the final index.Open p.4 ↗ |
Companies are screened for thematic relevance and U.S. revenue, then ranked by market capitalization to select the largest qualifying companies. |
| Ranking metrics | Name: Market capitalization; Direction: Descending; Step order: 1 | The top 100 infrastructure development companies by market capitalization will form the final index.Open p.4 ↗ |
The final selection ranks eligible infrastructure development companies by market capitalization from largest to smallest. |
| Target constituent count | 100 | The top 100 infrastructure development companies by market capitalization will form the final index. If fewer than 100 companies qualify inclusion in the index, all of the qualifying companies will comprise the index.Open p.4 ↗ |
The index targets 100 constituents, but includes fewer if fewer than 100 qualifying companies are available. |
| Industry neutrality rule | Research identified themes | As of December, 2016, Indxx has identified the following four U.S. infrastructure development themes: Construction & Engineering ServicesOpen p.4 ↗ |
Selection focuses on four research-identified U.S. infrastructure development themes, with the identified industries subject to change at each annual reconstitution. |
| M5 Weighting and capping · 7 fields | |||
| Minimum weight floor (%) | 0.3% | A single security weight cap of 3% and minimum weight floor of 0.3% is applied.Open p.5 ↗ |
Each security is subject to a minimum weight floor of 0.3%. |
| Excess weight redistribution rule | Balance weight is distributed proportionately among remaining securities while maintaining the 3% cap and 0.3% floor. | The balance weight is proportionately distributed among the remaining securities while retaining the 3% and 0.3% weight limits.Open p.5 ↗ |
After applying the cap and floor, the balance weight is proportionately distributed among the remaining securities while retaining both limits. |
| Market capitalization basis | Security level market capitalization | Security-level market capitalization is considered for calculating weights.Open p.5 ↗ |
Security-level market capitalization is used to calculate weights. |
| Weighting scheme | Capped market cap | The Index applies a modified market cap-weighting approach at the time of reconstitution. A single security weight cap of 3% and minimum weight floor of 0.3% is applied.Open p.5 ↗ |
The index uses a modified market-capitalization weighting approach with a security-level cap and floor. |
| Weight cap | 3% | A single security weight cap of 3% and minimum weight floor of 0.3% is applied. Any security which has a weight of 3% or more is allocated 3%Open p.5 ↗ |
Each security is capped at a 3% index weight. |
| Cap application timing | At review | The Index applies a modified market cap-weighting approach at the time of reconstitution.Open p.5 ↗ |
The modified market-capitalization weighting and weight limits are applied at reconstitution. |
| 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 · 9 fields | |||
| Weight calculation day | close of the seventh trading day prior (six trading days prior) to the Effective Day | Weights are calculated at the close of the seventh trading day prior (six trading days prior) to the Effective Day.Open p.5 ↗ |
Weights are calculated at the close of the seventh trading day prior, stated as six trading days prior, to the Effective Day. |
| Index share freeze rule | Yes | Index Shares are frozen using weights as of this day.Open p.5 ↗ |
Index shares are frozen using the weights calculated on the weight-calculation day. |
| 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 uses scheduled semi-annual reconstitutions and rebalancing. |
| Review months | January, July | The new portfolio becomes effective at the close of last trading day of January and July each year.Open p.5 ↗ |
Portfolio changes become effective in January and July each year. |
| Data cutoff rule | Selection Day is the close of the nearest Friday at least one month before the Effective Day, and the selection list uses data as of that 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 and the portfolio is created using data as of the close of the nearest Friday at least one month before the Effective Day. |
| Effective date rule | At the close of the last trading day of January and July | The new portfolio becomes effective at the close of last trading day of January and July each year. This day is called the ‘Effective Day.’Open p.5 ↗ |
The new portfolio becomes effective at the close of the last trading day of January and July. |
| Rebalance frequency | Semi-annual | The index follows a semi-annual reconstitution and rebalancing schedule.Open p.5 ↗ |
Rebalancing occurs semi-annually under the reconstitution and rebalancing schedule. |
| 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 reconstitution, seven trading days before the Effective Day. |
| M7 Buffers and turnover control · 5 fields | |||
| Market capitalization buffer | Threshold: 80 pct of previous market capitalization limit | A constituent shall continue to be included in the index if its market capitalization is greater than or equal to 80% of the previously defined market capitalization limit.Open p.5 ↗ |
An existing constituent is retained if its market capitalization is at least 80% of the previously defined market-capitalization limit. |
| US revenue exposure buffer | Threshold: 40 pct of revenue | An existing index constituent shall continue to remain in the index if it generates greater than 40% of its revenue from the U.S. as of the Selection Day.Open p.5 ↗ |
An existing constituent may remain if it generates more than 40% of its revenue from the U.S. as of Selection Day. |
| Buffer purpose | reduce portfolio turnover | Buffer Rules are employed to reduce Portfolio Turnover.Open p.5 ↗ |
Buffer rules are used to reduce portfolio turnover. |
| Buffer zone | Entry rank: 100; Exit rank: 120 | Additionally, an existing index constituent shall continue to remain in the index if it is part of the top 120 companies by market cap, even if it is not a part of the top 100 constituents.Open p.5 ↗ |
An existing constituent may remain in the index if it is among the top 120 companies by market capitalization, even if it is outside the top 100 constituents. |
| Liquidity buffer existing | Metric: 6-month ADTV; Threshold: 70 pct of previous liquidity limit | A constituent shall continue to be included in the index if its 6-month ADTV is greater than or equal to 70% of the previously defined liquidity limit.Open p.5 ↗ |
An existing constituent is retained if its 6-month ADTV is at least 70% of the previously defined liquidity limit. |
| M8 Corporate actions, IPOs, ad-hoc changes · 3 fields | |||
| Corporate actions guide ref | Corporate Action Guidebook | 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 · 26Model-written, for reference
- 1Index launch date was not stated.
- 2Index code, ISIN, and non-Bloomberg vendor tickers were not stated.
- 3Methodology version and methodology date were not stated in the provided body text.
- 4Calculation agent was not explicitly identified.
- 5No specific exchanges or listing boards beyond primary U.S. listing were stated.
- 6No nationality rule beyond primary listing in the United States was stated.
- 7No parent index or parent universe index was stated.
- 8No foreign-room, voting-rights, financial-screen, business/ESG exclusion, suspension, or extreme-price screen was stated.
- 9The methodology uses calendar months for non-Significant IPO history, which is outside the fixed eligibility unit enumeration.
- 10No explicit tie-breaking rule is stated for companies with equal market capitalization.
- 11No reserve list size or replacement-candidate rule is stated.
- 12No free-float factor methodology or free-float bands are stated.
- 13No domestic inclusion factor is stated.
- 14No foreign ownership limit treatment is stated.
- 15No group, sector, or country aggregate weight cap is stated.
- 16No shares-outstanding source or update timing is stated.
- 17No divisor adjustment rule is stated.
- 18The document does not specify how or when semi-annual review results are announced.
- 19The document does not state fast-entry rules for large new listings.
- 20The document does not identify ad hoc deletion triggers.
- 21The document does not state a replacement policy for removed constituents.
- 22The document does not specify merger, acquisition, or spin-off treatment beyond referring to the separate corporate action guidebook.
- 23The document does not state the deletion price for securities removed between reviews.
- 24The document does not provide a threshold for implementing share or free-float changes between reviews.
- 25The document does not state a maximum constituent or weight turnover cap per review.
- 26The document does not provide a size-segment buffer in the requested semi-annual and quarterly field format.
Read by a language model (doubao-seed-2.1-pro) on 2026-10-04 · prompt 1.3 · schema 1 · 63 of 63 quotes found word for word in the PDF · includes general rules: Calculation Standard Guidelines v2026.10.04
This profile was written by a language model from the provider's text and may be wrong; the provider's document prevails.
Pick a file to view it here.
First edition on record; nothing to compare yet.
No change records for this index yet.