Also known as: SPGTCLEN Index (Bloomberg) · SPGTCLEN (S&P DJI code) · .SPGTCLEN (RIC)
At a glance
- Weighting schemeFactor tilted
- Review frequencyContinuous
- Constituent count100
- Single cap4.5
- Buffer20 / 40
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 17 fields | |||
| Index name | S&P Global Clean Energy Transition Index | Index Name S&P Global Clean Energy Transition Index Number of Stocks Target constituent count of 100 TMC Greater than or equal to US$ 300 millionOpen p.22 ↗ |
The official index name is S&P Global Clean Energy Transition Index. |
| Index short name | SPGTCLEN | Price Return SPGTCLEN .SPGTCLEN S&P Global Clean Energy Transition (USD) Total Return SPGTCLTR .SPGTCLTROpen p.98 ↗ |
The price-return Bloomberg ticker and short identifier used for the index is SPGTCLEN. |
| Index code | SPGTCLEN | Price Return SPGTCLEN .SPGTCLEN S&P Global Clean Energy Transition (USD) Total Return SPGTCLTR .SPGTCLTROpen p.98 ↗ |
The index's price-return code is SPGTCLEN. |
| Vendor codes | Bloomberg: Price return: SPGTCLEN; Total return: SPGTCLTR; Net total return: SPGTCLNT; Refinitiv: Price return: .SPGTCLEN; Total return: .SPGTCLTR; Net total return: .SPGTCLNT | Price Return SPGTCLEN .SPGTCLEN S&P Global Clean Energy Transition (USD) Total Return SPGTCLTR .SPGTCLTR Net Total Return SPGTCLNT .SPGTCLNTOpen p.98 ↗ |
Bloomberg and Refinitiv codes are listed for the price, total return, and net total return versions. |
| 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 Thematic Indices | The S&P Thematic Indices family includes the following indices:Open p.5 ↗ |
The indices belong to the S&P Thematic Indices family. |
| Parent index | S&P Global BMI | Underlying Index All companies in the S&P Global BMIOpen p.22 ↗ |
The index's underlying universe is all companies in the S&P Global BMI. |
| Launch date | 2007-02-22 | S&P Global Clean Energy Transition Index 02/22/2007 11/24/2003 11/24/2003 1000Open p.93 ↗ |
The index launch date is February 22, 2007. |
| Base date | 2003-11-24 | S&P Global Clean Energy Transition Index 02/22/2007 11/24/2003 11/24/2003 1000Open p.93 ↗ |
The index base date is November 24, 2003. |
| Base value | 1,000 | S&P Global Clean Energy Transition Index 02/22/2007 11/24/2003 11/24/2003 1000Open p.93 ↗ |
The index base value is 1000. |
| Currency | USD | Price Return SPGTCLEN .SPGTCLEN S&P Global Clean Energy Transition (USD) Total Return SPGTCLTR .SPGTCLTROpen p.98 ↗ |
The headline index is calculated in U.S. dollars. |
| Methodology date | 2026-09 | September 2026 S&P Dow Jones Indices: Index MethodologyOpen p.1 ↗ |
The methodology is dated September 2026. |
| Objective | The S&P Thematic Indices measure the performance of stocks that conform to the indices’ objectives, as defined in Index Family, and meet the specific eligibility requirements detailed in Eligibility Criteria and Index Construction. | The S&P Thematic Indices measure the performance of stocks that conform to the indices’ objectives, as defined in Index Family, and meet the specific eligibility requirements detailed in Eligibility Criteria and Index Construction.Open p.5 ↗ |
The family measures stocks that meet each index's thematic objective and specific eligibility requirements. |
| Market classification | Global | Domicile/Trading Location Stocks must be trading on a developed or emerging market exchange. Underlying Index All companies in the S&P Global BMIOpen p.22 ↗ |
The index covers stocks trading on developed or emerging market exchanges within a global index universe. |
| Size segment | All cap | TMC Greater than or equal to US$ 300 million FMC Greater than or equal to US$ 100 million Liquidity Thresholds Six-month MDVT of US$ 3 millionOpen p.22 ↗ |
The index applies market-cap thresholds to companies drawn from the all-company S&P Global BMI rather than targeting a large-, mid-, or small-cap tier. |
| Index family type | Climate | At each rebalancing, eligible stocks in the underlying index are reviewed for specific practices related to clean energy.Open p.22 ↗ |
The index is a climate-focused clean energy thematic index. |
| Factor exposures | — | In addition, the indices employ a variety of weighting schemes, also defined in Index Construction.Open p.5 ↗ |
No standard factor exposure such as value, momentum, quality, yield, low volatility, growth, size, or multi-factor is stated as a family-level objective. |
| M2 Universe · 6 fields | |||
| Multiple share class treatment | Default: Designated listing; Approach a indices: S&P U.S. & China Electric Vehicle Index, S&P Global Mining Index, S&P Global Mining Capped Index, S&P Global Mining Reduced Coal Index, S&P Global Mining Gold Index, S&P Global Mining & Energy Index, S&P Global Mining Gold & Energy Index, S&P Global Lithium Mining & Manufacturing Index (NS Series), S&P Commodity Producers Gold Index, S&P Commodity Producers Oil & Gas Exploration & Production Index, S&P 100 U.S. Jobs Leaders Index, S&P U.S. Power Select Infrastructure Index | Except for the indices listed below each company is represented once by the Designated Listing.Open p.11 ↗ |
By default each company is represented once by its designated listing, while listed indices include all eligible publicly listed multiple share class lines. |
| China investor perspective indices | S&P U.S. & China Electric Vehicle Index, S&P Global Lithium Mining & Manufacturing Index (NS Series) | The S&P U.S. & China Electric Vehicle Index and S&P Global Lithium Mining & Manufacturing Index (NS Series) are maintained from a China based investor perspective3.Open p.9 ↗ |
The S&P U.S. & China Electric Vehicle Index and S&P Global Lithium Mining & Manufacturing Index (NS Series) are maintained from a China-based investor perspective. |
| Markets | developed markets, emerging markets | Domicile/Trading Location Stocks must be trading on a developed or emerging market exchange. Underlying Index All companies in the S&P Global BMIOpen p.22 ↗ |
Stocks must trade on a developed or emerging market exchange. |
| Security types | Common, A share, H share, Dr | Selection criteria gives preference to developed market listings such as ADRs, GDRs or H Shares that meet the specified liquidity criterion.Open p.48 ↗ |
The family primarily includes publicly listed equities, with index-specific references to China A shares, H shares, ADRs, and GDRs. |
| Parent universe index | S&P Global BMI | Underlying Index All companies in the S&P Global BMIOpen p.22 ↗ |
The parent universe is all companies in the S&P Global BMI. |
| Exclusions | companies without coverage | As of each rebalancing reference date, exclude the following: companies without coverage companies involved in the following specific business activitiesOpen p.22 ↗ |
Companies without coverage are excluded as of each rebalancing reference date. |
| M3 Eligibility screens · 11 fields | |||
| Short trading period liquidity calculation | When the trading period is shorter than the liquidity measure window, MDVT is calculated over the actual trading duration. | As of the rebalancing reference dates, if a stock’s trading period is shorter than the corresponding liquidity measure’s time periods, the MDVT calculates based on the duration the stock has been trading.Open p.11 ↗ |
Securities with a trading history shorter than the liquidity window are measured over the period they have actually been trading. |
| Exposure score qualitative committee review | The Index Committee oversees qualitative identification of specified-theme companies for exposure-score indices. | the Index Committee on the qualitative aspects of identifying a company as being in the specified businesses, including clean energy, water, environmental services, forests, timberlands, and military contracting.Open p.11 ↗ |
For exposure-score indices, the Index Committee manages qualitative theme identification and seeks consistency across eligible companies and ongoing maintenance. |
| Agribusiness revenue exposure threshold | Minimum theme revenue (%): 25; Preliminary universe alternatives: at least 25% aggregate revenue from agribusiness, prior exposure score of at least 0.5 | Companies that derive at least 25% in aggregate revenue from Agribusiness-related businesses agribusiness based on the business operations within the below table as defined by RBICS data.Open p.16 ↗ |
The preliminary agribusiness universe includes companies with at least 25% aggregate agribusiness revenue or a prior exposure score of at least 0.5. |
| Clean energy theme screens | Rbics clean energy revenue (%): 25; Renewable power for general utilities (%): 20; Automatic renewable utility subindustry: Renewable Electricity (55105020); Prior exposure score: 0.5 | Companies that derive at least 25% in aggregate revenue from Clean Energy-related businesses as defined by RBICS data (see Appendix B).Open p.22 ↗ |
Clean energy eligibility uses at least 25% RBICS clean-energy revenue, selected utility screens with at least 20% renewable power, renewable-electricity companies, or a prior exposure score of at least 0.5. |
| Controversy reentry restriction | Minimum ineligible period: 1 calendar years | If the Index Committee decides to remove a flagged company, that company is ineligible for re-entry into the index for at least one full calendar year, beginning with the subsequent rebalancing.Open p.13 ↗ |
A company removed after a Media and Stakeholder Analysis review is ineligible for re-entry for at least one full calendar year beginning with the subsequent rebalancing. |
| China A share liquidity adjustment | 0.075 | An adjustment factor of 0.075 is used for Chinese A-shares six-month MDTV to reflect foreign ownership restrictions (30%) and the inclusion factor adjustment (25%).Open p.70 ↗ |
For the S&P Global Essential Metals Producers Index, Chinese A-shares' six-month MDTV uses an adjustment factor of 0.075. |
| Preliminary universe screens | Rbics clean energy revenue (%): 25; General utility renewable power (%): 20; Renewable utility GICS subindustry: Renewable Electricity (55105020); Prior rebalancing minimum exposure score: 0.5 | The preliminary universe of companies is identified based on ANY of the following screens: Companies that derive at least 25% in aggregate revenue from Clean Energy-related businesses as defined by RBICS dataOpen p.22 ↗ |
The preliminary universe is formed from companies meeting RBICS clean-energy revenue, renewable-utility, renewable-power, or prior-exposure screens. |
| Trading history | — | As of the rebalancing reference dates, if a stock’s trading period is shorter than the corresponding liquidity measure’s time periods, the MDVT calculates based on the duration the stock has been trading.Open p.11 ↗ |
No minimum listing-age or seasoning rule is stated; short trading histories receive liquidity calculations based on the actual trading duration. |
| Liquidity screen | Metric: Average daily value; Window: six months; Threshold: 3,000,000; Buffer for existing: 2,000,000 | Liquidity Thresholds Six-month MDVT of US$ 3 million (US$ 2 million for current constituents)Open p.22 ↗ |
Securities must have six-month median daily value traded of at least US$3 million, reduced to US$2 million for current constituents. |
| Minimum size | Metric: Full market cap; Threshold: 300,000,000, Metric: Float adjusted market cap; Threshold: 100,000,000 | TMC Greater than or equal to US$ 300 million FMC Greater than or equal to US$ 100 million Liquidity Thresholds Six-month MDVTOpen p.22 ↗ |
Eligible companies must have total market capitalization of at least US$300 million and float-adjusted market capitalization of at least US$100 million. |
| Business or ESG exclusions | companies without coverage, specified business-activity exclusions | As of each rebalancing reference date, exclude the following: companies without coverage companies involved in the following specific business activities, at the relevant level of involvement.Open p.22 ↗ |
Companies without coverage and companies involved in specified business activities are excluded. |
| M4 Selection and constituent count · 11 fields | |||
| Selection screen carbon to revenue | Trucost carbon-to-revenue footprint standard scores greater than three exclude securities from several clean energy selection processes, while companies without Trucost coverage are eligible in the stated variants. | Those with a Trucost carbon-to-revenue footprint standard score greater than three are excluded from index inclusion. Companies without Trucost coverage are eligible for index inclusion.Open p.28 ↗ |
Several clean energy indices exclude eligible-universe companies whose Trucost carbon-to-revenue footprint standard score is greater than three. |
| Exposure score fallback order | If too few exposure-score-1 companies exist, selection falls back first to exposure score 0.75 and then to exposure score 0.5 until the target count is reached. | If there are fewer than 100 stocks with an exposure score of 1, the largest stocks from the eligible universe with an exposure score of 0.75 are selected until the target constituent count of 100 is reached.Open p.30 ↗ |
Multiple thematic indices fill vacancies after exposure-score-1 stocks with 0.75-score stocks and then 0.5-score stocks. |
| Weighted average exposure threshold | 0.85 | If, after step 5, the index’s weighted average exposure score11 falls below 0.85, the lowest ranking stock with an exposure score of 0.5 is removed until the index’s weighted average exposure score reaches 0.85.Open p.28 ↗ |
Two clean energy variants remove the lowest-ranking 0.5-score and, if needed, 0.75-score stocks until weighted average exposure reaches 0.85, so the final count may be below 100. |
| Media and stakeholder overlay | Sustainable1 performs daily ESG incident filtering, and the Index Committee may remove flagged constituents; removed companies are ineligible for re-entry for at least one full calendar year from the subsequent rebalancing. | If the Index Committee decides to remove a flagged company, that company is ineligible for re-entry into the index for at least one full calendar year, beginning with the subsequent rebalancing.Open p.29 ↗ |
An MSA overlay can lead the Index Committee to remove a controversial constituent and bar re-entry for at least one full calendar year. |
| Index committee relaxation | For some indices, the Index Committee may relax distribution or eligibility criteria to reach the target constituent count based on market conditions. | In the event of fewer than 30 qualifying stocks that meet the distribution criteria above, the Index Committee may relax one or more of the criteria to reach 30 constituents.Open p.46 ↗ |
When qualifying securities are insufficient for prescribed cluster distributions, certain indices allow the Index Committee to relax criteria. |
| Selection method | Rank by metric | The 30 largest stocks, as ranked by FMC, with exposure scores of 1 are selected and form the index.Open p.27 ↗ |
Thematic index members are generally selected by ranking eligible securities by specified metrics, exposure scores, or parent-index membership rules, rather than by a purely discretionary committee. |
| Ranking metrics | Name: FMC; Direction: Descending; Step order: 1, Name: Exposure score; Direction: Descending; Step order: 1, Name: FMC_times_exposure_score; Direction: Descending; Step order: 1, Name: TMC_times_exposure_score; Direction: Descending; Step order: 1, Name: TMC; Direction: Descending; Step order: 1, Name: Theme revenue or production metric; Direction: Descending; Step order: 1 | The 100 largest stocks, as ranked by FMC, with exposure scores of 1 are selected and form the index.Open p.28 ↗ |
Across the family, rankings use FMC, TMC, exposure score, FMC or TMC multiplied by exposure score, or theme-specific revenue, revenue exposure, and production-value metrics, generally in descending order. |
| Target constituent count | 100 | Index Name S&P Global Clean Energy Transition Index Number of Stocks Target constituent count of 100 TMC Greater than or equal to US$ 300 millionOpen p.22 ↗ |
The index has a target constituent count of 100. |
| Tie break rule | When a theme metric is the primary ranking key, ties or subsequent ranks are resolved by company-level market capitalization; where rules rank by exposure and FMC, FMC supplies the secondary ordering. | Rank companies from Lithium Ore Mining L5 as defined by RBICS Focus, first by the revenue from Lithium Ore Mining L5, then by company-level total market capitalization.Open p.76 ↗ |
The rules use market capitalization or FMC as the next ranking criterion after theme revenue, exposure score, or production value, but no general explicit tie rule is stated for equal FMC. |
| Industry neutrality rule | Several indices use fixed cluster, sector, sub-theme, or GICS-based counts and weights rather than industry-neutral selection. | Cluster Index Companies per Cluster S&P Global Clean Energy Transition Clean Energy 15 Index S&P Global BMI Environmental & Environmental Services 10 Facilities Services Water S&P Global Water Index 15Open p.33 ↗ |
Selection frequently classifies securities into theme clusters and applies cluster-specific target counts or weights, including clean energy, environmental services, water, energy, transportation, utilities, timber, natural resources, semiconductors, and water sub-clusters. |
| Reserve list | — | Current constituents ranked in the top 60 are selected in order until the target constituent count is reached.Open p.61 ↗ |
No pre-ranked reserve list for ad-hoc replacements is specified; rank buffers identify eligible incoming securities, but they are not described as a reserve list. |
| M5 Weighting and capping · 19 fields | |||
| Exposure specific caps | Exposure score: 1; Cap (%): 8; Liquidity multiple: 5, Exposure score: 0.75; Cap (%): 6; Liquidity multiple: 5, Exposure score: 0.5; Cap (%): 4; Liquidity multiple: 5 | Constituents with an exposure score of 1 are capped at the lower of 8% or five times the constituent’s liquidity weight.Open p.28 ↗ |
Several exposure-weighted thematic indices cap score-1 stocks at the lower of 8% or five times liquidity weight, score-0.75 stocks at 6%, and score-0.5 stocks at 4%. |
| Large weight aggregate cap | Threshold (%): 4.5; Aggregate cap (%): 40, Threshold (%): 4.5; Aggregate cap (%): 45 | The cumulative weight of all constituents within the index which have a weight greater than 4.5% cannot exceed 40%.Open p.28 ↗ |
Multiple optimizers cap the aggregate weight of constituents whose weights exceed 4.5%, generally at 40% or 45% depending on the index. |
| Optimization objective | Minimize the sum over stocks of the squared difference between capped and uncapped weight divided by uncapped weight, subject to stated caps and cluster or aggregate constraints. | This is done by using an optimization procedure that chooses final weights in such a way to minimize the sum of the squared difference of capped weight and uncapped weight, divided by uncapped weight for each stock, subject to the following constraints:Open p.28 ↗ |
Constrained capping is performed with an optimizer minimizing squared capped-to-uncapped weight deviations scaled by uncapped weight. |
| Liquidity weight basis | Measure: 6M MDVT; Definition: median daily shares traded multiplied by daily closing price over six months before the reference date | Stock liquidity = 6M MDVT The 6M MDVT is calculated as the median of the number of shares traded each day multiplied by that day’s closing price over the six months prior to the relevant reference date.Open p.102 ↗ |
Liquidity weight is a stock's 6M MDVT divided by the sum across selected stocks, where 6M MDVT is the six-month median of daily shares traded multiplied by the daily closing price. |
| Daily capping triggers | Rank: 1; Trigger (%): 35; Reset (%): 33; Second trigger (%): 20, Rank: 2; Trigger (%): 20; Reset (%): 18 | Daily capping is only performed when either the largest index closing weight exceeds 35% (the index weight is then lowered to 33% which allows a 2% buffer) or the second largest constituent closing weight exceeds 20% (the index weight is then lowered to 18% which allows a 2% buffer).Open p.64 ↗ |
Certain capped indices apply daily caps when the largest closing weight exceeds 35% and is reset toward 33%, or when the second-largest exceeds 20% and is reset toward 18% or 19% depending on the index. |
| Daily capping effective timing | Changes are announced after close on the trigger business day and effective after the close of the next trading day. | When daily capping is necessary S&P DJI announces the changes in pro-forma files disseminated after the close of the business day on which the daily weight caps are exceeded with a reference date as of after the close of that same business day, and changes are effective after the close of the next trading day.Open p.86 ↗ |
When daily capping is triggered, pro-forma or announcements are released after the trigger-day close and changes become effective after the next trading day's close. |
| Equal weighting exception | Infrastructure indices with 10 or fewer eligible constituents are equal weighted, and a separate equal-weight index version equal weights all stocks. | If there are 10 or fewer eligible constituents across all clusters, the constituents are equal weighted.Open p.47 ↗ |
Some infrastructure indices equal-weight constituents when there are 10 or fewer eligible companies, and the dedicated equal-weight index always equal weights them. |
| Ev double weight tilt | Companies deriving at least 50% of aggregate revenue from EV-related L6 codes receive double their FMC weight before a 10% single-stock cap and proportional redistribution. | Double the FMC weight of each company deriving at least 50% of aggregate revenue from EV related L6 codes. Cap single stock weights at 10% of the total index weight.Open p.63 ↗ |
The Eurozone auto thematic index doubles the FMC weight of companies with at least 50% EV-related revenue and caps single stocks at 10%. |
| Weighting scheme | Factor tilted | At each rebalancing, constituents are weighted based on the product of each constituent’s FMC and exposure score, subject to the below constraints.Open p.28 ↗ |
The dominant thematic construction weights constituents by FMC or float-adjusted market capitalization multiplied by an exposure score, with optimized caps; some indices use plain FMC, equal weighting, parent-index scaling, or a double-weight tilt. |
| Free float factor | Method: Free float | At each rebalancing, constituents are weighted by float-adjusted market capitalization * exposure score, subject to company constraints.Open p.62 ↗ |
The documents use FMC, or float-adjusted market capitalization, for selection and weighting, but do not provide the IWF bands in the supplied sections. |
| Domestic inclusion factor | — | — (not found verbatim in the PDF) |
No domestic inclusion factor for domestic index variants is stated in the supplied sections. |
| Foreign ownership limit | — | — (not found verbatim in the PDF) |
No foreign-ownership-limit treatment is stated in the supplied sections. |
| Weight cap | 4.5% | At each rebalancing, constituents are weighted based on the product of each constituent’s FMC and exposure score, subject to a single constituent weight cap of 4.5%.Open p.27 ↗ |
Single-stock caps vary widely across the family, including 4.5%, 5%, 6%, 8%, 10%, 15%, and exposure-score-dependent caps, with 4.5% also used as the threshold for aggregate large-weight constraints. |
| Group cap | Top n: 5; Aggregate (%): 60 | The aggregate weight of the top five stocks cannot exceed 60%. Country weights cannot exceed 30%.Open p.79 ↗ |
The clearest top-constituent group cap limits the aggregate weight of the top five stocks to 60%; other indices constrain the aggregate weight of stocks above 4.5% rather than a ranked top-N group. |
| Sector cap (%) | 25% | a single company weight cap of 5%. a single cluster weight cap of 25%.Open p.83 ↗ |
Cluster or theme-group caps vary by index, including 25% per digital-power cluster, 45%/35%/20% natural-resource clusters, 20%/40%/40% infrastructure clusters, and 50% water or power sub-theme weights. |
| Country cap (%) | 30% | The aggregate weight of the top five stocks cannot exceed 60%. Country weights cannot exceed 30%.Open p.79 ↗ |
Country caps are not family-wide; one lithium index caps each country at 30%, and the Korea-tilted semiconductor index caps Korea-domiciled and non-Korea-domiciled aggregate weights at 20% and 80%. |
| Cap application timing | At review | At each rebalancing, constituents are weighted based on the product of each constituent’s FMC and exposure score, subject to the below constraints.Open p.28 ↗ |
Most caps are applied at each rebalancing or reconstitution through optimization, while selected capped indices also monitor and apply daily caps when trigger weights are breached. |
| 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 · 12 fields | |||
| Rescheduling authority | Index Committee | The Index Committee may change the date of a given rebalancing for reasons including market holidays occurring on or around the scheduled rebalancing date.Open p.97 ↗ |
The Index Committee may change a scheduled rebalancing date, including because of market holidays. |
| Ungc monitoring | UNGC compliance is monitored on a best-efforts basis until initial announcement of rebalancing results, and a company that ceases to qualify may be excluded at the Index Committee's discretion. | S&P Dow Jones Indices monitors UNGC compliance on best effort basis until the initial announcement of the rebalancing results.Open p.91 ↗ |
S&P Dow Jones Indices monitors UNGC compliance until the rebalancing-results announcement and may discretionarily exclude a company whose status changes before that announcement. |
| Quarterly business activities review | Months: January, April, July, October; Effective timing: after the close of the third Friday; Reference date: last business day of the previous month | Business Activities. Companies determined to be ineligible are removed from the index, effective after the close of the third Friday of January, April, July, and October.Open p.91 ↗ |
Business-activities reviews remove ineligible companies after the third Friday close in January, April, July, and October. |
| Quarterly ungc review | Months: March, June, September, December; Effective timing: after the close of the third Friday; Reference date: last business day of the previous month | UNGC. Companies determined to be ineligible are removed from the index, effective after the close of the third Friday of March, June, September, and December.Open p.91 ↗ |
UNGC reviews remove ineligible companies after the third Friday close in March, June, September, and December. |
| Review frequency | Continuous | Index rebalancings occur as detailed below, with the table in chronological order.Open p.88 ↗ |
The thematic index family uses index-specific rebalancing calendars, including semi-annual and annual reconstitutions plus quarterly reweightings or eligibility reviews, rather than one uniform family-wide frequency. |
| Review types | Semi annual review, Quarterly review, Annual review, Ad hoc | Annual index reconstitutions occur after the closing on the last business day of August.Open p.89 ↗ (not found verbatim in the PDF) |
The document provides for annual and semi-annual reconstitutions, quarterly reviews or reweightings, and discretionary maintenance in connection with eligibility changes. |
| Review months | January, February, March, April, May, June, July, August, September, October, November, December | Last business day of March, June, September, and DecemberOpen p.88 ↗ (not found verbatim in the PDF) |
Across the covered indices, scheduled reconstitutions, reweightings, or eligibility reviews can occur in every calendar month depending on the index. |
| Data cutoff rule | Index-specific reference dates are used; many reweights use pricing seven business days before effectiveness or a stated prior-month/previous-Friday reference date. | The pricing reference date used for reweighting is seven business days prior to the effective date.Open p.88 ↗ |
Each index has a specified reference date, and many schedules use a pricing reference date seven business days before the effective date. |
| Announcement rule | The Index Committee may reschedule a rebalancing for reasons such as market holidays, and any date change is announced with proper advance notice where possible. | Any such change will be announced with proper advance notice where possible.Open p.97 ↗ |
Changes to a scheduled rebalancing date are announced with proper advance notice where possible. |
| Effective date rule | Effective dates are index-specific and generally occur after the close on the stated last business day or third Friday of the scheduled month. | Scheduled changes generally become effective after the close on the index-specific last business day, third Friday, or other date listed in the rebalancing table. | |
| Rebalance frequency | index-specific; semi-annual or annual reconstitution with quarterly reweighting for several indices | In addition, the index reweights quarterly after the close on the third Friday of March, June, September, and December.Open p.89 ↗ (not found verbatim in the PDF) |
Several indices reconstitute semi-annually or annually and reweight quarterly, while other indices follow different index-specific schedules. |
| Weight reset frequency | At each scheduled rebalancing or reconstitution applicable to the relevant index. | At each rebalancing, for each cluster, constituents are FMC-weighted, subject to the following constraints.Open p.36 ↗ |
Constituent weights are reset at each index-specific rebalancing or at reconstitution, depending on the weighting rule. |
| M7 Buffers and turnover control · 2 fields | |||
| Target constituent count per cluster | 30 constituents | Select the 30 largest companies, as ranked by TMC, within each cluster, subject to the following selection buffer:Open p.36 ↗ |
Each precious-metals cluster targets 30 constituents after applying the selection buffer. |
| Buffer zone | Entry rank: 20; Exit rank: 40 | 1. Select all stocks ranked in the top 20.
2. Select current constituents ranked in the top 40 in order until the cluster constituent count reaches 30.Open p.36 ↗ |
For the precious-metals cluster selection, all stocks ranked in the top 20 are selected, while current constituents ranked through the top 40 may be retained until 30 constituents are chosen. |
| M8 Corporate actions, IPOs, ad-hoc changes · 11 fields | |||
| Spin off divisor treatment | No | All spin-offs are added to and remain in the indices until the subsequent No rebalancing after listing.Open p.92 ↗ |
Spin-off additions do not trigger a divisor adjustment under the stated general and commodity-producer treatment. |
| Deletion divisor treatment | Yes | Deletions due to delistings, acquisition or any other corporate event resulting in the deletion of the stock from the Index will cause the weights of the rest of the Yes stocks in the index to change. Relative weights will stay the same.Open p.92 ↗ |
Deletions caused by delisting, acquisition, or another corporate event receive a divisor adjustment so remaining relative weights stay the same. |
| Domicile change treatment | For the S&P U.S., Canada & Mexico Timber & Forestry Index, a constituent that changes domicile from an eligible market to an ineligible market is dropped. | If a constituent’s domicile changes from one of the eligible markets to an ineligible market, the constituent is dropped from the index.Open p.93 ↗ |
A timber and forestry constituent is dropped from the index if its domicile changes to an ineligible market. |
| Spin off classification inheritance | For the S&P U.S. Manufacturing Select Index, spin-offs inherit the parent company's RBICS Focus category and Group classification as of the prior reconstitution. | Spin-offs inherit the parent company's RBICS Focus category and Group classification as of the prior reconstitution.Open p.93 ↗ |
Manufacturing Select spin-offs inherit the parent's prior-reconstitution RBICS Focus category and Group classification. |
| Spin off removal window | 2 index calculation days | If the spin-off company is removed from the underlying index, the spin-off is removed from the S&P Commodity Producers Index within two index calculation days.Open p.93 ↗ |
For commodity producer indices, a spin-off removed from the underlying index is removed from the thematic index within two index calculation days. |
| Ad-hoc deletion | Delisting, Acquisition, Other | Deletions due to delistings, acquisition or any other corporate event resulting in the deletion of the stock from the Index will cause the weights of the rest of the Yes stocks in the index to change.Open p.92 ↗ |
Stocks are deleted between rebalancings for delistings, acquisitions, other corporate events causing removal from the index, or removal from an underlying index due to a corporate event or exchange designation. |
| Replacement policy | None | No constituent is added to the index as a result of any deletion that may take place. ChangesOpen p.91 ↗ |
No constituent is added as a result of deletions made in the quarterly eligibility reviews. |
| Merger spinoff rules | Spin-offs are generally added and retained until the subsequent rebalancing, with no divisor adjustment; for commodity producer indices, a spin-off is added at a zero price as of the close before the ex-date and evaluated at the next rebalancing, or removed within two index calculation days if removed from the underlying index. | All spin-offs are added to and remain in the indices until the subsequent No rebalancing after listing.Open p.92 ↗ |
Spin-offs receive temporary index inclusion until the next rebalancing, generally with no divisor adjustment, with special commodity-producer rules for zero-price addition and removal within two index calculation days when the spin-off leaves the underlying index. |
| Deletion price | Simultaneously with removal from the underlying index for specified commodity producer indices; no explicit deletion price is stated. | Stocks removed from an underlying index due to a corporate event or exchange designation are also removed from the respective S&P Thematic index simultaneously.Open p.93 ↗ |
Specified stocks are removed simultaneously when removed from an underlying index, but the document does not specify a deletion price. |
| Corporate actions guide ref | S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology | please refer to the Non-Market Capitalization Weighted Indices section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.92 ↗ |
Detailed corporate-action treatment is found in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology, with weighting-style-specific sections cited. |
| Share or float change threshold | Accelerated public offer minimum value USD: 150,000,000; Accelerated public offer minimum share percent: 5; Large event value USD: 1,000,000,000; Quarterly iwf share change percent: 5; Quarterly iwf absolute change points: 5 | At least US $150 million2, and b. At least 5%3 of the pre-event total shares.From S&P DJI Equity Indices Policies & Practices ↗ |
Accelerated public offerings generally require at least US$150 million and 5% of shares; events of at least US$1 billion may bypass the 5% share test, while quarterly IWF changes require a 5% share change and at least 5 points of IWF change. |
| M9 Calculation and return variants · 12 fields | |||
| FX rate source | WMR daily mid-market fixings at 4:00 PM London Time, based on LSEG data | 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 dataOpen p.93 ↗ |
WMR foreign exchange mid-market fixings are taken daily at 4:00 PM London Time and are based on LSEG data. |
| 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: currency, currency hedged, decrement, fair value, inverse, leveraged, and risk control versions.Open p.93 ↗ |
Additional versions may include currency, currency-hedged, decrement, fair value, inverse, leveraged, and risk-control series. |
| Formula type | Divisor | Each index calculate by means of the divisor methodology used in all S&P Dow Jones Indices equity indices.Open p.11 ↗ |
Each index is calculated using the divisor methodology used for all S&P Dow Jones Indices equity indices. |
| Calculation frequency | Daily | All index constituents are evaluated daily for data needed to calculate index levels and returns.Open p.97 ↗ |
Constituents are evaluated daily for data needed to calculate index levels and returns, and the indices calculate according to their calculation calendar. |
| 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 dividendsOpen p.95 ↗ |
The index return types include Price Return, Gross Total Return, and, where available, Net Total Return. |
| Withholding tax basis | applicable withholding taxes; tax rates are specified 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.95 ↗ |
Net Total Return versions reinvest regular cash dividends after deducting applicable withholding taxes, with tax rates set out in the Equity Indices Policies & Practices Methodology. |
| Dividend treatment | Price Return excludes regular cash dividends; Gross Total Return reinvests them at the close on the ex-date without withholding taxes; Net Total Return reinvests them at the close on the ex-date after 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.95 ↗ |
Regular cash dividends are excluded from Price Return and reinvested at the close on the ex-date in Gross Total Return and Net Total Return, the latter after withholding taxes. |
| Market disruption rule | Rules for unexpected exchange closures, calculations and pricing disruptions, expert judgment, and data hierarchy are contained in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. | For information on Unexpected Exchange Closures, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.97 ↗ |
The methodology refers market disruption and unexpected exchange closure treatment to the Equity Indices Policies & Practices Methodology. |
| Recalculation policy | The recalculation policy is contained in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. | For information on the recalculation policy, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.97 ↗ |
The document refers index recalculation rules to the Equity Indices Policies & Practices Methodology. |
| 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 · 14 fields | |||
| Committee meeting topics | pending corporate actions affecting constituents, statistics comparing index composition to the market, companies considered as addition candidates, significant market events, index policy revisions | the Index Committee may review pending corporate actions that may affect index constituents, statistics comparing the composition of the indices to the market, companies that are being considered as candidatesOpen p.96 ↗ |
At regular meetings, the Index Committee may review corporate actions, composition statistics, addition candidates, market events, and policy revisions. |
| Committee discussions confidential | Yes | Therefore, all Index Committee discussions are confidential.Open p.96 ↗ |
All Index Committee discussions are confidential because index-change information may be market moving and material. |
| Exception notice principle | Clients receive sufficient notice whenever possible when treatment differs from 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.96 ↗ |
When index treatment differs from the stated rules, clients receive sufficient notice whenever possible. |
| Pro forma index share price reference | 7 business days | Since index shares are assigned based on prices seven business days prior to the rebalancing effective dateOpen p.97 ↗ |
Index shares in pro-forma files are assigned based on prices seven business days before the rebalancing effective date. |
| Oversight body | S&P Dow Jones Indices Index Committee | An S&P Dow Jones Indices Index Committee maintains the indices. The Index Committee meets regularly.Open p.96 ↗ |
An S&P Dow Jones Indices Index Committee maintains the indices. |
| Discretion points | changes to or deviations from the methodology, exceptions to methodology application when the need arises, classification of regular cash dividends, review and possible removal of MSA-flagged constituents | 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.10 ↗ |
S&P Dow Jones Indices may change or deviate from the methodology, reserve exceptions to methodology rules, classify regular cash dividends, and review MSA-flagged constituents for removal. |
| Methodology review frequency | 1 times per 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 objectivesOpen p.96 ↗ |
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. | In certain instances, S&P Dow Jones Indices may publish a consultation inviting comments from external parties.Open p.96 ↗ |
External parties may be consulted through a published consultation in certain instances. |
| Material change definition | Information about changes to S&P Dow Jones Indices' indices and related matters is considered potentially market moving and material. | S&P Dow Jones Indices considers information about changes to its indices and related matters to be potentially market moving and material.Open p.96 ↗ |
S&P Dow Jones Indices treats information about index changes and related matters as potentially market moving and material. |
| Consultation procedure | 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.96 ↗ |
The stated consultation procedure is publication of a consultation inviting comments from external parties. |
| Error correction policy | Recalculation, Quality Assurance, and Internal Reviews of Methodology are governed by S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. | For information on the recalculation policy, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.97 ↗ |
The document refers error recalculation, quality assurance, and internal review policies to the Equity Indices Policies & Practices Methodology. |
| Change announcement | S&P Dow Jones Indices website, Index Corporate Events report (.SDE), pro-forma files, major quote vendors, investment-oriented websites, print and electronic media, SPICE | 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.97 ↗ |
Index information is published through the S&P DJI website, the .SDE corporate events report, pro-forma files, quote vendors, other websites, media, and SPICE. |
| Constituents published | Bool: Yes; Frequency: daily data; pro-forma constituent files each rebalance | Daily constituent and index level data are available via subscription.Open p.101 ↗ |
Daily constituent data is available, and S&P Dow Jones Indices provides pro-forma constituent files at each rebalance. |
| 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 · 33Model-written, for reference
- 1Family-level index code, ISIN, and single vendor ticker are not applicable or not stated because this is a multi-index family document.
- 2Calculation agent is not separately identified from S&P Dow Jones Indices.
- 3Family-level calculation currency is not stated because currencies vary by index and return series.
- 4Regulatory benchmark status is not stated.
- 5No family-level minimum free-float percentage, foreign room, voting rights, minimum share price, or financial profitability screen is stated.
- 6No general suspension rule or extreme-price screen is stated.
- 7Market classification and size segment are not defined uniformly at family level because constituent indices use different markets and thematic selection rules.
- 8No general explicit rule for breaking exact ties when securities have identical FMC, TMC, or composite ranking values is provided.
- 9No formal pre-ranked reserve list for ad-hoc replacements is stated.
- 10No Investable Weight Factor bands or free-float calculation bands are provided.
- 11No domestic inclusion factor is stated.
- 12No foreign ownership limit or foreign room treatment is stated.
- 13The source and update timing for shares outstanding are not specified.
- 14The divisor continuity mechanism for weight resets is not stated; only a reference to the separate Index Mathematics Methodology is provided.
- 15No family-wide IPO fast-entry or early-addition size threshold, timing rule, or excluded-board rule is stated.
- 16No explicit share or free-float change implementation threshold is stated.
- 17No explicit market price used when deleting a constituent is stated.
- 18No maximum turnover cap per review is stated for the thematic family.
- 19No liquidity-specific retention buffer for existing constituents is stated apart from the precious-metals rank buffer.
- 20No general family-wide size-segment buffer with semi-annual and quarterly lower and upper bounds is stated.
- 21The review schedule varies by index; the profile records family-level diversity and index-specific examples rather than a single universal calendar.
- 22No explicit price source such as last trade, closing auction, or reference price was stated.
- 23No published index-level precision or number of decimal places was stated.
- 24The provided sections did not enumerate the corporate events that trigger divisor adjustments.
- 25No fixed minimum notice period for methodology changes was stated; only sufficient notice whenever possible was provided.
- 26No index cessation or discontinuation policy was stated.
- 27The sections did not provide detailed error-correction or restatement rules, only a reference to the Equity Indices Policies & Practices Methodology.
- 28Availability of Net Total Return versions may vary by index and must be checked in the daily index levels file or regulatory database.
- 29The supplied index-specific text is truncated before the complete constituent-selection and constituent-weighting rules for the S&P Global Clean Energy Transition Index, so its exact ranking metric, exposure-score weighting, caps, and selection buffers could not be fully verified.
- 30No ISIN for the index is printed.
- 31No separate calculation agent is stated.
- 32No explicit benchmark regulatory status is stated in the supplied index-specific sections.
- 33The supplied business-involvement table is truncated, so the complete list of index-specific activity exclusions and thresholds is unavailable.
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