Also known as: SBBMGLU Index (Bloomberg) · SBBMGLU (S&P DJI code)
At a glance
- Review frequencyAnnual
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Price return ticker | SBBMGLU | Index (Currency) Price Total Return S&P Global BMI (USD) SBBMGLU STBMGLUOpen p.25 ↗ |
The S&P Global BMI price return ticker in USD is SBBMGLU. |
| Total return ticker | STBMGLU | Index (Currency) Price Total Return S&P Global BMI (USD) SBBMGLU STBMGLUOpen p.25 ↗ |
The S&P Global BMI total return ticker in USD is STBMGLU. |
| Components | S&P Developed BMI, S&P Emerging BMI | The S&P Global BMI is made up of the S&P Developed BMI and S&P Emerging BMI.Open p.5 ↗ |
The S&P Global BMI is composed of the S&P Developed BMI and S&P Emerging BMI. |
| Index name | S&P Global Broad Market Index (BMI) | The S&P Global Broad Market Index (BMI) is a rules-based index that measures global stock market performance.Open p.5 ↗ |
The official index name is the S&P Global Broad Market Index, abbreviated as S&P Global BMI. |
| Index short name | S&P Global BMI | The S&P Global BMI is made up of the S&P Developed BMI and S&P Emerging BMI.Open p.5 ↗ |
The vendor's short name for the index is S&P Global BMI. |
| Administrator | S&P Dow Jones Indices | September 2026 S&P Dow Jones Indices: Index MethodologyOpen p.1 ↗ |
S&P Dow Jones Indices is the index provider and administrator of the methodology. |
| Index family | S&P Global BMI family | Members of the S&P Global BMI family of indices include: S&P World Index S&P Developed BMI S&P Emerging BMIOpen p.5 ↗ |
The index belongs to the S&P Global BMI family of indices. |
| Currency | USD | Index (Currency) Price Total Return S&P Global BMI (USD) SBBMGLU STBMGLUOpen p.25 ↗ |
The headline S&P Global BMI is calculated in U.S. dollars. |
| Methodology date | 2026-09 | September 2026 S&P Dow Jones Indices: Index MethodologyOpen p.1 ↗ |
The methodology document is dated September 2026. |
| Objective | The S&P Global Broad Market Index (BMI) is a rules-based index that measures global stock market performance. | The S&P Global Broad Market Index (BMI) is a rules-based index that measures global stock market performance.Open p.5 ↗ |
The index is rules-based and measures global stock market performance. |
| Market classification | Global | The S&P Global BMI is designed to include the most liquid and investable stocks in developed and emerging markets.Open p.5 ↗ |
The index covers both developed and emerging markets globally. |
| Size segment | All cap | Indices that cover all market cap ranges are designated as Broad Market Indices and use “BMI” as the size descriptor.Open p.10 ↗ |
The BMI designation is used for indices covering all market capitalization ranges. |
| Index family type | Market cap | All indices are float-adjusted market capitalization weighted indices and include security classifications for country, size, style, and industry.Open p.5 ↗ |
The indices are float-adjusted market capitalization weighted. |
| M2 Universe · 9 fields | |||
| Eligible universe | Publicly listed equities issued by companies domiciled in developed or emerging markets and listed on eligible exchanges or eligible offshore venues, subject to stock-level criteria. | As of each reconstitution reference date, securities issued by companies domiciled in developed and emerging markets are eligible for inclusion if they meet the following requirements:Open p.7 ↗ |
The index universe consists of publicly listed equities from developed- and emerging-market-domiciled companies that satisfy listing, share-class, size, liquidity, and investability requirements. |
| Country classification method | S&P DJI combines quantitative criteria with global investors' opinions and experience, and references its Country Classification Methodology. | S&P DJI uses a combination of quantitative criteria, along with the opinions and experiences of global investors, as a guide to classifying countries as developed, emerging or frontier markets.Open p.7 ↗ |
Developed, emerging, and frontier country classifications use quantitative criteria and global investor input. |
| Multiple share class rule | All publicly listed multiple share-class lines are eligible if they meet the criteria and foreign investors may hold the class, with a separate IWF for each included class. | All publicly listed multiple share class lines are eligible for index inclusion, subject to meeting the eligibility criteria and foreign investors may hold shares in the class. A separate IWF is calculated for each included share class.Open p.8 ↗ |
Multiple publicly listed share classes can each be included when eligible and foreign-investable, and each receives its own IWF. |
| Listing selection rule | The local listing is generally preferred; if it is ineligible, the eligible DR or alternate listing with the highest six-month MDVT is selected. | If a local listing does not comply with an index’s eligibility rules, then depositary receipts and alternate listings that meet the index eligibility criteria become eligible. The listing with the highest six-month MDVT that meets the following criteria is selected:Open p.8 ↗ |
The local share class is generally selected, but eligible depository receipts or alternate listings can replace it based on six-month MDVT. |
| Non local to local replacement buffer | 2 times MVTR threshold | the non-local listing is replaced by a local listing provided that the local listing stock meets all index eligibility criteria and an additional two times median value traded ratio (MVTR) from the index threshold.Open p.9 ↗ |
A non-local listing is replaced by a local listing only when the local listing meets all criteria and has at least two times the index MVTR threshold. |
| Markets | Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, South Korea, Kuwait, Luxembourg, Malaysia, Mexico, Netherlands, New Zealand, Norway, Peru, Philippines, Poland, Portugal, Qatar, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, UAE, United Kingdom, United States | Australia Austria Belgium Brazil Canada Chile China Colombia Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland Israel Italy Japan South Korea Kuwait Luxembourg Malaysia Mexico Netherlands New Zealand Norway Peru Philippines Poland Portugal Qatar Saudi Arabia Singapore South Africa Spain Sweden Switzerland Taiwan Thailand Turkey UAE United Kingdom United StatesOpen p.26 ↗ |
The S&P Global BMI covers listed developed and emerging market countries named in the eligible-country appendix. |
| Security types | Common, Dr, Foreign listing, REIT | Securities may be represented by local listings (shares listed on exchanges in their country of domicile), Depository Receipts (DRs)3, and other types of offshore listings that trade on major exchanges, screened for share class and liquidity.Open p.8 ↗ |
Eligible securities include local common-equity listings, depository receipts, offshore listings, and REIT-like structures. |
| Nationality rule | country of domicile | Securities issued by companies domiciled in countries classified as developed or emerging markets are eligible for inclusion in the S&P Global BMI.Open p.7 ↗ |
A company's country assignment is based on its country of domicile. |
| Exclusions | fixed-dividend shares, closed-end funds, investment trusts, mutual fund shares, unit trusts, FIIs, limited liability companies, convertible bonds, business development companies, equity warrants, special purpose acquisition companies, limited partnerships, master limited partnerships, ETFs, ETNs, preferred stock with a guaranteed fixed return, convertible preferred stock, income-participating securities combining stock and debt ownership | The following shares are not eligible for inclusion in the S&P Global Equity Index Series: Fixed-dividend shares Closed-end funds Investment trusts Mutual fund shares Unit trustsOpen p.8 ↗ |
The methodology excludes specified fund, debt, warrant, partnership, preferred, SPAC, and hybrid security structures. |
| M3 Eligibility screens · 5 fields | |||
| Trading history short history treatment | Exceptions: Stocks with less than 12 months of trading use the average of available monthly MVTR values multiplied by 12; stocks with less than six months use MDVT for the period traded | If a stock has traded for less than 12 months, the average of the available monthly values is taken and multiplied by 12.Open p.7 ↗ |
No minimum listing age is specified, and stocks with shorter histories are evaluated using available monthly liquidity data. |
| Free float methodology reference | Float adjustment, foreign investment limits, and Investable Weight Factors are governed by the S&P Dow Jones Indices Float Adjustment Methodology. | For information on float adjustment, foreign investment limits, and Investable Weight Factors (IWFs), please refer to S&P Dow Jones Indices’ Float Adjustment Methodology.Open p.7 ↗ |
The document refers free-float, foreign investment limit, and IWF rules to S&P DJI's separate Float Adjustment Methodology. |
| Mdvt volume aggregation | India: National Stock Exchange of India and Bombay Stock Exchange; United states: composite volume; Non US: exchange-specific liquidity | For Indian stocks, the MDVT calculation aggregates the trading on the National Stock Exchange of India and on the Bombay Stock Exchange. For US stocks, the MDVT calculation considers composite volume.Open p.7 ↗ |
Indian MDVT aggregates NSE and BSE volume, U.S. MDVT uses composite volume, and non-U.S. MDVT uses exchange-specific liquidity. |
| Liquidity screen | Metric: Liquidity ratio; Window: 12 months and 6 months; Threshold: Region: Emerging; Twelve month mvtr (%): 10; Six month mdvt USD million: 0.1, Region: Developed; Twelve month mvtr (%): 20; Six month mdvt USD million: 0.25 | 1. Stocks must have a minimum US$ 12-month median value traded ratio (MVTR) to be eligible. The ratio is calculated by taking the US$ median daily value traded (MDVT1) amountOpen p.7 ↗ |
Stocks must meet a 12-month median value traded ratio of 10% in emerging markets or 20% in developed markets and a six-month median daily value traded threshold of US$0.1 million or US$0.25 million, respectively. |
| Minimum size | Metric: Float adjusted market cap; Addition threshold: 100 USD million; Existing constituent removal threshold: 75 USD million | The S&P Global BMI covers all publicly listed equities with float-adjusted market capitalizations of at least US$ 100 million for index addition.Open p.7 ↗ |
Securities need at least US$100 million of float-adjusted market capitalization for addition, while existing constituents below US$75 million are removed at annual reconstitution. |
| M5 Weighting and capping · 3 fields | |||
| Free float factor | Method: Free float | calculate an accurate Investable Weight Factors (“IWFs”) based on available information are not considered for fast track entryFrom S&P DJI Equity Indices Policies & Practices ↗ |
S&P DJI uses an Investable Weight Factor to float-adjust constituent market capitalization; no factor bands are stated in the supplied sections. |
| 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 | |||
| Foreign room review frequency | quarterly, with ongoing monitoring for China A-shares and India | All stocks are reviewed for this at each quarterly rebalancing, with any additions made only at the annual reconstitution.Open p.17 ↗ |
Practical foreign availability is reviewed at quarterly rebalancings, while China A-share and India companies are monitored on an ongoing basis. |
| Review frequency | Annual | Index reconstitutions are done annually on a country-by-country basis.Open p.16 ↗ |
The S&P Global BMI is reconstituted annually on a country-by-country basis. |
| Review types | Annual review, Quarterly review, Ad hoc | Index reconstitutions are done annually on a country-by-country basis.Open p.16 ↗ |
The index has an annual reconstitution, quarterly additions, deletions, reviews and rebalancings, plus ad hoc maintenance between rebalancings. |
| Review months | March, June, September, December | additions are effective at the open of Monday following the third Friday of March, June, September, and December.Open p.18 ↗ |
Quarterly effective dates occur in March, June, September, and December, while the annual reconstitution becomes effective in September. |
| Data cutoff rule | Annual reconstitution: Data is as of the close of the last trading date in July; Quarterly reviews: The reference date is five weeks prior to the effective rebalancing date | Data is as of the close of the last trading date in July and the reconstitution is effective at the open of Monday following the third Friday in September.Open p.16 ↗ |
Annual reconstitution data are as of the July last-trading-date close, and quarterly review data use a reference date five weeks before the effective rebalancing date. |
| Announcement rule | Changes to scheduled rebalancing dates are announced with proper advance notice where possible. | Any such change will be announced with proper advance notice where possible.Open p.24 ↗ |
If the Index Committee changes a scheduled rebalancing date, it announces the change with proper advance notice where possible. |
| Effective date rule | Annual reconstitution: At the open of the Monday following the third Friday in September; Quarterly rebalancing: At the open of the Monday following the third Friday in March, June, September, and December | Data is as of the close of the last trading date in July and the reconstitution is effective at the open of Monday following the third Friday in September.Open p.16 ↗ |
Annual reconstitution changes and quarterly additions or deletions take effect at the open of the Monday following the third Friday in the stated months. |
| Rebalance frequency | Quarterly | can be added to the S&P Global BMI ona quarterly basis.Open p.18 ↗ |
Quarterly maintenance, additions, deletions, reviews, and rebalancings occur in March, June, September, and December. |
| M7 Buffers and turnover control · 5 fields | |||
| Existing constituent market capitalization buffer | Threshold: 75 million; Currency: USD; Basis: float-adjusted market capitalization | Current constituents with a float-adjusted market cap of at least US$ 75 million remain in the index.Open p.16 ↗ |
Current constituents remain in the index at annual reconstitution if they have at least US$75 million in float-adjusted market capitalization. |
| New share class minimum float adjusted market capitalization | Threshold: 100 million; Currency: USD; Basis: available float-adjusted market capitalization | A company’s share class must have at least US$ 100 million in available float-adjusted market cap.Open p.16 ↗ |
A company's share class must have at least US$100 million in available float-adjusted market capitalization. |
| Size buffer second consecutive rebalancing exception | The size buffer does not apply if it would prevent a change for a second consecutive rebalancing. | The buffer rule does not apply if application of the rule prevents a change for a second consecutive rebalancing.Open p.16 ↗ |
The size-segment buffer is not applied if it would prevent the same size change for a second consecutive rebalancing. |
| Size segment buffer | Annual large mid breakpoint buffer (%): 3; Annual mid small breakpoint buffer (%): 2 | A company remains within the existing size range provided that the company’s composite percentile remains within three percent (+/-3%) of the Large/Mid breakpoint, or within two percent (+/-2%) of the Mid/Small breakpoint.Open p.16 ↗ |
At annual reconstitution, a company remains in its existing size segment if its composite percentile is within plus or minus 3% of the Large/Mid breakpoint or plus or minus 2% of the Mid/Small breakpoint. |
| Liquidity buffer existing | Metric: 12-month median value traded ratio and 6-month median daily value traded; Thresholds: Region: Emerging; Twelve month mvtr (%): 7; Six month mdvt USD million: 0.07, Region: Developed; Twelve month mvtr (%): 14; Six month mdvt USD million: 0.175 | Current constituents are removed if either of the liquidity measurement metrics fall below the thresholds in the table below: Region 12-Month MVTR (%) 6-Month MDVT (US$M) Emerging 7 .07 Developed 14 .175Open p.16 ↗ |
Existing constituents are removed if either liquidity metric falls below 7% 12-month MVTR or US$0.07 million 6-month MDVT in emerging markets, or 14% or US$0.175 million in developed markets. |
| M8 Corporate actions, IPOs, ad-hoc changes · 13 fields | |||
| Quarterly addition trading history | Minimum history: 3 months; As of: reference date | In addition, the stock must have a trading history of at least three months as of the reference date.Open p.18 ↗ |
Stocks added quarterly must have a trading history of at least three months as of the reference date. |
| Quarterly addition annualized trading data | Available trading-value data are annualized for stocks that have traded less than a full year. | Since the stocks will have traded less than a full year, the trading value data that is available is annualized to determine index eligibility.Open p.18 ↗ |
Because quarterly additions may have traded for less than one year, their available trading-value data are annualized to determine eligibility. |
| Quarterly deletion small market capitalization threshold | Threshold: 25 million; Currency: USD; Basis: float-adjusted market capitalization | Companies that fall below US$ 25 million float-adjusted market capitalization are removed from the index. Evaluations are made quarterlyOpen p.18 ↗ |
Companies below US$25 million float-adjusted market capitalization are removed based on quarterly reference-date evaluations. |
| Corporate event size reassignment | A company doubled or halved by a corporate event migrates to the appropriate size or cap-range classification at the next quarterly rebalancing if specified thresholds are crossed. | following a corporate event such as a merger or spin-off that doubles or halves the total market capitalization of the company, the company will migrate to the appropriate size classificationOpen p.19 ↗ |
Following mergers or spin-offs that double or halve market capitalization, companies may migrate size or cap-range classifications at the next quarterly rebalancing. |
| Ad hoc deletion notice periods | Standard notice: five days; After the fact delisting bankruptcy or ineligible status: one day; Special designations and foreign availability events: two to five business days | the company is deleted from the index as soon as reasonably possible providing that five days’ notice is given.Open p.19 ↗ |
Ad hoc deletions generally require five days' notice, after-the-fact delisting or bankruptcy events may use one day, and specified designations or foreign-availability events use two to five business days. |
| Float adjustment guide reference | S&P Dow Jones Indices’ Float Adjustment Methodology | Please refer to S&P Dow Jones Indices’ Float Adjustment Methodology for a detailed description of float adjustments, foreign investment limitsOpen p.17 ↗ |
Detailed float adjustment, foreign-investment-limit, and IWF rules are in S&P Dow Jones Indices’ Float Adjustment Methodology. |
| Fast entry | Size threshold: Amount: 2 USD billion; Basis: float-adjusted market capitalization; Timing: Added with five business days' lead time after S&P Dow Jones Indices announces eligibility; eligible additions during a quarterly freeze may instead be added on the rebalancing effective date at Index Committee discretion; Excluded boards: OTC, non-covered exchanges; Eligible listings: newly public IPOs, IPO direct placement listings; Eligibility exception: All other applicable index eligibility rules must be met except the liquidity requirement | Only newly public IPOs and IPO direct placement listings will be considered eligible for fast-track entry.Open p.18 ↗ |
Large newly public IPOs or direct-placement listings with at least US$2 billion float-adjusted market capitalization may enter after five business days' lead time, excluding former OTC or non-covered-exchange bankrupt companies and waiving only the liquidity rule. |
| Ad-hoc deletion | Delisting, Prolonged suspension, Risk warning, Acquisition, Bankruptcy, Free float drop, Other | Between rebalancings, a company can be deleted from the index due to corporate events such as mergers, acquisitions, delistings, or bankruptcies.Open p.18 ↗ |
Between rebalancings, companies may be removed for mergers, acquisitions, delistings, bankruptcies, ineligibility after restructuring, unavailable or non-trading shares, special risk designations, loss of Stock Connect access, or insufficient practical foreign availability. |
| Replacement policy | None | Except for spun-off companies, Initial Public Offerings (IPOs), and quarterly additions, there are no additions between rebalancings.Open p.18 ↗ |
The document provides no replacement for ad hoc deletions; additions generally occur only through spin-offs, IPOs, quarterly additions, or annual reconstitution. |
| Merger spinoff rules | Mergers, acquisitions, and significant restructurings can cause deletion if eligibility is no longer met; spin-offs from current constituents are added on the ex-date with the parent's size and style, then evaluated at the next quarterly review. | A company is deleted from the index if it is involved in a merger, acquisition, or significant restructuring such that it no longer meets the eligibility criteria.Open p.19 ↗ |
Ineligible merger or restructuring constituents are deleted, while spin-offs are included on the ex-date, assigned the parent's size and style, and reviewed for size at the next quarterly review. |
| Share or float change threshold | Practical available limit existing general (%): 5; Addition minimum general (%): 10; China A shares quarterly deletion (%): 4; India quarterly deletion (%): 3; China A shares immediate deletion (%): 2; India immediate deletion (%): 0 | If the practical available limit for an existing constituent falls below 5%, then it will be removed from the index at the next quarterly rebalancing. A stock can be added only if the practical available limit is 10% or more.Open p.17 ↗ |
Existing constituents are removed at quarterly rebalancing if practical foreign availability falls below 5% generally, 4% for China A-shares, or 3% for India; additions require 10% generally or above the local thresholds. |
| Corporate actions guide ref | S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology, Market Capitalization Indices section | please refer to the Market Capitalization Indices section within S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.19 ↗ |
For more corporate-action information, the document refers to the Market Capitalization Indices section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology. |
| Deletion price | Generally the closing price on the deletion date; delistings use the primary exchange price if available, zero if not, with special rules for suspended M&A targets and U.S. OTC securities. | Generally, S&P DJI implements deletions using the security’s closing price on the deletion date.From S&P DJI Equity Indices Policies & Practices ↗ |
Deletions generally use the deletion-date closing price or primary exchange price, with zero or special deal-based pricing in specified situations. |
| M9 Calculation and return variants · 13 fields | |||
| Foreign exchange rate source | WMR daily 4:00 PM London Time mid-market fixings based on LSEG data and published on LSEG pages | WMR foreign exchange rates are taken daily at 4:00 PM London Time and used in the calculation of the indices. These mid-market fixings are calculated by WMR based on LSEG data and appear on LSEG pages.Open p.20 ↗ |
WMR foreign exchange rates are taken daily at 4:00 PM London Time and used in index calculations. |
| Additional return series | Currency, currency hedged, Decrement, fair value, Inverse, Leveraged, risk control | additional return series versions of the indices may be available, including, but not limited to the following: currency, currency hedged, decrement, fair value, inverse, leveraged, and risk control versions.Open p.20 ↗ |
Additional versions may include currency, currency-hedged, decrement, fair-value, inverse, leveraged, and risk-control series. |
| Holiday calendar publication | Published annually during the fourth quarter | S&P Dow Jones Indices publishes a calendar of holidays annually during the fourth quarter.Open p.24 ↗ |
S&P Dow Jones Indices publishes the annual holiday calendar during the fourth quarter. |
| Formula type | Divisor | The indices are calculated by means of the divisor methodology used in all S&P Dow Jones Indices equity indices.Open p.17 ↗ |
The indices use the divisor methodology. |
| Calculation frequency | Real time, End of day on business days | The indices are calculated on all business days of the year.Open p.24 ↗ |
The indices are calculated on all business days, and real-time indices are calculated intraday but not restated. |
| 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. 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.22 ↗ |
Price Return, Gross Total Return, and Net Total Return versions may be calculated where available. |
| Withholding tax basis | Applicable withholding taxes; rates are specified in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. | For more information on the classification of regular versus special cash dividends as well as the tax rates used in the calculation of net return, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.22 ↗ |
Net Total Return versions deduct applicable withholding taxes, with tax rates provided in the Equity Indices Policies & Practices Methodology. |
| Dividend treatment | Pr: No adjustment for regular cash dividends; Gtr: Regular cash dividends are reinvested at the close on the ex-date without considering withholding taxes; 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. 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.22 ↗ |
Price Return excludes regular cash dividends, while gross and net total return versions reinvest them 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. | 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.24 ↗ |
The document refers pricing disruptions and related calculation treatment to the Equity Indices Policies & Practices Methodology. |
| Recalculation policy | Recalculation rules are covered by 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.24 ↗ |
The methodology refers recalculation policy to another S&P DJI document and states that real-time indices 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 meeting frequency | Regularly | The Index Committee meets regularly.Open p.23 ↗ |
The Index Committee meets regularly. |
| 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.23 ↗ |
Index Committee discussions are confidential because index changes and related matters may be market moving and material. |
| Exception notice | Clients receive sufficient notice whenever possible when treatment differs from the general rules. | 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.23 ↗ |
When index treatment differs from stated methodology rules, clients receive sufficient notice whenever possible. |
| Annual reconstitution pro forma timing | 2 weeks | Pro-forma index constituent files are sent to clients two weeks before the annual reconstitution.Open p.24 ↗ |
Pro-forma constituent files are sent to clients two weeks before the annual reconstitution. |
| Oversight body | S&P Dow Jones Indices Index Committee | The indices are maintained by an Index Committee. The Index Committee meets regularly. All committee members are full-time professional members of S&P Dow Jones Indices’ staff.Open p.23 ↗ |
The indices are maintained by an Index Committee composed of full-time professional S&P Dow Jones Indices staff. |
| Discretion points | S&P Dow Jones Indices retains sole authority and final discretion regarding all index activity., The Index Committee may make exceptions when applying the methodology if the need arises., The Index Committee reviews pending corporate actions, candidate additions, composition statistics, significant market events, and may revise index policy. | S&P Dow Jones Indices retains the sole authority and final discretion regarding all index activity.Open p.19 ↗ |
S&P Dow Jones Indices has final discretion over index activity, and the Index Committee may make methodology exceptions and review corporate actions, candidates, market events, and policy matters. |
| Methodology review frequency | Frequency: At least once; Period: 12 months | In addition to the daily governance of indices and maintenance of index methodologies, 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.23 ↗ |
The Index Committee reviews the methodology at least once in any 12-month period. |
| External review | 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.23 ↗ |
External parties may be invited to comment through published consultations in certain instances. |
| Consultation procedure | The document states only that 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.23 ↗ |
Consultations may be published to invite external comments, but no detailed procedure is provided in the supplied sections. |
| Notice period | 2 days | All additions, deletions, share and Investable Weight Factor (IWF) changes are normally announced twoto-five days ahead of the effective date. Quarterly changes are also announced two-to-five days before the effective date.Open p.24 ↗ |
Additions, deletions, share and IWF changes, and quarterly changes are normally announced two to five days before the effective date. |
| Error correction policy | Quality assurance, internal reviews, and recalculation policy are referred to S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology; real-time indices are not restated. | 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.23 ↗ |
The supplied document does not state a detailed error correction policy and refers quality assurance, internal reviews, and recalculation policy to the Equity Indices Policies & Practices Methodology. |
| Change announcement | S&P Dow Jones Indices website at www.spglobal.com/spdji, Corporate Events file (.SDE) and/or special announcements delivered to clients, Daily constituent and index level data available by subscription, Pro-forma index constituent files sent to clients | All index announcements are available via S&P Dow Jones Indices’ Web site at www.spglobal.com/spdji.Open p.24 ↗ |
Announcements are published on the S&P DJI website, corporate-action treatments are sent through the .SDE file or special announcements, data are available by subscription, and pro-forma files are distributed before annual reconstitution. |
| Constituents published | Bool: Yes; Frequency: daily; pro-forma files two weeks before annual reconstitution | Daily constituent and index level data are available via subscription.Open p.25 ↗ |
Daily constituent data are available by subscription, and pro-forma constituent files are sent to clients two weeks before the annual reconstitution. |
| 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. |
| Cessation policy | Index cessations are governed by the separate S&P Dow Jones Indices Cessations Policy. | For information on index cessations, please refer to the S&P Dow Jones Indices Cessations Policy.From S&P DJI Equity Indices Policies & Practices ↗ |
The supplied methodology does not state cessation circumstances and refers readers to the separate S&P DJI Cessations Policy. |
Open points · 20Model-written, for reference
- 1No index ISIN, launch date, base date, base value, benchmark regulatory status, or stated intended use was found.
- 2No explicit minimum seasoning or IPO trading-history period was stated; the document only describes liquidity calculations for stocks with fewer than 12 or 6 months of trading.
- 3No standalone minimum free-float percentage, foreign room percentage, voting-rights threshold, minimum share price, financial screen, ESG screen, suspension rule, or abnormal price-rise screen was stated.
- 4The specific eligible exchange and board list is extensive in Appendix D; only the general universe rule was captured rather than transcribing every eligible exchange segment.
- 5No buffer for existing constituents was specified in the stock-level liquidity table, although a lower US$75 million market-cap deletion threshold applies at annual reconstitution.
- 6Profile_m4_m5: LLM call failed (model reply contained no JSON object)
- 7Selection, weighting capping: no reply; group dropped
- 8No explicit rank-based entry and exit buffer or target-rank buffer was stated.
- 9No maximum turnover or constituent-change cap per review was stated.
- 10No deletion price or last-traded-price rule was stated.
- 11No separate capped-weight reset schedule was stated.
- 12The general five-day ad hoc deletion notice is stated only as days, without specifying calendar, business, or trading days.
- 13The supplied sections do not specify the price source, such as last trade, closing auction, or reference price when no trade occurs.
- 14The supplied sections do not specify the number of decimal places in published index levels.
- 15The supplied sections do not list the specific corporate action or share-change events that trigger divisor adjustments; they refer to the Index Mathematics Methodology.
- 16The supplied sections do not define what constitutes a material methodology change.
- 17The supplied sections do not state a detailed external consultation procedure beyond the possibility of publishing a consultation.
- 18The supplied sections do not state an index cessation or discontinuation policy.
- 19The two-to-five-day announcement period is described only as days, without specifying calendar days, business days, or trading days.
- 20Not coveredM4 Selection and constituent count: not covered by this edition
Read by a language model (doubao-seed-2.1-pro) on 2026-10-03 · prompt 1.2 · schema 1 · 84 of 84 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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