Also known as: SOLGLOCM Index (Bloomberg) · DE000SL0D125 (Solactive code) · .SOLGLOCM (RIC)
At a glance
- Weighting schemeFree float market cap
- Constituent count20, 40
- Single cap4.75
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 17 fields | |||
| Rebalancing frequency | Quarterly | Rebalancing Fee - Rebalancing Frequency QuarterlyOpen p.4 ↗ |
The index is rebalanced quarterly. |
| Return type | Net total return | *NTR means that the Index is calculated as net total return Index as described in the Equity Index MethodologyOpen p.4 ↗ |
The index is calculated as a net total return index. |
| Index name | Solactive Global Copper Miners Total Return v2 Index | Solactive Global Copper DE000SL0D12 Miners Total Return v2 USD NTR* SOLGLOCM SOLGLOCM 5 IndexOpen p.4 ↗ |
The official index name is Solactive Global Copper Miners Total Return v2 Index. |
| Index short name | SOLGLOCM | Solactive Global Copper DE000SL0D12 Miners Total Return v2 USD NTR* SOLGLOCM SOLGLOCM 5 IndexOpen p.4 ↗ |
The index RIC and Bloomberg ticker shown in the document are SOLGLOCM. |
| Vendor codes | Bloomberg: SOLGLOCM; Refinitiv: SOLGLOCM | Solactive Global Copper DE000SL0D12 Miners Total Return v2 USD NTR* SOLGLOCM SOLGLOCM 5 IndexOpen p.4 ↗ |
The document lists SOLGLOCM as both the RIC and Bloomberg ticker. |
| Administrator | Solactive AG | Solactive AG German Index Engineering Platz der Einheit 1 60327 Frankfurt am Main GermanyOpen p.21 ↗ |
Solactive AG is the index administrator. |
| Index family | Solactive Global Copper Miners v2 | SOLACTIVE GLOBAL COPPER MINERS TOTAL RETURN V2 INDEXOpen p.1 ↗ |
The index belongs to the Solactive Global Copper Miners v2 index family. |
| Base date | 2021-10-09 | The initial level of the INDEX on the 10/09/2021, the START DATE, is 1000.Open p.4 ↗ |
The initial level is set on 10/09/2021, identified as the start date. |
| Base value | 1,000 | The initial level of the INDEX on the 10/09/2021, the START DATE, is 1000.Open p.4 ↗ |
The initial index level on the start date is 1000. |
| Currency | USD | Solactive Global Copper DE000SL0D12 Miners Total Return v2 USD NTR* SOLGLOCM SOLGLOCM 5 IndexOpen p.4 ↗ |
The index is calculated in USD. |
| Methodology version | 2.3 | 2.3 2024-04-19 IN ADJUSTMENT/REBALANCE DAY DEFINITIONOpen p.20 ↗ |
The latest document version listed in the history is version 2.3. |
| Methodology date | 2024-04-19 | 2.3 2024-04-19 IN ADJUSTMENT/REBALANCE DAY DEFINITIONOpen p.20 ↗ |
Version 2.3 is dated 2024-04-19. |
| Benchmark type | Not stated | Any publication in relation to the INDEX (e.g. notices, amendments to the GUIDELINE) will be available at the website of the INDEX ADMINISTRATOROpen p.4 ↗ |
The provided text does not classify the index as regulated, significant, or non-significant. |
| Objective | Representation of securities which are active in the Copper mining industry. | Asset Class Equity Representation of securities which are active in the Copper Strategy mining industry.Open p.4 ↗ |
The index represents securities of companies active in the copper mining industry. |
| Market classification | Global | Regional Allocation Global MarketsOpen p.4 ↗ |
The index has global regional allocation and draws from developed and emerging markets excluding India, China, and Taiwan. |
| Size segment | Custom | FREE FLOAT MARKET CAPITALIZATION of at least USD 200 million for companies which are not INDEX COMPONENTS on the respective SELECTION DAYOpen p.7 ↗ |
The index applies custom free-float market capitalization thresholds rather than a standard size segment. |
| Index family type | Thematic | Asset Class Equity Representation of securities which are active in the Copper Strategy mining industry.Open p.4 ↗ |
The index is a thematic equity index focused on companies active in copper mining. |
| M2 Universe · 6 fields | |||
| Eligible universe definition | The index universe is the rule-based starting pool of financial instruments meeting all index universe requirements. | The INDEX UNIVERSE comprises all those financial instruments which fulfill the INDEX UNIVERSE REQUIREMENTS (as specified in Section 2.1) and will constitute a starting poolOpen p.7 ↗ |
The index universe comprises all financial instruments meeting the index universe requirements and serves as the pool from which components are selected. |
| Copper revenue requirement | Minimum revenue (%): 30; Activities: copper mining, closely related activities, exploration of copper, refining of copper; Future expected revenues allowed: Yes | At least 30% of the company’s revenues is generated in copper mining and/or closely related activities (e.g. exploration or refining of copper)Open p.7 ↗ |
A company must generate, or be expected to generate, at least 30% of revenues from copper mining or closely related activities such as exploration or refining. |
| Markets | Developed markets, Emerging markets excluding india China Taiwan | Primary listing in one of the countries that are part of the Developed Markets and Emerging Markets (excluding India, China, and Taiwan)Open p.7 ↗ |
The universe includes primary listings in Solactive-classified developed and emerging markets, excluding India, China, and Taiwan. |
| Security types | Other | Asset Class Equity Representation of securities which are active in the Copper Strategy mining industry.Open p.4 ↗ |
The document identifies the asset class as equity but does not specify an enumerated security type beyond financial instruments. |
| Nationality rule | Country assignment is based on primary listing and the Solactive Country Classification. | Primary listing in one of the countries that are part of the Developed Markets and Emerging Markets (excluding India, China, and Taiwan) as defined by the Solactive Country ClassificationOpen p.7 ↗ |
A company is included if its primary listing is in a developed or emerging market country under the Solactive Country Classification, excluding India, China, and Taiwan. |
| Exclusions | companies listed in India, companies listed in China, companies listed in Taiwan, companies without significant copper mining operations | Primary listing in one of the countries that are part of the Developed Markets and Emerging Markets (excluding India, China, and Taiwan)Open p.7 ↗ |
Primary listings in India, China, and Taiwan are excluded, as are companies without significant business operations in copper mining. |
| M3 Eligibility screens · 4 fields | |||
| Discretionary decision policy | No | The determination of the INDEX UNIVERSE is fully rule-based and the INDEX ADMINISTRATOR cannot make any discretionary decisions.Open p.7 ↗ |
The index universe determination is fully rule-based and the index administrator cannot exercise discretion. |
| Liquidity screen | Metric: Average daily value traded; Window: 3 months prior to and including the selection day; share-volume test over each of the last six months or shorter depending on available history; Threshold: New constituents: Average daily value traded USD: 500,000; Average daily trading volume shares: 75,000; Existing constituents: Average daily value traded USD: 250,000; Average daily trading volume shares: 75,000; Buffer for existing: Existing constituents use USD 250,000 average daily value traded rather than USD 500,000 | AVERAGE DAILY VALUE TRADED over 3 months prior to and including the SELECTION DAY of at least USD 500,000 for companies which are not INDEX COMPONENTSOpen p.7 ↗ |
Non-constituents need three-month average daily value traded of at least USD 500,000 and existing constituents need USD 250,000; average daily volume must be at least 75,000 shares for each of the last six months or available shorter history. |
| Minimum size | Metric: Float adjusted market cap; Threshold: New constituents USD: 200,000,000; Existing constituents USD: 100,000,000 | FREE FLOAT MARKET CAPITALIZATION of at least USD 200 million for companies which are not INDEX COMPONENTS on the respective SELECTION DAYOpen p.7 ↗ |
Non-constituents must have free-float market capitalization of at least USD 200 million, while existing constituents must have at least USD 100 million. |
| Business or ESG exclusions | Companies must have significant copper mining operations; companies that do not derive at least 30% of current or expected future revenues from copper mining or closely related activities are not eligible. | At least 30% of the company’s revenues is generated in copper mining and/or closely related activities (e.g. exploration or refining of copper)Open p.7 ↗ |
The business screen requires at least 30% of current or expected future revenues from copper mining or closely related activities. |
| M4 Selection and constituent count · 6 fields | |||
| Existing constituent buffer | Current constituents ranked within the top 45 are retained. | Current INDEX COMPONENTS which are ranked within the top 45 are selected.Open p.8 ↗ |
Current index components that rank within the top 45 are selected as part of the buffer rule to avoid excess turnover. |
| Insufficient universe size adjustment | If fewer than 20 securities qualify, size criteria are lowered until 20 securities meet the index universe requirements. | If the INDEX UNIVERSE consists of less than 20 securities, the SIZE CRITERIA will be lowered until 20 securities fulfill the INDEX UNIVERSE REQUIREMENTS.Open p.8 ↗ |
When the index universe contains fewer than 20 securities, the size criteria are lowered until 20 securities satisfy the index universe requirements. |
| Discretionary selection | No | The selection of the INDEX COMPONENTS is fully rule-based and the INDEX ADMINISTRATOR cannot make any discretionary decision.Open p.8 ↗ |
The selection of index components is fully rule-based, and the index administrator cannot make discretionary decisions. |
| Selection method | Rank by metric | Securities are ranked in descending order according to their AVERAGE DAILY VALUE TRADED.Open p.8 ↗ |
Securities are selected on a fully rule-based basis by ranking them in descending order according to average daily value traded. |
| Ranking metrics | Name: Average daily value traded; Direction: Descending; Step order: 2 | Securities are ranked in descending order according to their AVERAGE DAILY VALUE TRADED.Open p.8 ↗ |
The ranking metric is average daily value traded, ranked in descending order. |
| Target constituent count | 20, 40 | If the total number of INDEX COMPONENTS is still below 40 after steps 2.2.1-2, the highest ranking securities are added to the Index until 40 INDEX COMPONENTS are reached.Open p.8 ↗ |
The index targets 40 components, but may contain a minimum of 20 components if the index universe has fewer than 40 securities. |
| M5 Weighting and capping · 14 fields | |||
| Russian listing aggregate cap | 15% | The maximum aggregated weight of Index Components listed on a Russian stock exchange is 15%.Open p.8 ↗ |
Index components listed on a Russian stock exchange may have a maximum aggregate weight of 15%. |
| Non size criteria aggregate cap | 10% | The maximum aggregated weight of INDEX COMPONENTS which do not fulfil the Size CRITERIA is 10%.Open p.8 ↗ |
Index components that do not meet the size criteria may have a maximum aggregate weight of 10%. |
| Excess weight redistribution | Excess weight is redistributed proportionally and iteratively until none of the stated constraints are breached. | The excess weight that results from implementing these constraints is redistributed proportionally in an iterative manner, such that none of the above constraints are breached.Open p.8 ↗ |
Excess weight resulting from the weighting constraints is redistributed proportionally in an iterative manner so that no constraint is breached. |
| Monitoring top component cap | Trigger (%): 17.5; Cap (%): 15 | The maximum weight of the top INDEX COMPONENT must not be larger than 17.5%. If this criterion is breached, the INDEX COMPONENT is capped at 15%.Open p.8 ↗ |
At monitoring selection days, if the largest component exceeds 17.5%, it is capped at 15%. |
| Monitoring top five cap | Trigger aggregate (%): 60; Cap aggregate (%): 55 | The maximum aggregate weight of top 5 INDEX COMPONENTS must not exceed 60%. If this criterion is breached, the INDEX COMPONENTS will be proportionally capped at 55%.Open p.8 ↗ |
At monitoring selection days, if the top five components exceed 60% in aggregate, they are proportionally capped at 55%. |
| Low liquidity group cap | Trigger aggregate (%): 30; Cap aggregate (%): 25; Average monthly trading volume threshold: 250,000; Volume unit: Shares; Average monthly value traded threshold: 25,000,000; Value currency: USD; Window: 6 months prior to and including the monitoring selection day | The maximum weight of INDEX COMPONENTS with an AVERAGE MONTHLY TRADING VOLUME below 250,000 shares traded over 6 months prior to and including the MONITORING SELECTION DAY and an AVERAGE MONTHLY VALUE TRADED below USD 25 million over 6 months prior to and including the MONITORING SELECTION DAY must not exceed 30%.Open p.8 ↗ |
Components below both six-month liquidity thresholds may not exceed 30% in aggregate and are capped at 25% if breached. |
| Small capitalisation group cap | Trigger aggregate (%): 10; Cap aggregate (%): 9; Share class market capitalization threshold: 100,000,000; Currency: USD | The maximum weight of INDEX COMPONENTS with a SHARE CLASS MARKET CAPITALIZATION below USD 100 million must not account for more than 10%. If this criterion is breached, INDEX COMPONENTS with SHARE CLASS MARKET CAPITALIZATION below USD 100 million will be proportionally capped at 9%.Open p.8 ↗ |
Components with share-class market capitalization below USD 100 million may not exceed 10% in aggregate and are capped at 9% if breached. |
| Oversight committee review | If the diversification criteria cannot be satisfied using the stated buffers, the weighting is reviewed by the oversight committee and the decision is announced publicly. | In the event that the above criteria cannot be satisfied using the buffers described above, the weighting will be reviewed by the OVERSIGHT COMMITTEE. After the review a decision will be announced publicly.Open p.8 ↗ |
If the diversification buffers cannot satisfy the criteria, the oversight committee reviews the weighting and announces the decision publicly. |
| Weighting scheme | Free float market cap | On each SELECTION DAY each INDEX COMPONENT is assigned a weight according to FREE FLOAT MARKET CAPITALIZATION.Open p.8 ↗ |
On each selection day, each index component is assigned a weight according to free-float market capitalization. |
| Weight cap | 4.75% | The maximum weight of each INDEX COMPONENT is 4.75%.Open p.8 ↗ |
Each index component has a maximum weight of 4.75% on each selection day. |
| Group cap | Top n: 5; Aggregate (%): 60 | The maximum aggregate weight of top 5 INDEX COMPONENTS must not exceed 60%. If this criterion is breached, the INDEX COMPONENTS will be proportionally capped at 55%.Open p.8 ↗ |
At the quarterly diversification review, the aggregate weight of the top five index components must not exceed 60%. |
| Country cap (%) | 15% | The maximum aggregated weight of Index Components listed on a Russian stock exchange is 15%.Open p.8 ↗ |
The aggregate weight of index components listed on a Russian stock exchange is capped at 15%. |
| Cap application timing | At review | On each SELECTION DAY each INDEX COMPONENT is assigned a weight according to FREE FLOAT MARKET CAPITALIZATION.Open p.8 ↗ |
The free-float weighting and 4.75%, Russia, and non-size-criteria caps are applied on each selection day, with additional diversification checks on monitoring selection days. |
| Divisor adjustment rule | The divisor is adjusted so that an event does not change the index level, using the ratio of post-event market capitalization or adjusted index value to pre-event value. | This change in Market Capitalization requires a Divisor adjustment to keep the index level constant.From Solactive Equity Index Methodology ↗ |
For divisor indices, corporate actions and some rebalances adjust the divisor to keep the index level continuous. |
| M6 Review and rebalance schedule · 6 fields | |||
| Rebalance share determination | Shares are determined on the fixing day based on weights calculated on the selection day or monitoring selection day. | This is carried out by implementing the shares as determined on the FIXING DAY based on the weights calculated on the SELECTION DAY/MONITORING SELECTION DAY.Open p.11 ↗ |
At an ordinary rebalance, Solactive implements shares determined on the fixing day using weights calculated on the selection day or monitoring selection day. |
| Ordinary adjustment notice period | 2 trading days | SOLACTIVE will announce the INDEX adjustment giving a notice period of at least two TRADING DAYS (with respect to the affected INDEX COMPONENT) on the SOLACTIVE website under the Section “Announcements”Open p.12 ↗ |
For index adjustments, Solactive provides at least two trading days' notice for the affected index component. |
| Review types | Scheduled review, Ad hoc | In addition to the ordinary rebalance, the INDEX is also rebalanced extraordinarily. These adjustments take place outside the rebalancing schedule and follow different rules than the ordinary rebalances.Open p.11 ↗ |
The index undergoes ordinary scheduled rebalances and extraordinary rebalances outside the rebalancing schedule. |
| Announcement rule | Ordinary constituent changes are published with sufficient notice before the rebalance day on Solactive's Announcement webpage; extraordinary rebalances are announced after the close on the determination day. | SOLACTIVE will publish any changes made to the INDEX COMPONENTS with sufficient notice before the REBALANCE DAY on the SOLACTIVE website under the section “Announcement”, which is available at https://www.solactive.com/news/announcements/Open p.11 ↗ |
Solactive announces ordinary index component changes with sufficient notice before the rebalance day, and extraordinary changes after the close on the determination day. |
| Effective date rule | Ordinary changes are implemented on the rebalance day after close of business; extraordinary removals or successions are adjusted on the same day, while other adjustments take effect on the date stated in the notice. | In order to reflect the new selection of the INDEX COMPONENTS determined on the SELECTION DAY (in accordance with Section 2.1 and 2.2) the INDEX is adjusted on the REBALANCE DAY after CLOSE OF BUSINESS.Open p.11 ↗ |
Ordinary rebalances take effect after close of business on the rebalance day, extraordinary removals or successions are implemented the same day, and other adjustments occur on the effective day in the notice. |
| Data cutoff rule | Target weights and shares are determined on a Selection Day or Fixing Day as specified by the Index Guideline and rebalance methodology. | Target Weights of Index Components which are determined on the Selection Day according to the Index Guideline are used to calculate the Fraction of Shares of each Index Component on the Adjustment Day.From Solactive Equity Index Methodology ↗ |
Selection-day or fixing-day data are used according to the rebalance methodology stated in the Index Guideline. |
| M8 Corporate actions, IPOs, ad-hoc changes · 9 fields | |||
| Corporate action notice period | 2 trading days | SOLACTIVE will announce the INDEX adjustment giving a notice period of at least two TRADING DAYS (with respect to the affected INDEX COMPONENT) on the SOLACTIVE website under the Section “Announcements”Open p.12 ↗ |
Solactive announces index adjustments for corporate actions with at least two trading days' notice regarding the affected component. |
| Corporate action implementation timing | Adjustments are implemented from the cum-day to the ex-day so the index adjustment coincides with the corporate action's price effect. | Corporate actions will be implemented from the cum-day to the ex-day of the corporate action, so that the adjustment to the INDEX coincides with the occurrence of the price effect of the respective corporate action.Open p.13 ↗ |
Corporate-action adjustments run from cum-day to ex-day to coincide with the price effect. |
| Relevant corporate actions | cash distributions, stock distributions, stock distributions of another company, share splits, reverse splits, capital increases, share repurchases, spin-offs, mergers and acquisitions, Delistings, Nationalization, Insolvency | SOLACTIVE considers following, but not conclusive, list of corporate actions as relevant for INDEX maintenance: Cash Distributions (e.g. payment of a dividend) Stock distributions (e.g. payment of a dividend in form of additional shares)Open p.13 ↗ |
Solactive lists cash and stock distributions, splits, capital increases, repurchases, spin-offs, mergers and acquisitions, delistings, nationalization, and insolvency as relevant but non-conclusive corporate actions. |
| Deviation right for complex actions | Solactive may deviate from standard corporate-action procedures for unusual or complex actions or to preserve the index's comparability and representativeness over time. | it retains the right in accordance with the Equity Index Methodology to deviate from these standard procedures in case of any unusual or complex corporate action or if such a deviation is made to preserve the comparability and representativeness of the INDEX over time.Open p.13 ↗ |
Solactive may depart from standard procedures for unusual or complex corporate actions, or to preserve index comparability and representativeness. |
| Ad-hoc deletion | Delisting, Acquisition, Bankruptcy, Other | If an INDEX COMPONENT is removed from the INDEX between two REBALANCE DAYS due to an EXTRAORDINARY EVENT, if necessary, the OVERSIGHT COMMITTEE shall designate a successor.Open p.11 ↗ |
Relevant corporate actions include delistings, mergers and acquisitions, insolvency, and nationalization, with an extraordinary rebalance triggered when a component is removed due to an extraordinary event. |
| Replacement policy | Reserve list | If an INDEX COMPONENT is removed from the INDEX between two REBALANCE DAYS due to an EXTRAORDINARY EVENT, if necessary, the OVERSIGHT COMMITTEE shall designate a successor.Open p.11 ↗ |
If an index component is removed because of an extraordinary event, the oversight committee may designate a successor and the index is adjusted the same day. |
| Merger spinoff rules | Corporate actions, including spin-offs and mergers or acquisitions, are handled between regular rebalances from cum-day to ex-day under the Equity Index Methodology; Solactive may deviate for unusual or complex actions to preserve comparability and representativeness. | Corporate actions will be implemented from the cum-day to the ex-day of the corporate action, so that the adjustment to the INDEX coincides with the occurrence of the price effect of the respective corporate action.Open p.13 ↗ |
Spin-offs and mergers or acquisitions are adjusted from cum-day to ex-day according to the Equity Index Methodology, subject to Solactive's deviation right for unusual or complex events. |
| Corporate actions guide ref | Solactive Equity Index Methodology | Adjustments to the INDEX to account for corporate actions will be made in compliance with the Equity Index Methodology, which is available on the SOLACTIVE website: https://www.solactive.com/documents/equity-index-methodology/.Open p.13 ↗ |
Corporate-action adjustments are made in compliance with the Solactive Equity Index Methodology. |
| Deletion price | Typically the last available stock price; alternative-market prices, transaction deal terms, distribution terms, or 0.00000001 may be used when a robust market price is unavailable; sanctioned securities may be removed at zero. | If available, the Index Component is deleted on the basis of its last available stock price.From Solactive Equity Index Methodology ↗ |
Securities are generally deleted at the last available price, with alternative prices, deal terms, distribution values, a nominal near-zero price, or zero in specified situations. |
| M9 Calculation and return variants · 16 fields | |||
| Foreign exchange intraday source | Current ICE spot foreign exchange rate | TRADING PRICES of INDEX COMPONENTS not listed in the INDEX CURRENCY are converted using the current Intercontinental Exchange (ICE) spot foreign exchange rate.Open p.4 ↗ |
For intraday calculations, constituent trading prices not quoted in the index currency are converted using current ICE spot foreign exchange rates. |
| Foreign exchange closing source | 04:00 p.m. London time WM Fixing quoted by Reuters | The CLOSING PRICES of INDEX COMPONENTS not listed in the INDEX CURRENCY are converted using the 04:00 p.m. London time WM Fixing quoted by Reuters.Open p.4 ↗ |
For the closing calculation, constituent prices not quoted in the index currency are converted using the 4:00 p.m. London WM Fixing quoted by Reuters. |
| Closing FX fallback | Last available 04:00 p.m. London time WM Fixing | If there is no 04:00 p.m. London time WM Fixing for the relevant CALCULATION DAY, the last available 04:00 p.m. London time WM Fixing will be used for the closing level calculation.Open p.5 ↗ |
If the current 4:00 p.m. London WM Fixing is unavailable, the last available 4:00 p.m. London WM Fixing is used for the closing level. |
| Divisor precision | 6 decimal places | Divisors will be rounded to six decimal places.Open p.12 ↗ |
Divisors are rounded to six decimal places. |
| Trading price and FX precision | 6 decimal places | TRADING PRICES and foreign exchange rates will be rounded to six decimal places.Open p.12 ↗ |
Trading prices and foreign exchange rates are rounded to six decimal places. |
| Error notification | Solactive has no obligation to advise third parties of index errors. | There is no obligation for SOLACTIVE – irrespective of possible obligations to issuers – to advise third parties, including investors and/or financial intermediaries, of any errors in the INDEX.Open p.1 ↗ |
Solactive is not obligated to inform investors, financial intermediaries, or other third parties of errors in the index. |
| Formula type | Divisor | The divisor index formula stipulates that the level of the INDEX changes based on the change of the prices of its INDEX COMPONENTS taking into account their weight in the INDEX and any currency conversionOpen p.12 ↗ |
The index uses a divisor index formula. |
| Price source | Intraday calculations use current trading prices on the constituent exchanges; closing calculations use closing prices, with stale-price fallbacks and WM/Reuters FX for closing currency conversion. | based on the TRADING PRICES on the EXCHANGES on which the INDEX COMPONENTS are listed.Open p.4 ↗ |
Intraday index levels use current exchange trading prices, while the closing level uses constituent closing prices; if no current price exists, the later of the most recent closing price or the preceding trading day's last available trading price is used. |
| Calculation frequency | Each calculation day from 1:00 a.m. to 10:50 p.m. CET, plus a daily closing level. | The level of the INDEX is calculated on each CALCULATION DAY from 1:00 a.m. to 10:50 p.m. CET based on the TRADING PRICES on the EXCHANGES on which the INDEX COMPONENTS are listed.Open p.4 ↗ |
The index is calculated intraday on each calculation day from 1:00 a.m. to 10:50 p.m. CET and also has a closing level for each calculation day. |
| Precision | 2 decimal places | The level of the INDEX will be rounded to two decimal places.Open p.12 ↗ |
The published index level is rounded to two decimal places. |
| Return variants | NTR | The INDEX is calculated as a net total return Index.Open p.12 ↗ |
The index is calculated as a net total return index. |
| Dividend treatment | Dividends and other distributions are reinvested across the entire basket through a divisor at the opening of the ex-date. | Any dividends or other distributions are reinvested across the entire basket of INDEX COMPONENTS by means of a divisor at the opening of the effective date (the so-called ex-date) of the payment of such dividend or other distribution.Open p.12 ↗ |
Dividends and other distributions are reinvested across all index constituents by means of a divisor at the opening of their effective ex-date. |
| Divisor adjustment | Dividends, other distributions | Any dividends or other distributions are reinvested across the entire basket of INDEX COMPONENTS by means of a divisor at the opening of the effective date (the so-called ex-date) of the payment of such dividend or other distribution.Open p.12 ↗ |
Dividends and other distributions trigger reinvestment through a divisor adjustment at the opening of the ex-date. |
| Market disruption rule | During market stress, Solactive follows the predefined and exhaustive arrangements in the incorporated Solactive Disruption Policy. | In periods of market stress SOLACTIVE calculates its indices following predefined and exhaustive arrangements as described in the Solactive Disruption Policy, which is incorporated by reference and available on the SOLACTIVE websiteOpen p.14 ↗ |
When market stress causes inaccurate or delayed prices, the index is calculated under the predefined arrangements in Solactive's Disruption Policy. |
| Recalculation policy | Solactive endeavors to correct identified errors within a reasonable period, with details governed by the incorporated Solactive Correction Policy. | SOLACTIVE endeavors to correct all errors that have been identified within a reasonable period of time.Open p.14 ↗ |
Identified index errors are corrected within a reasonable period according to the Solactive Correction Policy. |
| Withholding tax basis | Withholding tax or other typical investor costs are deducted in Net Total Return indices, generally using Solactive's applicable withholding tax rates and country or security-specific exceptions. | a Net Total Return Index considers payments, such as dividends, after the deduction of any withholding tax or other amounts an investor holding the Index Components would typically be exposed to.From Solactive Equity Index Methodology ↗ |
Net Total Return indices deduct withholding tax or other amounts a typical investor would bear, using applicable Solactive withholding tax rates and specified country, REIT, depository receipt, Brazil, Australia, Japan, New Zealand, and other exceptions. |
| M10 Governance, change policy, disclosure · 13 fields | |||
| Administrator role | Solactive AG owns, calculates, administers, and publishes the index as benchmark administrator under BMR. | The INDEX is owned, calculated, administered and published by Solactive AG (“SOLACTIVE”) assuming the role as administrator (the “INDEX ADMINISTRATOR”) under the Regulation (EU) 2016/1011Open p.1 ↗ |
Solactive AG owns, calculates, administers, and publishes the index and acts as its administrator under the EU Benchmarks Regulation. |
| Changes requiring method modification | Market environment, supervisory, legal, financial, or tax reasons may require changes; changes may also prevent obvious or demonstrable error or remedy incorrect terms. | it cannot be excluded that the market environment, supervisory, legal and financial or tax reasons may require changes to be made to this method.Open p.15 ↗ |
The administrator may change the index method because of market, supervisory, legal, financial, or tax requirements or to prevent or correct errors and deficiencies. |
| Change information absence | The administrator is not obliged to provide information on modifications or changes addressed in Section 5.3. | The INDEX ADMINISTRATOR is not obliged to provide information on any such modifications or changes.Open p.15 ↗ |
For changes under the calculation-method section, Solactive states that it is not obliged to provide information about the modifications or changes. |
| Rule amendment approval | Rule amendments must be submitted to the Oversight Committee for prior approval and comply with the Methodology Policy. | Any such amendment, which may result in an amendment of the GUIDELINE, must be submitted to the OVERSIGHT COMMITTEE for prior approval and will be made in compliance with the Methodology PolicyOpen p.16 ↗ |
Any amendment that could change the guideline requires prior Oversight Committee approval and compliance with the Methodology Policy. |
| Oversight body | Oversight Committee | An oversight committee composed of staff from SOLACTIVE and its subsidiaries (the “OVERSIGHT COMMITTEE”) is responsible for decisions regarding any amendments to the rules of the INDEX.Open p.16 ↗ |
An oversight committee composed of staff from Solactive and its subsidiaries approves amendments to the index rules. |
| Discretion points | determination of the index universe, if applicable, selection of index components, if applicable, other relevant decisions in relation to the index | Any discretion which may need to be exercised in relation to the determination of the INDEX (for example the determination of the INDEX UNIVERSE (if applicable), the selection of the INDEX COMPONENTS (if applicable) or any other relevant decisions in relation to the INDEX)Open p.15 ↗ |
Discretion may apply to determining the index universe, selecting index components, and other relevant index decisions, subject to strict discretion and expert-judgement rules. |
| Methodology review frequency | at least annually | The methodology of the INDEX is subject to regular review, at least annually.Open p.15 ↗ |
The index methodology is reviewed regularly and at least once per year. |
| Consultation procedure | Termination situations use stakeholder information and consultation procedures under the Solactive Termination Policy; the document does not state a general methodology consultation procedure. | SOLACTIVE has established and maintains clear guidelines on how to identify situations in which the cessation of an index is unavoidable, how stakeholders are to be informed and consulted and the procedures to be followedOpen p.16 ↗ |
For potential termination, Solactive follows guidelines for informing and consulting stakeholders under the Solactive Termination Policy. |
| Error correction policy | Identified errors are corrected within a reasonable period under the incorporated Solactive Correction Policy; Solactive has no obligation to notify third parties. | SOLACTIVE endeavors to correct all errors that have been identified within a reasonable period of time.Open p.14 ↗ |
Solactive seeks to correct identified errors within a reasonable period according to its Correction Policy, but it is not obligated to advise third parties of errors. |
| Change announcement | Solactive website Announcement section, Solactive website | Such change in the methodology will be announced on the SOLACTIVE website under the Section “Announcement”, which is available at https://www.solactive.com/news/announcements/.Open p.15 ↗ |
Methodology changes are announced on the Solactive website in the Announcement section, and referenced policies and methodology documents are available on the Solactive website. |
| Cessation policy | Orderly cessation may occur when the index's market or economic reality changes substantially, its rules cannot be applied coherently, or it is no longer used as an underlying value; procedures follow the Solactive Termination Policy. | Nevertheless, if no other options are available the orderly cessation of the INDEX may be indicated.Open p.15 ↗ |
Solactive may orderly terminate the index if no alternative is available and termination criteria are met, following stakeholder notice and consultation procedures in the Solactive Termination Policy. |
| Material change definition | A material change includes a change in index objective, or a methodology change altering the overall concept or nature of the index and affecting integrity and continued comparability, with expected significant impact on composition, weighting or level; uncertain classifications default to material. | A ‘MATERIAL CHANGE’ is considered in the following events: change in the objective of the INDEX (e.g., change in the market or economic reality that the Index is intended to represent;From Solactive Methodology Policy ↗ |
A material change changes the index objective or overall concept/nature, affects integrity and comparability, and is expected to significantly affect composition, weighting or index level; ambiguous changes are treated as material. |
| Notice period | 2 trading days | SOLACTIVE shall announce the extraordinary INDEX adjustment with a notice period of at least two TRADING DAYS.From Solactive Disruption Policy ↗ |
An extraordinary index adjustment for removal is announced with a notice period of at least two trading days. |
Open points · 29Model-written, for reference
- 1No local index name was provided because the source document is in English and no separate local-language name was shown.
- 2No distinct vendor index code, calculation agent, parent index, launch date, intended use, benchmark significance, or stated index limitations were found.
- 3The specific developed-market and emerging-market countries are incorporated by reference to the Solactive Country Classification and are not listed.
- 4No specific exchanges, listing boards, security-type details, minimum listing history, free-float percentage, foreign room, voting-rights, minimum share price, financial-health, suspension, or abnormal-price screen was stated.
- 5The identifier table layout is compressed; ISIN and vendor tickers were interpreted from the contiguous table text.
- 6No explicit tie-break rule was stated for securities with equal average daily value traded.
- 7No industry or sector neutrality rule was stated.
- 8No reserve list or pre-ranked replacement pool was stated.
- 9The free-float factor methodology or factor bands were not stated.
- 10No domestic inclusion factor was stated.
- 11No foreign ownership limit treatment was stated.
- 12No sector cap distinct from the Russia listing and liquidity or size group caps was stated.
- 13The source and update timing of shares outstanding were not stated.
- 14No divisor adjustment rule was stated.
- 15The stated review frequency, specific review months, and calendar of rebalance days are not included.
- 16No data cutoff or reference-date rule beyond references to selection day, monitoring selection day, and fixing day is provided.
- 17No separate weight-rebalancing or weight-reset frequency is stated beyond the ordinary rebalance process.
- 18No rank buffer, size-segment buffer, liquidity buffer for existing constituents, or maximum turnover per review is stated.
- 19No fast-entry rule for large new listings is stated.
- 20No specific deletion price is stated.
- 21No quantitative share or free-float change threshold is stated.
- 22The successor-selection source or ranking methodology for extraordinary replacements is not specified, so replacement policy was mapped conservatively.
- 23No withholding tax rate or tax basis for the net total return calculation is specified.
- 24No explicit external review arrangement for methodology changes is stated.
- 25No definition of a material methodology change is stated.
- 26No fixed notice period for methodology or constituent changes is stated.
- 27Whether and how often constituent lists are published is not stated.
- 28The supplied section 4 header does not provide a complete list of all divisor-adjustment events beyond dividends and distributions; other events may be covered only in the incorporated Equity Index Methodology.
- 29Not coveredM7 Buffers and turnover control: not covered by this edition
Read by a language model (doubao-seed-2.1-pro) on 2026-10-04 · prompt 1.3 · schema 1 · 91 of 91 quotes found word for word in the PDF · includes general rules: Equity Index Methodology v1.20, Methodology Policy v1.6, Disruption Policy v1.5
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