At a glance
- Review frequencyContinuous
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 9 fields | |||
| Return variants | Price return, Total return, Net total return | Index Return Type BBG RIC Price Return SPDAUDP .SPDAUDP S&P 500 Dividend Aristocrats Total Return SPDAUDT .SPDAUDT Net Total Return SPDAUDN .SPDAUDNOpen p.52 ↗ |
Headline indices in the family have price return, total return, and net total return ticker variants. |
| Constituent indices | S&P 500 Dividend Aristocrats, S&P 500 Dividend Aristocrats Monthly Index, S&P Emerging Plus High Yield Dividend Aristocrats Index, S&P Europe 350 Dividend Aristocrats Index, S&P Global Dividend Aristocrats Index, S&P Developed Dividend Aristocrats Index, S&P International Dividend Aristocrats Index, S&P Global Dividend Aristocrats Quality Income Index, S&P Developed Ex-Korea Dividend Aristocrats Quality Income Index, S&P International Developed Ex-North America & Korea Dividend Aristocrats FMC Weighted Index, S&P High Yield Dividend Aristocrats Index, S&P High Yield Dividend Aristocrats FMC Weighted Index, S&P Dividend Monarchs, S&P Sector-Neutral S&P High Yield Dividend Aristocrats, S&P 500 Sector-Neutral Dividend Aristocrats, S&P MidCap 400 Dividend Aristocrats, S&P SmallCap 600 Dividend Aristocrats, S&P Pan Asia Dividend Aristocrats, S&P/JPX Dividend Aristocrats Index, S&P Technology Dividend Aristocrats Index, S&P UK High Yield Dividend Aristocrats, S&P Euro High Yield Dividend Aristocrats, S&P World ex-Australia High Yield Dividend Aristocrats Select Index | S&P 500 Dividend Aristocrats 05/02/2005 12/29/1989 12/29/1989 100 S&P 500 Dividend Aristocrats Monthly Index 10/11/2021 12/29/1989 12/29/1989 100Open p.51 ↗ |
The document covers multiple regional, country, sector, market-cap, and strategy-specific Dividend Aristocrats indices. |
| Index name | S&P Dividend Aristocrats Indices | S&P Dividend Aristocrats IndicesOpen p.1 ↗ |
The official family name is the S&P Dividend Aristocrats Indices. |
| Administrator | S&P Dow Jones Indices | S&P 500 Dividend Aristocrats Index. The index measures the equal weighted performance of companies within the S&P 500Open p.5 ↗ |
The index family is administered by S&P Dow Jones Indices. |
| Index family | S&P Dividend Aristocrats Indices | The S&P Dividend Aristocrats® Indices measure the performance of companies within an underlying index universeOpen p.5 ↗ |
The methodology covers the S&P Dividend Aristocrats index family. |
| Methodology date | 2026-07 | July 2026Open p.1 ↗ |
The methodology document is dated July 2026. |
| Objective | The S&P Dividend Aristocrats® Indices measure the performance of companies within an underlying index universe that have followed a managed-dividends policy of consistently increasing and/or maintaining dividends for an index-specific number of years. | The S&P Dividend Aristocrats® Indices measure the performance of companies within an underlying index universe that have followed a managed-dividends policy of consistently increasing and/or maintaining dividends for an index-specific number of years.Open p.5 ↗ |
The indices measure companies in an underlying universe that have consistently increased or maintained dividends for an index-specific number of years. |
| Index family type | Dividend yield | that have followed a managed-dividends policy of consistently increasing and/or maintaining dividends for an index-specific number of years.Open p.5 ↗ |
The family is a dividend-yield-oriented strategy index family. |
| Factor exposures | Yield | S&P Global Dividend Aristocrats Index. The index measures the performance of 100 of the highest dividend yielding companies within the S&P Global Broad Market Index (BMI)Open p.5 ↗ |
The family provides exposure to dividend yield through managed-dividend policy screens. |
| M2 Universe · 7 fields | |||
| Listing venue rule | local listings generally required; India has special developed-listing or depositary-receipt conditions; Hong Kong-listed shares may be eligible when included in the relevant underlying index. | Listing Venues: must be local listings. However, companies domiciled in India will have their local listing included in the index only if they have an ADR or GDR listing trading in a developed market meeting liquidity requirements.Open p.13 ↗ |
Eligible securities generally must be local listings, with special rules for India and Hong Kong-listed shares. |
| Multiple share class rule | Each company is represented once by the S&P DJI designated listing. | Each company is represented once by a designated listing. In the event multiple lines meet the eligibility criteria and have similar dividend yields, the S&P DJI Designated Listing is selected.Open p.38 ↗ |
Each company is represented once, and multiple eligible lines are resolved using the S&P DJI designated listing. |
| Markets | United States, emerging markets, Europe, global developed and emerging markets, developed markets, non-U.S. global markets, developed markets excluding South Korea, EPAC excluding Korea and North America, Pan Asia, Japan, United Kingdom, Eurozone, developed markets excluding Australia and South Korea | S&P Emerging Plus High Yield Dividend Aristocrats Index. The index measures the performance of high dividend yielding companies within the S&P Emerging Plus LargeMidCapOpen p.5 ↗ |
The family covers several U.S., global, developed, emerging, European, Pan-Asian, Japanese, U.K., and Eurozone market scopes depending on the constituent index. |
| Exchanges | London Stock Exchange, Eurozone domiciled exchanges, Tokyo Stock Exchange | Listing and Currency: must trade on the London Stock Exchange in British pounds.Open p.33 ↗ |
Certain indices require the London Stock Exchange, a Eurozone-domiciled exchange, or TOPIX-listed Tokyo Stock Exchange securities. |
| Security types | Common | Stock Class: must be common and ordinary shares. Preferred stocks and preference shares are not eligible.Open p.13 ↗ |
Several indices require common and ordinary shares and exclude preferred or preference shares. |
| Parent universe index | S&P 500, S&P Emerging Plus LargeMidCap, S&P Europe 350, S&P Global BMI, S&P Developed BMI, S&P Global Dividend Aristocrats Index, S&P EPAC Ex-Korea BMI, S&P Composite 1500, S&P MidCap 400, S&P SmallCap 600, S&P Pan Asia BMI, TOPIX, S&P TMI, S&P United Kingdom BMI, S&P Europe BMI | Index Universe. The index universe is the S&P 500.Open p.9 ↗ |
Each constituent index draws its universe from an index-specific underlying benchmark, such as the S&P 500, S&P Global BMI, S&P Composite 1500, TOPIX, or a regional BMI. |
| Exclusions | preferred stocks, preference shares, mainland China listed stocks, China A-shares | Preferred stocks and preference shares are ineligible. Listing Venues: must be local listings, except for companies domiciled in India, for which only developed listings are eligible. All mainland China listed stocks, including China A-shares, are excluded from the index.Open p.11 ↗ |
Preferred and preference shares are ineligible in several indices, and multiple global or regional indices exclude mainland China listed stocks, including China A-shares. |
| M3 Eligibility screens · 11 fields | |||
| Dividend history requirements | Minimum years: 25; Rule: increased dividends; Indices: S&P 500 Dividend Aristocrats, S&P 500 Dividend Aristocrats Monthly, Minimum years: 5; Rule: increased or maintained stable dividends; Indices: S&P Emerging Plus High Yield Dividend Aristocrats, Minimum years: 10; Rule: increased dividends; Indices: S&P Europe 350 Dividend Aristocrats, Minimum years: 10; Rule: increased or maintained stable dividends; Indices: S&P Global Dividend Aristocrats, S&P Developed Dividend Aristocrats, Quality Income and related FMC indices, S&P/JPX Dividend Aristocrats, S&P Euro High Yield Dividend Aristocrats, S&P World ex-Australia High Yield Dividend Aristocrats Select, Minimum years: 20; Rule: increased dividends; Indices: S&P High Yield Dividend Aristocrats, S&P High Yield Dividend Aristocrats FMC Weighted, Minimum years: 50; Rule: increased dividends every year; Indices: S&P Dividend Monarchs, Minimum years: 7; Rule: increased or maintained dividends; Indices: S&P Sector-Neutral High Yield Dividend Aristocrats, S&P Pan Asia Dividend Aristocrats, S&P Technology Dividend Aristocrats, S&P UK High Yield Dividend Aristocrats, Minimum years: 15; Rule: increased or maintained dividends; Indices: S&P 500 Sector-Neutral Dividend Aristocrats, S&P MidCap 400 Dividend Aristocrats, Minimum years: 10; Rule: increased dividends; Indices: S&P SmallCap 600 Dividend Aristocrats | Dividend Growth: must have an increased total dividend per share amount every year for at least 25 consecutive years.Open p.9 ↗ |
The required dividend-growth history varies by index from five to fifty years. |
| Dividend payment types | Only regular cash dividends are considered; special and recurring special cash dividends are excluded, and amounts are annualized before withholding tax. | S&P Dow Jones Indices only considers cash dividend payments declared as regular by the paying company for index eligibility, selection, and weighting purposes. Cash dividend payments declared as special by the paying company, including recurring special cash dividends, are not considered.Open p.38 ↗ |
Eligibility, selection, and weighting use annualized regular cash dividends before withholding tax, excluding special dividends. |
| Dividend analysis basis | Calendar years and ex-dates are generally used; some maintenance analyses use the last 12 months. | Calendar years, rather than company fiscal years, and ex-dates are used for the dividend analysis.Open p.38 ↗ |
Dividend analysis uses calendar years and ex-dates, or last-12-months data for some index rules. |
| EPS basis | Basic EPS excluding or before extraordinary items, based on the last 12 months. | S&P Dow Jones Indices only considers Basic EPS, excluding/before Extraordinary Items, for index eligibility and selection purposes. EPS data is based on LTM, which is the sum of the last four quarters.Open p.39 ↗ |
Payout analysis uses Basic EPS before extraordinary items, based on trailing 12-month data. |
| Payout ratio formula | annual dividends per share divided by annual earnings per share using last-12-month data | The dividend payout ratio is calculated as the annual Dividend Per Share divided by the annual Earnings Per Share (EPS), using data from the last 12 months as of the rebalancing reference date.Open p.39 ↗ |
The payout ratio is annual dividends per share divided by annual EPS using data from the last 12 months. |
| Dividend initiation rule | A dividend initiation or re-initiation does not count as a dividend increase. | A dividend initiation or re-initiation does not count as a dividend increase. The initial calendar year may include payment of all four quarterly dividends, or only one, two or three quarterly payments.Open p.38 ↗ |
New or restarted dividend programs do not count as a dividend increase. |
| Quality screens | Return on equity: Positive; Cash flow from operations: positive, except Financials GICS sector exempt; Data window: last 12 months as of rebalancing reference date | Return on Equity (ROE): must have positive ROE, where:Open p.17 ↗ |
The Quality Income index requires positive ROE and positive operating cash flow, with Financials exempt from the cash-flow requirement. |
| Minimum constituent relaxation | If too few stocks qualify, dividend-growth and sometimes market-capitalization criteria are relaxed according to index-specific procedures. | If fewer than 40 stocks are eligible, the index relaxes the dividend growth eligibility factor according to the following processOpen p.9 ↗ |
Several indices relax dividend growth or market-cap thresholds to meet minimum constituent counts. |
| Minimum size | Metric: Float adjusted market cap; Threshold: 3,000,000,000; Currency: USD; Applies to: S&P 500 Dividend Aristocrats and S&P Europe 350 Dividend Aristocrats, Metric: Float adjusted market cap; Threshold: 1,000,000,000; Currency: USD; Applies to: Global, Developed, Quality Income, Pan Asia, U.K., Euro, and World ex-Australia high-yield indices, Metric: Float adjusted market cap; Threshold: 2,000,000,000; Currency: USD; Applies to: S&P High Yield Dividend Aristocrats, FMC Weighted, Dividend Monarchs, and Sector-Neutral High Yield, Metric: Float adjusted market cap; Threshold: 50,000,000,000; Currency: JPY; Applies to: S&P/JPX Dividend Aristocrats | Market Capitalization: must have an FMC of at least US$ 3 billion.Open p.9 ↗ |
Eligibility uses index-specific minimum float-adjusted market capitalization thresholds, commonly US$1 billion, US$2 billion, US$3 billion, or JPY50 billion. |
| Financial screens | dividend growth or stable-dividend history, non-negative payout ratio, maximum 100% payout ratio for new additions in certain indices, maximum indicated or trailing dividend yield of 10% in certain indices, positive return on equity, positive cash flow from operations | Return on Equity (ROE): must have positive ROE, where:Open p.17 ↗ |
Eligibility includes index-specific dividend history, payout-ratio sustainability, maximum dividend yield, and in the Quality Income index positive ROE and operating cash flow screens. |
| Business or ESG exclusions | companies with potentially unsustainable dividends based on payout ratio or maximum dividend yield screens | The cap aims to exclude companies whose dividends may not be sustainable over time, as well as companies whose stock prices have deteriorated rapidly.Open p.11 ↗ |
High payout or very high indicated yield may exclude companies whose future dividends are considered potentially less sustainable. |
| M5 Weighting and capping · 9 fields | |||
| Reweighting schedules | The document provides monthly, quarterly, and semi-annual reweighting schedules by individual S&P Dividend Aristocrats index, but the supplied section does not state the underlying weighting scheme or caps. | In addition to the annual reconstitution, the following indices reweight according to the schedules and approaches listed below to ensure that weights are within constraints as dictated by the constituent weighting criteria.Open p.40 ↗ |
Reweighting frequency and effective/reference dates vary by index and are specified in the reweighting table. |
| Reweighting approaches | realign weights by redistributing excess weight among other stocks based only on current constituent weights, fully reweight as of the reference date, no reweight | A. If, as of the reference date, weights require realignment, the index redistributes the excess weight among other stocks based only on current constituent weights.Open p.40 ↗ |
Reweighting approach A redistributes excess weight among current constituents, B fully reweights as of the reference date, and C means no reweight. |
| Sp500 dividend aristocrats reweighting | Frequency: Monthly; Effective date: after the close of the last business day of each month; Reference date: seven business days prior to the last business day of the reweighting month; Approach: B | S&P 500 Dividend Aristocrats Monthly Index. After the close of the last business day of each month. Seven business days prior to the last business day of the re-weighting month. BOpen p.40 ↗ (not found verbatim in the PDF) |
The S&P 500 Dividend Aristocrats Monthly Index is reweighted monthly using approach B, effective after the last business day of each month with a reference date seven business days earlier. |
| US quarterly reweighting indices | S&P 500 Dividend Aristocrats Index, S&P High Yield Dividend Aristocrats Index, S&P MidCap 400 Dividend Aristocrats Index, S&P SmallCap 600 Dividend Aristocrats Index, S&P Sector-Neutral High Yield Dividend Aristocrats Index, S&P 500 Sector-Neutral Dividend Aristocrats Index, S&P Dividend Monarchs Index | After the close of the last business day of January, April, July, and October. Seven business days prior to the last business day of the re-weighting month.Open p.40 ↗ (not found verbatim in the PDF) |
The listed U.S. Dividend Aristocrats indices use approach B and reweight quarterly after the last business day of January, April, July, and October. |
| Europe quarterly reweighting | Index: S&P Europe 350 Dividend Aristocrats Index; Frequency: Quarterly; Effective months: January, April, July, October; Approach: B | S&P Europe 350 Dividend Aristocrats Index Quarterly After the close of the last business day of January, April, July, and October. Seven business days prior to the last business day of the rebalancing month BOpen p.40 ↗ (not found verbatim in the PDF) |
The S&P Europe 350 Dividend Aristocrats Index fully reweights quarterly in January, April, July, and October. |
| Semi annual reweighting indices | S&P Global Dividend Aristocrats Index, S&P Global Dividend Aristocrats Quality Income Index, S&P International Developed Ex-North America & Korea Dividend Aristocrats FMC Weighted Index, S&P International Dividend Aristocrats Index, S&P World ex-Australia High Yield Dividend Aristocrats Select Index, S&P Pan Asia Dividend Aristocrats Index, S&P/JPX Dividend Aristocrats Index | Several global, international, Pan Asia, and Japan indices reweight semi-annually, using approach A or B depending on the index. | |
| 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 · 10 fields | |||
| Monthly dividend review reference | S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology, Monthly Review for Ongoing Eligibility in Dividend Focused Indices, Approaches A and C | For more information regarding the monthly dividend review, please refer to Approach A and C in the Monthly Review for Ongoing Eligibility in Dividend Focused Indices section of the S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.41 ↗ |
Monthly dividend review details refer to Approaches A and C in the Monthly Review for Ongoing Eligibility in Dividend Focused Indices section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology. |
| Rebalancing date change rule | The Index Committee may change a rebalancing date, including for market holidays. | 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.47 ↗ |
The Index Committee may change a scheduled rebalancing date for reasons such as market holidays occurring on or around that date. |
| Review frequency | Continuous | The indices reconstitute annually, according to the following schedules.Open p.40 ↗ |
The indices have an annual reconstitution and constituents are also reviewed monthly for ongoing eligibility. |
| Review types | Annual review, Ad hoc | The indices reconstitute annually, according to the following schedules.Open p.40 ↗ |
The indices follow an annual reconstitution, with ad hoc maintenance through monthly dividend reviews and corporate-event deletions. |
| Review months | January, March, June, July | S&P Euro High Yield Dividend Aristocrats After the close of the Two business days prior to After the close on the Index last business day of the second Friday of the third Friday of June.Open p.40 ↗ |
Annual reconstitution effective months vary by index, including January for most indices, March for the S&P Euro High Yield Dividend Aristocrats Index, June for the S&P UK High Yield Dividend Aristocrats Index, and July for the S&P/JPX Dividend Aristocrats Index. |
| Data cutoff rule | Data reference date is generally after the close of the last business day in January, with S&P weighting reference dates generally after the close of the last business day of December and index-specific exceptions. | After the close of the After the close of the Seven business days prior to S&P High Yield Dividend Aristocrats FMC last business day in last business day of rebalancing effective Weighted Index January. December. date.Open p.40 ↗ (not found verbatim in the PDF) |
Annual reconstitution uses index-specific data reference and S&P weighting reference dates, generally the last business day in January and the last business day of December, respectively. |
| Announcement rule | Monthly dividend review replacement shares are set using close prices from the day prior to the respective monthly dividend review changes announcement; rebalancing date changes are announced with proper advance notice where possible. | The index shares for the replacement company are determined using the weight of the monthly dividend review removal and set using close prices from the day prior to the respective monthly dividend review changes announcement.Open p.42 ↗ |
Monthly replacement share quantities reference prices on the day before the change announcement, and rebalancing date changes are announced in advance where possible. |
| Effective date rule | Annual changes generally take effect after the close of the last business day of the rebalancing month, with index-specific timing such as the third Friday of June for the S&P Euro High Yield Dividend Aristocrats Index and the second Friday of the reconstitution month for the S&P UK High Yield Dividend Aristocrats Index. | After the close of the After the close of the Five business days prior to S&P SmallCap 600 Dividend Aristocrats Index last business day in last business day of the last business day of the January.Open p.40 ↗ |
Annual reconstitution effective dates follow index-specific schedules, generally after the close of the last business day of the rebalancing month with specified exceptions for European indices. |
| Rebalance frequency | Annual | The indices reconstitute annually, according to the following schedules.Open p.40 ↗ |
The indices reconstitute and rebalance annually according to the stated schedules. |
| Weight reset frequency | Quarterly | For yield-weighted indices, if the spin-off does not announce its official dividend payment by the reference date of the subsequent quarterly rebalancing, the spin-off uses the parent company’s additional weight factor.Open p.43 ↗ |
The spin-off rules refer to a subsequent quarterly rebalancing, indicating at least some yield-weighted index weights or factors are reset quarterly. |
| M8 Corporate actions, IPOs, ad-hoc changes · 10 fields | |||
| Underlying universe removals | For specified indices, stocks removed from the underlying universe are removed simultaneously from the dividend aristocrats index. | For the S&P 500 Dividend Aristocrats Index, S&P 500 Dividend Aristocrats Monthly Index, S&P Dividend Monarchs, S&P Europe 350 Dividend Aristocrats IndexOpen p.43 ↗ |
For several named indices, removal from the underlying universe causes simultaneous removal from the dividend aristocrats index. |
| Spinoff dividend history treatment | The parent's yearly dividend increase history is assigned to both parent and spin-off; dividends are combined for up to two full calendar-year cycles and adjusted by the spin-off ratio. | For spin-offs in all indices, the yearly dividend increase history of the parent company is assigned to both the parent and spun-off company before the spin-off effective date.Open p.43 ↗ |
Before a spin-off effective date, the parent's annual dividend-increase history applies to both companies, and their dividends are combined and spin-off-ratio adjusted until two full calendar-year cycles are available. |
| Monthly dividend replacement count rule | For the S&P UK High Yield Dividend Index, monthly review replacements occur only when the constituent count stands at 40 or falls below 30. | S&P UK High Yield Dividend Index. Stock replacements for constituents removed during the monthly dividend review are only made when the constituent count stands at 40 or falls below 30.Open p.42 ↗ |
The S&P UK High Yield Dividend Index replaces monthly-review removals only if the constituent count is 40 or falls below 30. |
| Fast entry | Timing: No additions are made between rebalancings, except that spin-offs are added on the ex-date | With the exception of spin-offs, no additions are made to the indices between rebalancings.Open p.43 ↗ |
There is no IPO fast-entry rule; apart from spin-offs added on the ex-date, no additions are made between rebalancings. |
| Ad-hoc deletion | Delisting, Prolonged suspension, Acquisition, Bankruptcy, Other | Between rebalancings, a stock can be deleted from an index due to corporate events such as mergers, takeovers, delistings, suspensions, spin-offs/demergers, or bankruptcies. Stocks may also be deleted as a result of the Monthly Dividend Process.Open p.43 ↗ |
Stocks may be deleted between rebalancings for mergers, takeovers, delistings, suspensions, spin-offs or demergers, bankruptcies, or the Monthly Dividend Process. |
| Replacement policy | Next review | With the exception of spin-offs, no additions are made to the indices between rebalancings.Open p.43 ↗ |
Corporate-event removals generally are not replaced between rebalancings, while monthly dividend review removals are replaced simultaneously by the highest-ranking eligible non-constituent for specified indices. |
| Merger spinoff rules | Spin-offs are added on the ex-date; parent and spin-off remain until the next rebalancing if retained in the underlying index and committed to a consistent dividend policy, while non-qualifying spin-offs are removed after the first day of regular-way trading; merger and acquisition dividend histories may be retained at S&P Dow Jones Indices' discretion. | Spin-offs are added to the index on the ex-date. If the spin-off remains in the underlying index, both the parent company and spin-off remain in the index until the next index rebalancingOpen p.43 ↗ |
Spin-offs receive the parent's dividend history before the effective date and are retained or removed based on underlying-index membership and dividend-policy indications; S&P Dow Jones Indices may preserve predecessor dividend history for merger-created entities. |
| Deletion price | When no achievable market price exists, a stock may be removed at a zero or minimal price at the Index Committee's discretion. | In cases where there is no achievable market price for a stock being deleted, it can be removed at a zero or minimal price at the Index Committee’s discretionOpen p.44 ↗ |
A deleted stock without an achievable market price may be removed at zero or a minimal price at the Index Committee's discretion. |
| Corporate actions guide ref | S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology | For more information on Corporate Actions, please refer to S&P Europe 350 Dividend Aristocrats Index the Equal Weighted Indices section within S&P Dow JonesOpen p.43 ↗ |
Corporate-action treatment refers to S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology, specifically the Equal Weighted Indices or Non-Market Capitalization Indices sections depending on the index. |
| 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 | |||
| Exchange rate source | Underlying local-currency prices are converted using real-time spot exchange rates from an established market information vendor, with specified WMR, LSEG, Refinitiv, or Bank of Tokyo Mitsubishi rates for certain indices. | Underlying local currency prices are collected and are converted to index currency using real-time spot exchange rates sourced from an established market information vendor.Open p.50 ↗ |
Local-curity prices are converted to index currency using specified spot or fixing foreign-exchange rates, depending on the index. |
| 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.50 ↗ |
Additional versions may include currency, currency-hedged, decrement, fair-value, inverse, leveraged, and risk-control series. |
| Formula type | Divisor | The indices are calculated by means of the divisor methodology used for most S&P Dow Jones Indices’ equity indices.Open p.38 ↗ |
The indices are calculated using S&P Dow Jones Indices' divisor methodology. |
| Calculation frequency | daily; real-time intraday for certain indices | Except for the S&P Technology Dividend Aristocrats Index (TTM) (JPY), the indices calculate daily, throughout the calendar year.Open p.47 ↗ |
The indices generally calculate daily, and real-time intraday calculations are executed for certain indices while their primary exchanges are open. |
| Return variants | PR, GTR, NTR | Price Return (PR) versions are calculated without adjustments for regular cash dividends. Gross Total Return (TR) versions reinvest regular cash dividends at the close on the ex-date without consideration for withholding taxes.Open p.45 ↗ |
S&P Dow Jones Indices calculates Price Return, Gross Total Return, and Net Total Return versions where available. |
| Withholding tax basis | applicable withholding taxes; rates 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.45 ↗ |
Net Total Return versions deduct applicable withholding taxes, with tax rates set out in the Equity Indices Policies & Practices Methodology. |
| Dividend treatment | PR excludes regular cash dividends; GTR reinvests them at the close on the ex-date before withholding tax; NTR reinvests them after applicable withholding tax | S&P Dow Jones Indices calculates multiple return types which vary based on the treatment of regular cash dividends. The classification of regular cash dividends is determined by S&P Dow Jones Indices.Open p.45 ↗ |
Price Return versions exclude regular cash dividends, while gross and net total return versions reinvest regular cash dividends at the close on the ex-date, with net versions deducting withholding tax. |
| Market disruption rule | Refer to S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology; no calculation occurs when all constituent exchanges are officially closed or when WMR exchange rates are not published. | The only days an index does not calculate or files do not distribute are on days when all exchanges where an index’s constituents are listed are officially closed or if WMR’s exchange rates services are not published.Open p.47 ↗ |
The methodology refers disruption treatment to the Equity Indices Policies & Practices Methodology, and indices do not calculate when all relevant exchanges are closed or required WMR rates are unavailable. |
| Recalculation policy | Recalculation policy is provided in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology; real-time indices are not restated. | For information on the recalculation policy, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.47 ↗ |
The document refers the general recalculation policy to the Equity Indices Policies & Practices Methodology 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 · 14 fields | |||
| Committee meeting topics | pending corporate actions, composition statistics, candidate companies, significant market events, index policy revisions | At each meeting, 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 candidates for addition to an index, and any significant market events.Open p.46 ↗ |
The Index Committee reviews corporate actions, index composition statistics, candidate companies, significant market events, and possible index policy revisions. |
| Confidentiality | Index Committee discussions are confidential because index changes and related matters may be 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. Therefore, all Index Committee discussions are confidential.Open p.46 ↗ |
Index Committee discussions are treated as confidential and potentially market moving. |
| Quality assurance reference | Quality Assurance and Internal Reviews of Methodology are covered in S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. | For information on Quality Assurance and Internal Reviews of Methodology, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.46 ↗ |
Quality assurance and internal methodology reviews are referred to the Equity Indices Policies & Practices Methodology. |
| Oversight body | S&P Dow Jones Indices Index Committee | An S&P Dow Jones Indices Index Committee maintains the indices. All committee members are full-time professional members of S&P Dow Jones Indices’ staff.Open p.46 ↗ |
An S&P Dow Jones Indices Index Committee maintains the indices. |
| Discretion points | changes or deviations from methodology, exceptions to methodology application, classification of regular cash dividends | 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.8 ↗ |
S&P Dow Jones Indices may use discretion for methodology changes or deviations, exceptions to stated rules, and classification of regular cash dividends. |
| Methodology review frequency | at least once every 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 objectivesOpen p.46 ↗ |
The Index Committee reviews the methodology at least once within any 12-month period. |
| External review | S&P Dow Jones Indices may publish consultations 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.46 ↗ |
External consultation may be used in certain instances when S&P Dow Jones Indices publishes a consultation for comments. |
| Notice period | — | In any scenario where the treatment differs from the general rules stated in this document or supplemental documents, clients will receive sufficient notice, whenever possible.Open p.46 ↗ |
Clients receive sufficient notice of nonstandard treatment whenever possible, but no fixed notice period is stated. |
| Change announcement | S&P Dow Jones Indices website, Index Corporate Events report, Email, major quote vendors, investment-oriented websites, print and electronic media, subscription data | 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.47 ↗ |
Index information is disclosed through the S&P DJI website, corporate events reports, email for unusual treatments, quote vendors, other websites and media, and subscription data. |
| Constituents published | Bool: Yes; Frequency: daily constituent data by subscription; pro-forma constituent files at each reconstitution and daily in specified weight-cap breach cases | S&P Dow Jones Indices provides constituent pro-forma files each time the indices are reconstituted.Open p.47 ↗ |
Constituents are published through daily subscription data and pro-forma files at reconstitutions, with daily pro-forma files only in specified weight-cap breach situations. |
| 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. |
| Consultation procedure | S&P DJI informs users and stakeholders of the proposal, rationale and timing; provides a feedback period, generally one calendar month; considers feedback before final committee review; may request clarifications; may shorten or extend the period; gathers feedback for the Index Committee; and aims to announce results within 30 calendar days after consultation closes. | As part of a methodology change consultation, S&P DJI: takes reasonable steps to inform users and other stakeholders of the proposed changes, the rationale for the methodology change, and the proposed timing.From S&P DJI Index Governance Policies ↗ |
Public consultations state the proposal, rationale and timing, accept feedback during an announced period generally lasting one calendar month, allow committee consideration and clarifications, and result in an announcement aimed to occur within 30 calendar days after closing. |
| Error correction policy | Errors involving closing prices, corporate actions, calculations, data entry, or methodology application may be corrected; events discovered within two trading days are generally recalculated, and later events are referred to the Index Committee. | If one of the following recalculation events is discovered within two trading days of the event’s occurrence, the index is generally recalculated.From S&P DJI Equity Indices Policies & Practices ↗ |
S&P DJI generally corrects errors discovered within two trading days and uses Index Committee discretion for errors discovered after that period. |
| 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 · 24Model-written, for reference
- 1No single index code, ISIN, base date, base value, launch date, currency, parent index, size segment, or market classification applies to the whole multi-index family; these are index-specific and require individual index profiles.
- 2The family profile does not state a benchmark regulatory status such as regulated, significant, or non-significant.
- 3No explicit minimum trading history or IPO seasoning rule is provided separately from the index-specific multiyear dividend-history requirements.
- 4No free-float percentage, foreign ownership limit, foreign room, voting-rights, minimum share price, suspension, or abnormal price-rise screen is stated for the family.
- 5Bloomberg and Refinitiv tickers are listed in Appendix C, but the appendix text provided does not include S&P DJI index codes or ISINs.
- 6Selection method, ranking metrics, target constituent count, tie-breaking, industry neutrality, and reserve-list rules are not stated in the weighting and capping section.
- 7Weighting scheme is not explicitly identified in the weighting and capping section; only reweighting approaches and schedules are provided.
- 8Free float factor, domestic inclusion factor, and foreign ownership treatment are not stated in the weighting and capping section.
- 9Single-issuer, group, sector, and country caps and their numerical limits are not stated in the weighting and capping section.
- 10Cap application timing, shares outstanding source, and divisor adjustment rules are not stated in the weighting and capping section.
- 11No rank buffer, size-segment buffer, existing-constituent liquidity buffer, or maximum turnover cap is stated.
- 12The supplied sections do not provide a numerical share or free-float change implementation threshold.
- 13The general rebalance announcement lead time is described only as proper advance notice where possible, without a fixed number of days.
- 14The supplied sections do not state a deletion price for securities with an achievable market price; only zero or minimal price treatment for untradeable deleted stocks is provided.
- 15The document does not specify the price source or pricing convention, such as last trade, closing auction, or reference price when no trade occurs.
- 16The document does not state the number of decimal places used for published index levels.
- 17The document does not enumerate the events that trigger divisor adjustments.
- 18The document does not define material change for methodology-change purposes beyond stating that index-change information is potentially market moving and material.
- 19The document does not describe a fixed consultation procedure or a quantified notice period.
- 20The document does not provide a specific error-correction or restatement policy and instead refers to the Equity Indices Policies & Practices Methodology.
- 21The document does not state an index cessation or discontinuation policy.
- 22The document does not identify which specific indices have real-time calculations.
- 23Not coveredM4 Selection and constituent count: not covered by this edition
- 24Not coveredM7 Buffers and turnover control: not covered by this edition
Read by a language model (doubao-seed-2.1-pro) on 2026-10-03 · prompt 1.2 · schema 1 · 77 of 82 quotes found word for word in the PDF · includes general rules: Equity Indices Policies & Practices v2026.08, Index Mathematics v2026.09, Float Adjustment v2026.09, Index Governance Policies v2026.05
This profile was written by a language model from the provider's text and may be wrong; the provider's document prevails.
Pick a file to view it here.
First edition on record; nothing to compare yet.
No change records for this index yet.