Also known as: AS25 Index (Bloomberg)
At a glance
- Weighting schemeFree float market cap
- Review frequencyQuarterly
- Constituent count100
- Buffer84 / 116
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Headline index tickers | Index: S&P/ASX 200; Bloomberg: AS51; Refinitiv: .AXJO; Local: XJO, Index: S&P/ASX 100; Bloomberg: AS25; Refinitiv: .ATOI; Local: XTO, Index: S&P/ASX 50; Bloomberg: AS31; Refinitiv: .AFLI; Local: XFL, Index: S&P/ASX 20; Bloomberg: AS26; Refinitiv: .ATLI; Local: XTL, Index: S&P/ASX 300; Bloomberg: AS52; Refinitiv: .AXKO; Local: XKO | Index (Price Index) BBG RIC IRESS S&P/ASX 200 AS51 .AXJO XJO S&P/ASX 100 AS25 .ATOI XTO S&P/ASX 50 AS31 .AFLI XFLOpen p.18 ↗ |
The document lists Bloomberg, Refinitiv RIC, and IRESS/local tickers for the headline S&P/ASX indices. |
| Index name | S&P/ASX 100 | S&P/ASX 100. The index measures the performance of the 100 largest stocks listed on the ASX by float-adjusted market capitalization.Open p.4 ↗ |
The official index name is S&P/ASX 100. |
| Index short name | ASX 100 | S&P/ASX 100 AS25 .ATOI XTOOpen p.18 ↗ |
The index is referred to using the S&P/ASX 100 name and the AS25 ticker. |
| Vendor codes | Bloomberg: AS25; Refinitiv: .ATOI; Iress: XTO; Local: XTO | S&P/ASX 100 AS25 .ATOI XTOOpen p.18 ↗ |
The S&P/ASX 100 price index has Bloomberg code AS25, Refinitiv RIC .ATOI, and IRESS/local code XTO. |
| Administrator | S&P Dow Jones Indices | October 2026 S&P Dow Jones Indices: Index MethodologyOpen p.1 ↗ |
The methodology is published by S&P Dow Jones Indices. |
| Index family | S&P/ASX Australian Indices | The S&P/ASX Australian Indices family was created with the formation of the relationship between S&P Dow Jones Indices and the Australian Securities Exchange (ASX).Open p.4 ↗ |
The indices belong to the S&P/ASX Australian Indices family. |
| Currency | Australian dollar | Currency of Calculation. The index calculates in Australian dollars.Open p.21 ↗ |
Related S&P/ASX indices calculate in Australian dollars. |
| Methodology date | 2026-10 | October 2026 S&P Dow Jones Indices: Index MethodologyOpen p.1 ↗ |
The methodology edition is dated October 2026. |
| Benchmark type | Not stated | — (not found verbatim in the PDF) |
The supplied sections do not classify the family as a regulated, significant, or non-significant benchmark. |
| Objective | The index measures the performance of the 100 largest stocks listed on the ASX by float-adjusted market capitalization. | S&P/ASX 100. The index measures the performance of the 100 largest stocks listed on the ASX by float-adjusted market capitalization.Open p.4 ↗ |
The S&P/ASX 100 measures the performance of the 100 largest ASX-listed stocks by float-adjusted market capitalization. |
| Market classification | Developed | Each index is designed to represent a certain segment of the Australian equities market.Open p.4 ↗ |
The family represents segments of the Australian equities market. |
| Size segment | Large mid | The index represents both the LargeCap and MidCap components of the S&P/ASX index family.Open p.4 ↗ |
The S&P/ASX 100 represents both the LargeCap and MidCap components of the S&P/ASX index family. |
| Index family type | Market cap | S&P/ASX 200. The index measures the performance of the 200 largest and most liquid stocks listed on the ASX by FMC.Open p.4 ↗ |
The headline family comprises market-capitalization-based indices, while it also includes sector, thematic, and strategy indices. |
| M2 Universe · 6 fields | |||
| Primary and secondary listings | Yes | The index draws from the entire universe of ASX listed stocks, which includes both primary and secondary listings on the ASX.Open p.6 ↗ |
The universe includes both primary and secondary ASX listings, including foreign-domiciled entities for most indices. |
| Markets | Australia | Each index is designed to represent a certain segment of the Australian equities market.Open p.4 ↗ |
The indices cover ASX-listed companies in the Australian equities market. |
| Exchanges | Australian Securities Exchange (ASX) | Listing. Only stocks listed on the ASX are considered for inclusion in any of the S&P/ASX indices.Open p.6 ↗ |
Only stocks listed on the Australian Securities Exchange are considered. |
| Security types | Common, Other | Index constituents are drawn from the universe of ordinary and preferred equity stocks listed on the ASX.Open p.6 ↗ |
The universe includes ordinary and preferred equity stocks, including common and non-fixed-income preferred equities; equity and mortgage REITs are eligible. |
| Nationality rule | Domestic or foreign domicile is assigned from incorporation, ASX listing exclusivity, and the value and volume of trading on the ASX versus overseas markets; a clear sustained 60% or greater ASX trading share supports domestic classification. | Domestic. A company is considered to be domestic if: The company is incorporated in Australia and traded on the ASX; or o The company is incorporated overseas but has an exclusive listing on the ASXOpen p.6 ↗ |
A company is domestic if incorporated in Australia and traded on ASX, incorporated overseas but exclusively listed on ASX, or incorporated overseas and traded overseas but with most trading on ASX. |
| Exclusions | Hybrid stocks such as convertible stock, Bonds, Warrants, Preferred stock providing a guaranteed fixed return, Listed Investment Companies investing in a portfolio of securities, Listed Investment Trusts investing in a portfolio of securities, Companies that are current acquisition targets | Hybrid stocks such as convertible stock, bonds, warrants, and preferred stock that provide a guaranteed fixed return are not eligible.Open p.6 ↗ |
Convertible stock, bonds, warrants, fixed-return preferred stock, LICs, LITs, and current acquisition targets are excluded or ineligible. |
| M3 Eligibility screens · 13 fields | |||
| All ordinaries market cap ranking | Metric: Total market cap; Window: three months; Selection: largest 500 securities; Iwf for ranking: 1 | The All Ordinaries selects the largest 500 securities based on three-month average total market capitalization; all companies are assigned an IWF of 1 for ranking purposes.Open p.6 ↗ |
The All Ordinaries selects the largest 500 securities by three-month average total market capitalization and assigns an IWF of 1 for ranking. |
| Foreign domiciled share count treatment | For foreign-domiciled securities, index securities are represented by CDIs where issued, otherwise by securities held on the Australian register, using a three-month average where available. | In order to overcome this inconsistency, the S&P/ASX indices will quote the number of index securities that are represented by CHESS Depositary Interests (CDIs) for a foreign entity.Open p.8 ↗ |
Foreign-domiciled securities use CDIs or Australian-register holdings to represent Australian equity capital, generally averaged over three months. |
| Trading history | — | — (not found verbatim in the PDF) |
No general minimum listing-history or seasoning rule for index eligibility is stated in the supplied sections. |
| Liquidity screen | Metric: Liquidity ratio; Window: three months; Threshold: Index scope: S&P/ASX 200 and higher hierarchical indices; Minimum relative liquidity (%): 50; Removal threshold (%): 25, Index scope: S&P/ASX 300; Minimum relative liquidity (%): 30; Removal threshold (%): 15; Buffer for existing: Existing constituents become ineligible when Relative Liquidity falls below half of the inclusion threshold | Stock Median Liquidity = median daily value traded (MDVT) on the ASX for each stock divided by the average float/index weight-adjusted market capitalization for the previous three monthsOpen p.7 ↗ |
Relative Liquidity is median daily value traded divided by average float-adjusted market capitalization over three months; S&P/ASX 200 requires 50% and S&P/ASX 300 requires 30%, with removal below half the threshold. |
| Minimum size | Metric: Float adjusted market cap; Threshold: Stocks must meet the minimum ranking requirements for the representative indices; eligibility uses daily average market capitalization over the last three months | Stocks are included if they are large enough to meet the minimum ranking requirements for the representative indices within the Australian market.Open p.6 ↗ |
Except for the All Ordinaries, market-cap eligibility uses the security's three-month daily average market capitalization with latest shares and IWF, and stocks must meet the relevant minimum ranking requirements. |
| Minimum free float | — | All Ordinaries. The index measures the performance of the total Australian equity market and is composed of the 500 largest securities listed on the ASX, with no liquidity screen or minimum IWF requirement.Open p.4 ↗ |
The supplied general eligibility text describes IWF but does not state a numerical minimum free-float percentage, except that the All Ordinaries has no minimum IWF requirement. |
| Foreign room | — | — (not found verbatim in the PDF) |
No minimum foreign room requirement is stated in the supplied sections. |
| Minimum voting rights | — | — (not found verbatim in the PDF) |
No minimum voting-rights requirement is stated in the supplied sections. |
| Minimum price | — | — (not found verbatim in the PDF) |
No minimum share price screen is stated in the supplied sections. |
| Financial screens | Index: S&P/ASX Small Ordinaries Select; Rule: Non-constituents must have positive EPS in each of the prior two years; current constituents with two consecutive years of negative EPS become ineligible | Non-constituent stock’s prior two years EPS must each be positive to be eligible for index inclusion.Open p.8 ↗ |
For S&P/ASX Small Ordinaries Select, non-constituents need positive EPS in each of the prior two years, while current constituents become ineligible after two consecutive negative EPS years. |
| Business or ESG exclusions | — | — (not found verbatim in the PDF) |
No business-conduct or ESG exclusion screen is stated in the supplied sections. |
| Suspension rule | — | — (not found verbatim in the PDF) |
No treatment of suspended securities at review is stated in the supplied sections. |
| Extreme price screen | — | — (not found verbatim in the PDF) |
No abnormal or extreme price-increase exclusion is stated in the supplied sections. |
| M4 Selection and constituent count · 2 fields | |||
| Rebalancing selection | Eligible securities are selected and form each index at each rebalancing. | At each rebalancing, the eligible securities for each index are selected and form each index.Open p.9 ↗ |
At each rebalancing, eligible securities are selected for each index and form the index. |
| Target constituent count | 100 | The S&P/ASX 20, S&P/ASX 50, S&P/ASX 100, and S&P/ASX 200 are fixed count indices so intra-rebalancing index additions are generally only made if a vacancy is created by an index deletion.Open p.12 ↗ |
The S&P/ASX 100 is a fixed-count index comprising 100 stocks. |
| M5 Weighting and capping · 7 fields | |||
| Equal weight indices | Index: S&P/ASX 100 Equal Weight; Constituent source: FMC-weighted counterpart; Fixed weight (%): 1; Weight reset frequency: Quarterly, Index: S&P/ASX 200 Equal Weight; Constituent source: FMC-weighted counterpart; Fixed weight (%): 0.5; Weight reset frequency: Quarterly, Index: S&P/ASX 200 A-REIT Equal Weight; Constituent source: FMC-weighted S&P/ASX 200 A-REIT; Weight reset frequency: Quarterly, Index: S&P/ASX 200 Industrials Equal Weight; Constituent source: FMC-weighted S&P/ASX 200 Industrial; Weight reset frequency: Quarterly, Index: S&P/ASX 300 Equal Weight; Constituent source: FMC-weighted S&P/ASX 300; Weight reset frequency: Quarterly | Each index has the same constituent companies as their FMC-weighted counterpart, but each company is allocated a fixed weight of 1.00% for the S&P/ASX 100 Equal Weight and 0.50% for the S&P/ASX 200 Equal Weight at each quarterly rebalancing.Open p.21 ↗ |
The equal-weight indices use the same constituents as their FMC-weighted counterparts and assign fixed equal weights at quarterly reweightings. |
| Equal weight reference price | Closing prices on the Wednesday prior to the second Friday of the rebalancing month. | For equal weight indices, constituents’ index shares are calculated using closing prices on the Wednesday prior to the second Friday of the rebalancing month as the reference price.Open p.21 ↗ |
For equal-weight indices, index shares use closing prices on the Wednesday before the second Friday of the rebalancing month as the reference price. |
| Equal weight actual weight drift | Actual weights at rebalancing may differ from target weights because index shares are assigned based on prices seven business days before rebalancing. | Since index shares are assigned based on prices seven business days prior to rebalancing, the actual weight of each stock at the rebalancing may differ from these weights due to market movements.Open p.21 ↗ |
Because index shares are based on prices seven business days before rebalancing, actual stock weights at rebalancing may differ from target weights due to market movements. |
| Weighting scheme | Free float market cap | Except for the All Ordinaries, a company must have a minimum Investable Weight Factor (IWF) of 0.15 to be eligible for index inclusion; however, an IWF at or above that level is not necessary for ongoing index membership.Open p.12 ↗ |
Apart from the explicitly total-market-cap All Ordinaries and equal-weight variants, index inclusion is governed by an Investable Weight Factor, indicating float-adjusted market-capitalization weighting for the standard indices. |
| Free float factor | Method: Free float | IWFs are reviewed annually as part of the September quarterly rebalancing. In addition to the annual IWF review, certain events may warrant an intra-quarter or quarterly IWF update.Open p.12 ↗ |
IWFs are reviewed annually in the September quarterly rebalancing and may also be updated intra-quarter or quarterly for certain events; except in the All Ordinaries, a minimum 0.15 IWF is required for initial inclusion but not continued membership. |
| Shares outstanding | Quarterly updates use latest publicly available shares outstanding as of the rebalancing reference date; multiple listed lines are evaluated separately and DR shares are derived from DR ratio and underlying shares. | At each quarterly review, shares outstanding are updated to the latest available information as of the rebalancing reference date.From S&P DJI Equity Indices Policies & Practices ↗ |
Share counts are updated to the latest available shares outstanding at the reference date, with special derivation rules for depositary receipts, units, and multiple classes. |
| Divisor adjustment rule | Multiplicative formula: Divisor_t = Divisor_(t-1) * MV_t / MV_(t-1); Additive formula: Divisor_new = Divisor_old + CMV / Index Level; Principle: The divisor is adjusted so the index level remains unchanged when constituent market values change at constant prices | Given these, it is easy to determine the new divisor that will keep the index level constant when stock r is replaced by stock s: MV t = Divisor ( Divisor 1)From S&P DJI Index Mathematics ↗ |
The new divisor equals the old divisor multiplied by the ratio of new to old index market value, or equivalently the old divisor plus the change in market value divided by the unchanged index level. |
| M6 Review and rebalance schedule · 8 fields | |||
| Rescheduling announcement rule | The Index Committee may change a rebalancing date for market holidays or similar reasons and will provide advance notice where possible. | The Index Committee may change the date of a given rebalancing for reasons including market holidays occurring on or around the scheduled rebalancing date. Any such change will be announced with proper advance notice where possible.Open p.16 ↗ |
A rebalancing date may be changed because of market holidays around the scheduled date, with proper advance notice where possible. |
| Review frequency | Quarterly | S&P/ASX All Australian 200. The indices rebalance quarterly, effective after the market close on the third Friday of March, June, September, and December.Open p.12 ↗ |
The S&P/ASX 100 rebalances quarterly. |
| Review types | Quarterly review, Semi annual review, Ad hoc | The indices rebalance quarterly, effective after the market close on the third Friday of March, June, September, and December.Open p.10 ↗ |
The document describes quarterly and semi-annual scheduled rebalancings and intra-rebalancing additions or deletions between scheduled dates. |
| Review months | March, June, September, December | The indices rebalance quarterly, effective after the market close on the third Friday of March, June, September, and December.Open p.10 ↗ |
Quarterly rebalancings occur in March, June, September, and December, while semi-annual rebalancings occur in March and September. |
| Data cutoff rule | Trading data uses the second-to-last Friday of the month before the rebalancing. | The reference date used for the trading data is the second to last Friday of the month prior to the rebalancing.Open p.10 ↗ |
The reference date for trading data is the second-to-last Friday of the month prior to the rebalancing. |
| Announcement rule | Announcements are sent on the first Friday of March, June, September, and December, providing two weeks' notice. | Rebalancing announcements are sent on the first Friday of March, June, September, and December; providing a two-week notice period before the rebalancing takes effect at each review.Open p.10 ↗ |
Rebalancing announcements are sent on the first Friday of March, June, September, and December, two weeks before the rebalancing becomes effective. |
| Effective date rule | Changes are effective after market close on the third Friday of the applicable rebalancing month. | The indices rebalance quarterly, effective after the market close on the third Friday of March, June, September, and December.Open p.10 ↗ |
Quarterly changes take effect after the market close on the third Friday of March, June, September, and December, and semi-annual changes after the close on the third Friday of March and September. |
| Weight reset frequency | quarterly for constituent share counts; foreign-domiciled security share updates occur at each quarterly rebalancing | Share Updates. Index constituent share counts are reviewed quarterly and are rounded to the nearest thousand (‘000). Share updates for foreign-domiciled securities will take place at each quarterly rebalancing.Open p.12 ↗ |
Index constituent share counts are reviewed quarterly, and share updates for foreign-domiciled securities occur at each quarterly rebalancing. |
| M7 Buffers and turnover control · 2 fields | |||
| Index committee buffer discretion | Yes | These FMC rank buffers serve as the guidelines used by the Index Committee to arrive at any potential constituent changes to the indices. However, the Index Committee has complete discretion to bypass these rules when circumstances warrant.Open p.11 ↗ |
The FMC rank buffers are guidelines, and the Index Committee has complete discretion to bypass them when warranted. |
| Buffer zone | Entry rank: 84; Exit rank: 116 | Rank Buffer for Index Addition Deletion S&P/ASX 20 14th or higher 26th or lower S&P/ASX 50 39th or higher 61st or lower S&P/ASX 100 84th or higher 116th or lowerOpen p.12 ↗ |
For the S&P/ASX 100, a non-constituent ranked 84th or higher may enter, while a constituent ranked 116th or lower may be deleted. |
| M8 Corporate actions, IPOs, ad-hoc changes · 9 fields | |||
| Small ordinaries select spinoff earnings rule | Spin-off remains until the next rebalancing reference date at which earnings are reported; positive earnings mean retention and negative earnings mean removal. | For the S&P/ASX Small Ordinaries Select, a spun-off company is added to the index at a zero price on the ex-date and remains in the index until the next rebalancing. As of that rebalancing reference date, if the company reported positive earnings, it remains in the index; if the company reported negative earnings, it is removed from the index.Open p.11 ↗ |
For S&P/ASX Small Ordinaries Select, a spin-off is added at zero and stays until the first rebalancing reference date for which company earnings are reported, when positive earnings retain it and negative earnings remove it. |
| Intra quarter replacement weight rule | A new constituent generally inherits the weight of the replaced constituent, unless the deleted constituent was valued at zero, in which case the replacement uses the prior day's closing value. | Except for the S&P/ASX 200 A-REIT Equal Weight Index and the S&P/ASX 200 Industrials Equal Weight Index, when a company is added to the index intra-quarter, it takes the weight of the company that it replaced.Open p.21 ↗ |
For most indices, an intra-quarter addition takes the replaced company's weight; if the deletion price was zero, the replacement uses the most recent prior value when the deleted company was not zero. |
| Fast entry | Size threshold: IPO or direct listing large enough to be considered for the S&P/ASX 20 based on relative float-adjusted market capitalization rank; Timing: Only when an appropriate vacancy occurs or at a scheduled rebalancing; the eight-week liquidity requirement may be exempted for extraordinarily large offerings | Initial Public Offerings (IPOs) and Direct Listings (DLs). An IPO or DL may be added to an index only when an appropriate vacancy occurs or as part of aOpen p.11 ↗ |
An IPO or direct listing may enter only when there is an appropriate vacancy or at a scheduled rebalancing; extraordinarily large offerings that could be considered for the S&P/ASX 20 may receive an exemption from the eight-week liquidity requirement. |
| Ad-hoc deletion | Acquisition, Other, Prolonged suspension, Bankruptcy | Intra-Rebalancing Deletions. Deletions can occur between index rebalancing dates due to acquisitions, mergers and spin-offs or due to suspension or bankruptcies.Open p.11 ↗ |
Stocks may be deleted between rebalancing dates because of acquisitions, mergers, spin-offs, suspension, or bankruptcies. |
| Replacement policy | Reserve list | The S&P/ASX 20, S&P/ASX 50, S&P/ASX 100, and S&P/ASX 200 are fixed count indices so intra-rebalancing index additions are generally only made if a vacancy is created by an index deletion.Open p.11 ↗ |
Fixed-count indices generally add replacements only when a deletion creates a vacancy, using market size and liquidity and a case-by-case reference date; the document does not specify a pre-ranked reserve list. |
| Merger spinoff rules | M&A deletions occur once completion is sufficiently certain; except for S&P/ASX Small Ordinaries Select, spin-offs are added to all parent-company indices at zero price on the ex-date and may be removed after at least one regular-way trading day if ineligible by FMC. | The decision to remove a stock from the index will be made once there is sufficient evidence that the transaction will be completed.Open p.11 ↗ |
Merger and acquisition removals are made once sufficient evidence of completion exists, while spin-offs are generally added to all parent indices at zero on the ex-date and removed later if ineligible by float-adjusted market capitalization. |
| Deletion price | Cash-only M&A deletions use the security's closing price on the deletion date; otherwise the best available market price is used. | Stocks that are removed due to merger and acquisition (M&A) activity are removed from the index at the closing price of the security on the deletion date for cash-only offers. Otherwise the best available price in the market is used.Open p.11 ↗ |
A stock removed because of merger or acquisition activity leaves at its deletion-date closing price for cash-only offers, and otherwise at the best available market price. |
| Share or float change threshold | 5% | The update to the number of shares outstanding will only take place when the three-month average of CDIs or the Total Securities held in the Australian branch of issuer sponsored register (where supplied) and in CHESS, on the rebalancing reference date, differs from the current number of shares used by 5% or more.Open p.12 ↗ |
Foreign-domiciled securities' share counts are updated at a quarterly rebalancing when the three-month average differs from the current index share count by 5% or more. |
| Corporate actions guide ref | S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology — Market Capitalization Indices section; Equal Weighted Indices section for equal-weight indices | For more information on Corporate Actions, please refer to the Market Capitalization Indices section within S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.11 ↗ |
For market-cap index corporate actions, the document refers to the Market Capitalization Indices section of S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology; equal-weight indices refer to the Equal Weighted Indices section. |
| M9 Calculation and return variants · 15 fields | |||
| Foreign exchange rates | LSEG spot foreign exchange rates are used daily at 4:17 PM Sydney time for end-of-day headline index calculations; WMR fixings at 4:00 PM London time are used for certain indices; LSEG real-time spot rates are used for real-time indices. | Spot Forex rates, as supplied by LSEG, are taken daily at 4:17 PM Sydney time and used in the end-ofday calculation of all headline indices.Open p.12 ↗ |
End-of-day headline calculations use LSEG Sydney spot rates, certain indices use WMR London fixings, and real-time indices use LSEG real-time spot rates. |
| Franking credit tax rates | 0, 15 | one version incorporates a 0% tax rate relevant for tax-exempt investors and a second version uses a 15% tax rate relevant for superannuation funds.Open p.12 ↗ |
Franking-credit-adjusted total return versions use 0% for tax-exempt investors and 15% for superannuation funds. |
| Annual franking credit reinvestment | Gross dividend points accrue daily and are reinvested at market close on the first trading day after June 30. | Reinvestment occurs at market close on the first trading day after June 30th.Open p.12 ↗ |
Annual franking-credit-adjusted total return indices reinvest accrued gross dividend points at market close on the first trading day after June 30. |
| Daily franking credit reinvestment | The gross dividend amount is reinvested across the index at the close of the ex-date each day. | Rather than allowing a separate accrual of gross dividend points, this index series reinvests the gross dividend amount across the index at the close of the ex-date on a daily basis.Open p.13 ↗ |
Daily franking-credit-adjusted total return indices reinvest gross dividends at the close of the ex-date. |
| National holiday calculation rule | Indices are not calculated when the exchange is closed for national public holidays. | The exchange is closed for trading on national public holidays; indices are not calculated on those days.Open p.16 ↗ |
No index calculation occurs on national public holidays when the exchange is closed. |
| Formula type | Divisor | The indices calculate by means of the divisor methodology used in all S&P Dow Jones Indices’ equity indices.Open p.9 ↗ |
The indices are calculated using S&P Dow Jones Indices' divisor methodology. |
| Calculation frequency | Real time interval seconds: 30; End of day: Yes; Business days only: Yes | Real-time, intra-day, index calculations are executed for certain S&P/ASX price indices, with index values updated every 30 seconds as constituent prices change throughout the course of the day.Open p.16 ↗ |
Certain S&P/ASX price indices are calculated in real time every 30 seconds, and the indices are also calculated on an end-of-day basis on business days. |
| Return variants | PR, GTR, NTR | Price Return (PR) versions are calculated without adjustments for regular cash dividends. Gross Total Return (TR) versions reinvest regular cash dividends at the close on the ex-date without consideration for withholding taxes.Open p.14 ↗ |
The indices may have Price Return, Gross Total Return, and Net Total Return versions. |
| Withholding tax basis | applicable withholding taxes; specific tax rates are in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology | Net Total Return (NTR) versions, if available, reinvest regular cash dividends at the close on the ex-date after the deduction of applicable withholding taxes.Open p.14 ↗ |
Net Total Return versions deduct applicable withholding taxes, with the tax rates specified in the Equity Indices Policies & Practices Methodology. |
| Dividend treatment | Pr: Regular cash dividends are not reflected; Gtr: Regular cash dividends are reinvested at the close on the ex-date without withholding-tax deductions; Ntr: Regular cash dividends are reinvested at the close on the ex-date after deducting applicable withholding taxes | Price Return (PR) versions are calculated without adjustments for regular cash dividends. Gross Total Return (TR) versions reinvest regular cash dividends at the close on the ex-date without consideration for withholding taxes.Open p.14 ↗ |
Price Return excludes regular cash dividends, while gross and net total return versions reinvest regular cash dividends at the close on the ex-date, with net versions deducting withholding taxes. |
| Market disruption rule | Calculations and Pricing Disruptions, Expert Judgment and Data Hierarchy are governed by S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology; unexpected exchange closures are also covered there. | For information on Calculations and Pricing Disruptions, Expert Judgment and Data Hierarchy, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.16 ↗ |
Pricing disruptions, expert judgment, data hierarchy, and unexpected exchange closures are addressed in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. |
| Recalculation policy | The recalculation policy is set out in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology; real-time indices are not restated. | For information on the recalculation policy, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.16 ↗ |
The general recalculation policy is contained in the Equity Indices Policies & Practices Methodology, and real-time index values are not restated. |
| Price source | Exchange-provided prices are used for official end-of-day calculations, with the relevant price type—such as last trade, auction, VWAP, or official close—specified by exchange in the Global Equity Close Prices guide. | S&P DJI leverages exchange provided prices for official end-of-day index calculations. For each exchange, S&P Dow Jones Indices will use the relevant price (e.g. last trade, auction, VWAP, official close) as defined in the S&P Dow Jones Indices' Global Equity Close Prices guideFrom S&P DJI Index Mathematics ↗ |
Official end-of-day index calculations use the relevant exchange-provided price, which may be the last trade, auction price, VWAP, or official close depending on the exchange. |
| Precision | 0 percentage points | In most cases, Investable Weight Factors (IWFs) are reported to the nearest one percentage point.From S&P DJI Float Adjustment ↗ |
Investable weight factors are generally reported to the nearest one percentage point. |
| Divisor adjustment | addition of companies, deletion of companies, changes in shares outstanding, changes to IWFs, changes to other factors affecting share counts, corporate actions that alter total index market value at constant prices, index rebalancing events, other non-market driven actions | The purpose of the index divisor is to maintain the continuity of an index level following the implementation of corporate actions, index rebalancing events, or other non-market driven actions.From S&P DJI Index Mathematics ↗ |
Divisor adjustments are triggered by additions, deletions, share-count and IWF changes, other share-count factors, rebalancings, and corporate or non-market actions that change total index market value at constant prices. |
| M10 Governance, change policy, disclosure · 15 fields | |||
| Committee composition | Five voting members representing S&P Dow Jones Indices and the Australian Securities Exchange, with S&P Dow Jones Indices chairing the committee. | S&P Dow Jones Indices’ chairs the Index Committee, which is comprised of five voting members representing both S&P Dow Jones Indices and the Australian Securities Exchange.Open p.15 ↗ |
The committee has five voting members from S&P Dow Jones Indices and ASX and is chaired by S&P Dow Jones Indices. |
| Committee meeting frequency | The committee meets regularly and convenes as needed for major corporate actions. | The Index Committee meets regularly to review market developments and convenes as needed to address major corporate actions.Open p.15 ↗ |
The Index Committee meets regularly and also convenes as needed for major corporate actions. |
| Committee discussions confidential | Yes | S&P Dow Jones Indices considers information about changes to its indices and related matters to be potentially market moving and material. Therefore, all Index Committee discussions are confidential.Open p.15 ↗ |
Index Committee discussions are confidential because index changes may be market moving and material. |
| Corporate events report | .SDE | All events affecting the daily index calculation are typically announced in advance via the Index Corporate Events report (.SDE), delivered daily to all clients.Open p.16 ↗ |
Events affecting daily index calculation are typically announced in advance through the daily Index Corporate Events report (.SDE). |
| Oversight body | S&P/ASX Equity Indices Committee | The S&P/ASX Equity Indices Committee maintains the indices.Open p.15 ↗ |
The S&P/ASX Equity Indices Committee maintains the indices. |
| Discretion points | S&P Dow Jones Indices may make changes to or deviate from the methodology when necessary for an index to achieve its objective., The Index Committee may make exceptions when applying the methodology if the need arises., The Index Committee may revise index policy for company selection, dividend treatment, share counts, or other matters. | Any changes to or deviations from this methodology are made in the sole judgment and discretion of S&P Dow Jones Indices so that the index continues to achieve its objective.Open p.5 ↗ |
S&P Dow Jones Indices may change or depart from the methodology, the Index Committee may make exceptions, and the Committee may revise index policy matters. |
| Methodology review frequency | Frequency: at least once; Period: 12 months | at least once within any 12-month period, the Index Committee reviews the methodology to ensure the indices continue to achieve the stated objectives, and that the data and methodology remain effective.Open p.15 ↗ |
The Index Committee reviews the methodology at least once in any 12-month period. |
| External review | In certain instances, S&P Dow Jones Indices may publish a consultation inviting comments from external parties. | In certain instances, S&P Dow Jones Indices may publish a consultation inviting comments from external parties.Open p.15 ↗ |
S&P Dow Jones Indices may, in certain cases, consult external parties by publishing a consultation. |
| Consultation procedure | S&P Dow Jones Indices may publish a consultation inviting external comments in certain instances; no detailed procedure is provided. | In certain instances, S&P Dow Jones Indices may publish a consultation inviting comments from external parties.Open p.15 ↗ |
The document states only that S&P Dow Jones Indices may publish consultations inviting comments from external parties in certain instances. |
| Notice period | — | In any scenario where the treatment differs from the general rules stated in this document or supplemental documents, clients will receive sufficient notice, whenever possible.Open p.15 ↗ |
Clients receive sufficient notice whenever possible when treatment differs from stated rules, but no fixed notice period is specified. |
| Error correction policy | Quality assurance and internal reviews of methodology are covered by S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. | For information on Quality Assurance and Internal Reviews of Methodology, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.15 ↗ |
The methodology refers readers to the Equity Indices Policies & Practices Methodology for quality assurance and internal methodology reviews. |
| Change announcement | S&P Dow Jones Indices website, major quote vendors, investment-oriented websites, print and electronic media, Index Corporate Events report (.SDE), constituent pro-forma files, daily index levels file (.SDL), subscription data | Index levels are available through S&P Dow Jones Indices’ Web site at www.spglobal.com/spdji, major quote vendors (see codes below), numerous investment-oriented Web sites, and various print and electronic media.Open p.18 ↗ |
Index levels and changes are disseminated through the S&P DJI website, quote vendors, other websites, media, event and pro-forma files, the daily levels file, and subscription data. |
| Constituents published | Bool: Yes; Frequency: daily constituent data by subscription; pro-forma constituent files with each rebalance and typically daily in advance of the rebalancing date | Daily constituent and index level data are available via subscription.Open p.18 ↗ |
Daily constituent data is available by subscription, and pro-forma constituent files are provided at rebalances, typically daily before the effective date. |
| Cessation policy | S&P DJI encourages users of the S&P/ASX 200 Index to maintain robust contractual fallback arrangements because factors outside S&P DJI's control may necessitate changes to the index. | S&P DJI encourages market participants using the S&P/ASX 200 Index to have robust fall back provisions written into their contractual documentation for alternative arrangements to apply in the event of the cessation of the S&P/ASX 200 index.Open p.17 ↗ |
Market participants are encouraged to include robust fallback provisions for alternative arrangements if the S&P/ASX 200 Index ceases. |
| Material change definition | A material change is assessed by its impact on the index objective or represented market or economic reality, core characteristics, constituent selection or weightings, composition or index level, calculation methods or formulas and performance, and index usage. | The determination of materiality considers the following factors: impact on the index objective or market/economic reality the index aims to represent impact on the index’s core characteristicsFrom S&P DJI Index Governance Policies ↗ |
Materiality considers substantial effects on the index objective, core characteristics, constituent selection or weights, index composition or level, calculation methods or performance, and index usage. |
Open points · 29Model-written, for reference
- 1No family-level index code or ISIN is stated.
- 2No calculation agent distinct from S&P Dow Jones Indices is stated.
- 3No launch date, base date, or base value is stated for the family.
- 4No methodology version label other than the October 2026 date is stated.
- 5No explicit intended uses such as ETF underlyings or derivatives are stated.
- 6No general minimum listing-history or seasoning rule is stated.
- 7No numerical minimum free-float percentage for indices other than the All Ordinaries' lack of a minimum IWF is stated.
- 8No foreign-room, voting-rights, minimum-price, suspension, or extreme-price screen is stated.
- 9No ESG or business-conduct exclusion screen is stated.
- 10Listing boards or market segments are not specified beyond ASX listing.
- 11The provided sections do not specify the selection method, ranking metrics, ranking order, target constituent counts, tie-breaking, industry neutrality, or reserve-list rules.
- 12The provided sections do not specify share-count sources beyond references to external Float Adjustment and Equity Policies & Practices methodologies.
- 13The provided sections do not specify foreign ownership limits, domestic inclusion factors, constituent or sector/country caps, cap timing, or divisor adjustment mechanics.
- 14The rank-buffer table does not label the row with 274th or higher addition and 326th or lower deletion, although the hierarchy suggests it may relate to the S&P/ASX 300.
- 15No explicit size-segment buffer thresholds were stated.
- 16No separate relaxed liquidity threshold specifically for existing constituents was stated.
- 17No maximum turnover cap per scheduled review was stated.
- 18No formal pre-ranked reserve list was identified; replacement policy is inferred from vacancy-driven replacement language.
- 19The review frequency field supports only one normalized frequency, but this family contains quarterly, semi-annual, and event-linked rebalancing schedules.
- 20The provided text does not specify the price source or hierarchy for constituent prices, including last trade, closing auction, or no-trade reference prices.
- 21The provided text does not state the number of decimal places used for published index levels.
- 22The provided text does not enumerate the specific corporate-action events that trigger divisor adjustments.
- 23The provided text does not define a material change or provide a fixed notice period for methodology changes.
- 24The detailed recalculation, pricing-disruption, unexpected-exchange-closure, quality-assurance, and error-correction policies are contained only by reference in supporting documents not supplied.
- 25The exact availability of NTR or other return versions for each individual index must be checked in the daily index levels file or S&P DJI Methodology & Regulatory Status Database.
- 26The supplied index-specific sections do not state an S&P/ASX 100 launch date, base date, base value, or ISIN.
- 27The supplied sections do not state an index-specific S&P vendor code separate from the Bloomberg, Refinitiv, and IRESS tickers.
- 28The supplied index-specific sections do not state a constituent-level or sector weight cap for the standard S&P/ASX 100.
- 29The supplied index-specific sections do not state a domestic inclusion factor or foreign-ownership-limit treatment specific to the S&P/ASX 100.
Read by a language model (doubao-seed-2.1-pro) on 2026-10-04 · prompt 1.3 · schema 1 · 82 of 82 quotes found word for word in the PDF · includes general rules: Equity Indices Policies & Practices v2026.08, Index Mathematics v2026.09, Float Adjustment v2026.09, Index Governance Policies v2026.05
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