Also known as: SPUDIGUP Index (Bloomberg) · SPUDIGUP (S&P DJI code)
At a glance
- Weighting schemeCapped market cap
- Review frequencyAnnual
- Constituent count75
- Single cap4
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 13 fields | |||
| Single constituent weight cap | 4% | Constituents are float-adjusted market capitalization (FMC) weighted, subject to a single constituent weight cap of 4%.Open p.4 ↗ |
Constituents are float-adjusted market-capitalization weighted, subject to a 4% single-constituent weight cap. |
| Highest yield exclusion | 25% | with the top 25% highest yield ranked eligible companies from the index universe excluded from index inclusion.Open p.4 ↗ |
The top 25% highest-yielding ranked eligible companies are excluded. |
| Index name | S&P U.S. Dividend Growers Index, S&P Global Ex-U.S. Dividend Growers Index, S&P International Developed Dividend Growers Index, S&P Developed Ex-North America Dividend Growers Index | The index series includes the following: S&P U.S. Dividend Growers Index S&P Global Ex-U.S. Dividend Growers Index S&P International Developed Dividend Growers Index S&P Developed Ex-North America Dividend Growers IndexOpen p.4 ↗ |
The document covers the four indices in the S&P Dividend Growers Index Series. |
| Administrator | S&P Dow Jones Indices | In situations where a dividend payment deviates from the company's standard dividend payment cycle, S&P DJI will, at its discretion, allocate payments to the appropriate year in order to take a full cycle into account.Open p.5 ↗ |
S&P Dow Jones Indices is the index provider and administrator referenced in the methodology. |
| Index family | S&P Dividend Growers Index Series | S&P Dividend Growers Index SeriesOpen p.1 ↗ |
The indices belong to the S&P Dividend Growers Index Series. |
| Launch date | Index name: S&P U.S. Dividend Growers Index; Launch date: 2021-06-01, Index name: S&P Global Ex-U.S. Dividend Growers Index; Launch date: 2021-06-01, Index name: S&P International Developed Dividend Growers; Launch date: 2023-08-14, Index name: S&P Developed Ex-North America Dividend Growers Index; Launch date: 2025-11-03 | S&P U.S Dividend Growers Index 06/01/2021 03/17/2006 03/17/2006 1000 S&P Global Ex-U.S. Dividend Growers Index 06/01/2021 03/17/2006 03/17/2006 1000Open p.10 ↗ |
Launch dates are listed for each index in the series. |
| Base date | Index name: S&P U.S. Dividend Growers Index; Base date: 2006-03-17, Index name: S&P Global Ex-U.S. Dividend Growers Index; Base date: 2006-03-17, Index name: S&P International Developed Dividend Growers; Base date: 2006-03-17, Index name: S&P Developed Ex-North America Dividend Growers Index; Base date: 2006-03-17 | S&P U.S Dividend Growers Index 06/01/2021 03/17/2006 03/17/2006 1000 S&P Global Ex-U.S. Dividend Growers Index 06/01/2021 03/17/2006 03/17/2006 1000Open p.10 ↗ |
Each index has a base date of March 17, 2006. |
| Base value | 1,000 | S&P International Developed Dividend 08/14/2023 03/17/2006 03/17/2006 1000 Growers S&P Developed Ex-North America Dividend 11/03/2025 03/17/2006 03/17/2006 1000 Growers IndexOpen p.10 ↗ |
Each index has a base value of 1000. |
| Methodology date | 2026-05 | May 2026Open p.1 ↗ |
The methodology is dated May 2026. |
| Objective | The S&P Dividend Growers Index Series measures the performance of companies that have followed a policy of consistently increasing dividends every year for a specified number of years. | The S&P Dividend Growers Index Series measures the performance of companies that have followed a policy of consistently increasing dividends every year for a specified number of years.Open p.4 ↗ |
The series measures companies that have consistently increased dividends every year for a specified number of years. |
| Size segment | Custom | S&P U.S. Dividend Growers Index S&P United States BMI S&P Global Ex-U.S. Dividend Growers Index S&P Global Ex-U.S. BMIOpen p.5 ↗ |
The series uses BMI underlying universes rather than a single fixed size tier, so its size segmentation is treated as custom. |
| Index family type | Dividend yield | The indices are subject to an indicated annual dividend yield exclusion, with the top 25% highest yield ranked eligible companies from the index universe excluded from index inclusion.Open p.4 ↗ |
The family is a dividend-oriented index series with dividend-growth selection and a yield exclusion. |
| Factor exposures | Yield | The indices are subject to an indicated annual dividend yield exclusion, with the top 25% highest yield ranked eligible companies from the index universe excluded from index inclusion.Open p.4 ↗ |
The series provides dividend-yield exposure through a dividend-growth and yield-exclusion methodology. |
| M2 Universe · 3 fields | |||
| Underlying index methodologies | Refer to the respective S&P Dow Jones Indices methodology for each underlying index. | For information on the underlying indices, please refer to the respective methodology, available at www.spglobal.com/spdji/.Open p.5 ↗ |
Information on the underlying indices is provided in their respective S&P DJI methodologies. |
| Parent universe index | Index name: S&P U.S. Dividend Growers Index; Parent universe index: S&P United States BMI, Index name: S&P Global Ex-U.S. Dividend Growers Index; Parent universe index: S&P Global Ex-U.S. BMI, Index name: S&P International Developed Dividend Growers Index; Parent universe index: S&P Developed Ex-U.S. BMI, Index name: S&P Developed Ex-North America Dividend Growers Index; Parent universe index: S&P EPAC BMI | At each reconstitution, each index universe is all constituents of the underlying index, as detailed below:Open p.5 ↗ |
At each reconstitution, each index universe consists of all constituents of its specified underlying BMI index. |
| Exclusions | Equity REITs, Mortgage REITs, China A-shares listed on Shenzhen Stock Exchange or Shanghai Stock Exchange for the S&P Global Ex-U.S. Dividend Growers Index | Real Estate Investment Trusts: not be classified as part of the GICS Equity REITs Industry Group (Code 6010) or Mortgage REITs Industry (Code 402040).Open p.5 ↗ |
REITs are excluded across the series, and China A-shares listed in Shenzhen or Shanghai are excluded from the Global Ex-U.S. index. |
| M3 Eligibility screens · 12 fields | |||
| Dividend analysis basis | Calendar basis: calendar years and ex-dates; Review month: January; Payment cycle discretion: S&P DJI may allocate non-cycle payments to the appropriate year | Calendar years and ex-dates are used for the dividend analysis, with the data being reviewed every January. In situations where a dividend payment deviates from the company's standard dividend payment cycle, S&P DJI will, at its discretion, allocate payments to the appropriate year in order to take a full cycle into account.Open p.5 ↗ |
Dividend analysis uses calendar years and ex-dates, is reviewed each January, and S&P DJI may allocate non-standard-cycle payments at its discretion. |
| 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.5 ↗ |
A dividend initiation or re-initiation is not counted as a dividend increase. |
| Spin off dividend history rule | For spin-offs after January 1, 2013, parent dividend history is assigned to both parent and spin-off, with combined, ratio-adjusted dividends used until two full calendar-year cycles are available for both. | For spin-offs occurring after January 1, 2013, the yearly dividend increase history of the parent company is assigned to both the parent and spin-off on the spin-off effective date.Open p.6 ↗ |
Post-2013 spin-offs inherit the parent's dividend history, and dividends are combined and ratio-adjusted until two full calendar-year cycles are available. |
| Merger dividend history rule | S&P Dow Jones Indices may retain dividend history for newly formed entities from predecessor companies in merger and acquisition events. | For merger and acquisition events, S&P Dow Jones Indices, at its discretion, may retain dividend history for newly formed entities from their predecessor companies.Open p.6 ↗ |
For mergers and acquisitions, S&P DJI may preserve predecessor dividend history for a newly formed entity. |
| Post cutoff dividend monitoring | A company that reduces, omits, or eliminates its dividend after the last business day of December but before reconstitution is ineligible, and announced policy changes may lead to exclusion before results are announced. | If a company that passed the dividend growth requirement, as of the last business day of December, reduces, omits, or eliminates its dividend before the annual reconstitution, it is ineligible for index inclusion.Open p.6 ↗ |
S&P DJI monitors dividends until rebalance results are announced and may exclude a company that changes its policy and no longer qualifies. |
| Multiple share classes | All publicly listed multiple share class lines are eligible if they meet the eligibility criteria, under Approach A in the Equity Policies & Practices Methodology. | Multiple Share Classes and Dual Listings: All publicly listed multiple share class lines are eligible for index inclusion, subject to meeting the eligibility criteria.Open p.6 ↗ |
All publicly listed multiple share-class lines may be included if they otherwise meet eligibility criteria. |
| U s listing requirement | NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Select Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, Cboe EDGX | S&P U.S. Dividend Growers: Listing: be a primary listing on one of the following U.S. exchanges: o NYSE o NTSE Arca o NYSE American o NASDAQ Global Select MarketOpen p.6 ↗ |
For the S&P U.S. Dividend Growers Index, stocks must have a primary listing on one of the specified U.S. exchanges. |
| Global ex u s stock class rule | All share classes in the universe are eligible, including common and preferred stocks without a guaranteed fixed return. | Stock Class: All share classes in the index universe are eligible, including common and preferred stocks that do not have a guaranteed fixed return.Open p.6 ↗ |
For the S&P Global Ex-U.S. Dividend Growers Index, common stocks and preferred stocks without a guaranteed fixed return are eligible share classes. |
| China A share exclusion | China A-shares trading on the Shenzhen Stock Exchange or Shanghai Stock Exchange are excluded from the S&P Global Ex-U.S. Dividend Growers Index. | All local listings are eligible except China-A shares trading on the Shenzhen Stock Exchange (XHSE) or the Shanghai Stock Exchange (XSHG).Open p.6 ↗ |
The Global Ex-U.S. index excludes China A-shares listed in Shenzhen or Shanghai. |
| Liquidity screen | Metric: Median daily value traded; Window: three months; Thresholds: Index: S&P U.S. Dividend Growers; New constituents: 1,000,000; Currency: USD; Existing constituents: 500,000, Index: S&P Global Ex-U.S. Dividend Growers; New constituents: 500,000; Currency: USD; Existing constituents: 250,000, Index: S&P International Developed Dividend Growers; New constituents: 1,000,000; Currency: USD; Existing constituents: 500,000, Index: S&P Developed Ex-North America Dividend Growers; New constituents: 1,000,000; Currency: USD; Existing constituents: 500,000; Buffer for existing: Lower MDVT threshold applies to current constituents | satisfy the following three-month median daily value traded (MDVT) thresholds for each individual listing: o S&P U.S. Dividend Growers: US$ 1 million (US$ 500,000 for current constituents)Open p.5 ↗ |
Stocks must meet the three-month median daily value traded threshold applicable to their index, with a lower threshold for current constituents. |
| Financial screens | Screen: Dividend growth history; Rules: Index: S&P U.S. Dividend Growers; Minimum years: 10, Index: S&P Global Ex-U.S. Dividend Growers; Minimum years: 7, Index: S&P Developed Ex-North America Dividend Growers; Minimum years: 7, Index: S&P International Developed Dividend Growers; Minimum years: 10, Screen: Regular cash dividends only; Rule: Only cash dividends declared as regular by the paying company are considered; special and recurring special cash dividends are excluded, Screen: Gross dividends before withholding tax, Screen: Fixed component only for fixed plus variable u s dividends, Screen: Post qualification dividend reduction omission or elimination makes company ineligible | Dividend Growth: have increased dividends every year for the number of years defined below for the index. Dividend growth is measured using the dividend history of the primary share class, regardless of its liquidity or listing venue:Open p.5 ↗ |
Eligible companies must have increased regular cash dividends every year for the required number of years and must not subsequently reduce, omit, or eliminate the dividend. |
| Business or ESG exclusions | Companies classified in the GICS Equity REITs Industry Group, code 6010, Companies classified in the GICS Mortgage REITs Industry, code 402040 | Real Estate Investment Trusts: not be classified as part of the GICS Equity REITs Industry Group (Code 6010) or Mortgage REITs Industry (Code 402040).Open p.5 ↗ |
Companies classified as Equity REITs or Mortgage REITs are not eligible. |
| M4 Selection and constituent count · 3 fields | |||
| Selection method | Rank by metric | At each annual reconstitution, select each index from the respective eligible universe as follows: Rank stocks by indicated annual dividend yield (IAD).Open p.8 ↗ |
At the annual reconstitution, stocks in the eligible universe are ranked by indicated annual dividend yield and the remaining stocks are selected after excluding the highest-ranked portion. |
| Ranking metrics | Name: Indicated annual dividend yield; Direction: Descending; Step order: 1 | Rank stocks by indicated annual dividend yield (IAD). If a company has multiple eligible share classes, use the IAD yield of the primary share class for ranking purposes.Open p.8 ↗ |
Stocks are ranked by indicated annual dividend yield, with the highest-ranked stocks removed. |
| Target constituent count | 75% | Remove the top 25% (15% for existing constituents) highest-ranked stocks. Select the remaining stocks to form each index.Open p.8 ↗ |
New constituents are chosen from the remaining 75% of the ranked eligible universe after removing the top 25% highest-ranked stocks. |
| M5 Weighting and capping · 8 fields | |||
| Excess weight redistribution | Excess weight above the single-company cap is redistributed proportionally to uncapped constituents through an iterative process until no constituent exceeds 4%. | Any excess weight is proportionally redistributed to the uncapped constituents. This process proceeds iteratively until no constituent violates the 4% cap.Open p.8 ↗ |
Any weight above the 4% single-company cap is proportionally redistributed to uncapped constituents iteratively until the cap is satisfied. |
| Existing constituent exclusion threshold | 15% | Remove the top 25% (15% for existing constituents) highest-ranked stocks. Select the remaining stocks to form each index.Open p.8 ↗ |
At selection, only the top 15% highest-ranked existing constituents are removed, compared with 25% for the general screen. |
| Weighting scheme | Capped market cap | At each annual reconstitution, constituents are FMC weighted, subject to a single company weight cap of 4% of the total index weight.Open p.8 ↗ |
Constituents are float-adjusted market-capitalization weighted, subject to a single-company weight cap. |
| Weight cap | 4% | subject to a single company weight cap of 4% of the total index weight.Open p.8 ↗ |
No single company may account for more than 4% of the total index weight. |
| Cap application timing | At review | At each annual reconstitution, constituents are FMC weighted, subject to a single company weight cap of 4% of the total index weight.Open p.8 ↗ |
The weighting cap is applied at each annual reconstitution. |
| 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 ongoing eligibility review | Yes | Index constituents are reviewed on a monthly basis for ongoing eligibility.Open p.10 ↗ |
Index constituents are reviewed monthly for ongoing eligibility. |
| Quarterly update months | March, June, September, December | effective after the close on the third Friday in March, June, September, and December, constituents’ shares and investable weight factors (IWFs) are updated.Open p.9 ↗ |
Quarterly share and IWF updates occur in March, June, September, and December. |
| Review frequency | Annual | Except for the S&P Developed Ex-North America Dividend Growers Index, the indices reconstitute annually in MarchOpen p.9 ↗ |
The indices generally reconstitute annually in March. |
| Review types | Annual review, Ad hoc | the indices reconstitute annually in March, using a three-day multi-day rebalancing processOpen p.9 ↗ |
The indices use an annual reconstitution, with monthly ongoing eligibility monitoring rather than quarterly constituent reviews. |
| Review months | March | the indices reconstitute annually in March, using a three-day multi-day rebalancing processOpen p.9 ↗ |
The annual reconstitution occurs in March. |
| Data cutoff rule | Iad and three month mdvt reference date: third Friday in February; Dividend growth review reference date: last business date of December; Weight pricing date: Wednesday prior to the first Friday of March | The reference date for IAD and three-month MDVT used in the selection is the third Friday in February. The dividend growth review reference date is the last business date of December. Weights are calculated using closing prices as of the Wednesday prior to the first Friday of March.Open p.9 ↗ |
IAD and three-month MDVT use the third Friday in February, the dividend growth review uses the last business date of December, and weights use closing prices as of the Wednesday before the first Friday of March. |
| Announcement rule | Changes to a rebalancing date are announced with proper advance notice where possible. | Any such change will be announced with proper advance notice where possible.Open p.13 ↗ |
If the Index Committee changes a rebalancing date, it provides proper advance notice where possible. |
| Effective date rule | Most indices use a three-day process beginning after the close on the Wednesday prior to the third Friday in March and ending after the close of the third Friday; the S&P Developed Ex-North America Dividend Growers Index is effective after the close of the third Friday. | using a three-day multi-day rebalancing process that begins after the close on the Wednesday prior to the third Friday and ends after the close of the third Friday.1 The S&P Developed Ex- North America Dividend Growers Index reconstitutes annually in March, effective after the close of the third Friday.Open p.9 ↗ |
Annual reconstitution changes take effect through the third Friday in March, with the ex-North America variant effective after that Friday's close. |
| Rebalance frequency | Annual | Changes to a constituent’s shares and IWF do not use the same three-day multi-day rebalancing process that is used for the annual reconstitution.Open p.9 ↗ |
The reconstitution uses an annual multi-day rebalancing process, while quarterly updates do not use that process. |
| Weight reset frequency | Quarterly | on a quarterly basis, effective after the close on the third Friday in March, June, September, and December, constituents’ shares and investable weight factors (IWFs) are updated.Open p.9 ↗ |
Shares and IWFs are updated quarterly after the close on the third Friday in March, June, September, and December, without additional capping at the June, September, and December updates. |
| M8 Corporate actions, IPOs, ad-hoc changes · 9 fields | |||
| Corporate action during multi day rebalancing | If a corporate action effective on day two or three of multi-day rebalancing causes an index share change, it is temporarily negated and implemented after the close of the following Friday. | If a corporate action is effective on day two or three of the multi-day rebalancing, and the action results in an index share change, the event is temporarily negated and implemented after the close of the following Friday.Open p.9 ↗ |
Certain corporate actions during the second or third day of multi-day rebalancing are postponed until after the following Friday's close. |
| Monthly dividend review reference | Approach A in the Monthly Review for Ongoing Eligibility in Dividend Focused Indices section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology | please refer to Approach A in the Monthly Review for Ongoing Eligibility in Dividend Focused Indices section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.10 ↗ |
Monthly ongoing eligibility follows Approach A in the Equity Indices Policies & Practices Methodology. |
| Fast entry | Timing: Not permitted; no additions are made between reconstitutions except for spin-offs | Additions. Except for spin-offs, no additions are made to the indices between reconstitutions.Open p.9 ↗ |
There is no early-addition mechanism for new listings: except for spin-offs, no additions are made between reconstitutions. |
| Ad-hoc deletion | Other | Deletions. Index constituents removed from the index universe are removed from the index simultaneously.Open p.9 ↗ |
A constituent is removed between reviews when it is removed from the index universe, and spin-offs may be removed after the first day of regular-way trading under specified conditions. |
| Replacement policy | None | Except for spin-offs, no additions are made to the indices between reconstitutions.Open p.9 ↗ |
The document does not provide a replacement mechanism and states that, apart from spin-offs, no additions occur between reconstitutions. |
| Merger spinoff rules | Spin-offs are added on the ex-date at zero price; parent and spin-off remain until the next reconstitution if both remain in the underlying index and indicate intent to maintain or initiate a consistent dividend policy; otherwise the spin-off is removed after the first day of regular-way trading. | Spin-Offs. Spin-offs are added to an index on the ex-date at a zero price. If the spin-off remains in the underlying index, both the parent company and spin-off remain in the index until the next reconstitution provided both the parent and spin-off indicate the intent to continue and/or initiate a consistent dividend paying policy.Open p.9 ↗ |
Spin-offs receive temporary zero-price treatment and are retained or removed based on underlying-index membership and dividend-policy intent. |
| Corporate actions guide ref | S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology, Market Capitalization Indices section | For information on corporate actions, please refer to the Market Capitalization Indices section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.10 ↗ |
Corporate-action information is found in the Market Capitalization Indices section of S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology. |
| Deletion price | Generally the closing price on the deletion date; delistings use the primary exchange price if available, zero if not, with special rules for suspended M&A targets and U.S. OTC securities. | Generally, S&P DJI implements deletions using the security’s closing price on the deletion date.From S&P DJI Equity Indices Policies & Practices ↗ |
Deletions generally use the deletion-date closing price or primary exchange price, with zero or special deal-based pricing in specified situations. |
| 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 · 14 fields | |||
| 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.10 ↗ |
Additional return series may include currency, currency-hedged, decrement, fair value, inverse, leveraged, and risk-control versions. |
| FX pricing time | CAD and CAD hedged versions generally use FX rates priced at 4:00 PM New York time; the S&P Developed Ex-North America Dividend Growers Index uses 4:00 PM London time. | Except for the S&P Developed Ex-North America Dividend Growers Index, the CAD and CAD hedged versions of the indices use pricing at 4:00 PM New York time to price FX rates.Open p.10 ↗ |
CAD and CAD-hedged versions generally use 4:00 PM New York FX pricing, while the S&P Developed Ex-North America Dividend Growers Index uses 4:00 PM London FX pricing. |
| No calculation days | Indices are not calculated and files are not distributed only when all exchanges where constituents are listed are officially closed. | The only days the indices are not calculated or files are not distributed are on days when all exchanges where the indices’ constituents are listed are officially closed.Open p.13 ↗ |
The indices are not calculated or distributed only on days when every constituent listing exchange is officially closed. |
| Index mathematics reference | S&P Dow Jones Indices' Index Mathematics Methodology, Capped Market Capitalization Weighted Indices sections | For more information on the index calculation methodology, please refer to the Capped Market Capitalization Weighted Indices sections of the S&P Dow Jones Indices’ Index Mathematics Methodology.Open p.8 ↗ |
Detailed index calculation methodology is in the Capped Market Capitalization Weighted Indices sections of the Index Mathematics Methodology. |
| Formula type | Divisor | The index calculates by means of the divisor methodology used for all S&P Dow Jones equity indices.Open p.8 ↗ |
The index is calculated using the divisor methodology used for S&P Dow Jones equity indices. |
| Calculation frequency | Daily | The indices are calculated daily, throughout the calendar year. The only days the indices are not calculated or files are not distributed are on days when all exchanges where the indices’ constituents are listed are officially closed.Open p.13 ↗ |
The indices are calculated daily throughout the calendar year, except when all exchanges where constituents are listed are officially closed. |
| 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.11 ↗ |
S&P Dow Jones Indices calculates Price Return, Gross Total Return, and, where available, Net Total Return versions. |
| Dividend treatment | PR excludes regular cash dividends; GTR reinvests them at the close on the ex-date without withholding taxes; NTR 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.11 ↗ |
Price return excludes regular cash dividends, gross total return reinvests them without tax deductions, and net total return reinvests them after applicable withholding taxes. |
| Market disruption rule | See S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology for unexpected exchange closures. | For information on Unexpected Exchange Closures, please refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.Open p.13 ↗ |
The document refers readers to S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology for unexpected exchange closures. |
| Recalculation policy | See 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.13 ↗ |
The recalculation policy is contained in S&P Dow Jones Indices' 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. |
| Withholding tax basis | Global indices use withholding tax rates from the perspective of a Luxembourg investor; domestic index families use rates from the perspective of a domestic investor. | The tax rates used for S&P DJI’s global indices are from the perspective of a Luxembourg investor. However, in domestic index families, tax rates from the perspective of a domestic investor will be applied.From S&P DJI Index Mathematics ↗ |
Net total return indices adjust dividends by the applicable withholding rate, with Luxembourg investor perspective for global indices and domestic investor perspective for domestic families. |
| Divisor adjustment | addition of companies, deletion of companies, changes in shares outstanding, changes to IWFs, changes to other factors affecting share counts, corporate actions that alter total index market value at constant prices, index rebalancing events, other non-market driven actions | The purpose of the index divisor is to maintain the continuity of an index level following the implementation of corporate actions, index rebalancing events, or other non-market driven actions.From S&P DJI Index Mathematics ↗ |
Divisor adjustments are triggered by additions, deletions, share-count and IWF changes, other share-count factors, rebalancings, and corporate or non-market actions that change total index market value at constant prices. |
| M10 Governance, change policy, disclosure · 15 fields | |||
| Committee meeting frequency | Regularly | The Committee meets regularly.Open p.12 ↗ |
The Index Committee meets regularly. |
| Committee 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.12 ↗ |
All Index Committee discussions are confidential because index changes and related information may be market moving and material. |
| Index levels dissemination | Index levels are available through the S&P Dow Jones Indices website. | Index levels are available through S&P Dow Jones Indices’ Web site, www.spglobal.com/spdji/.Open p.14 ↗ |
Index levels are available on the S&P Dow Jones Indices website. |
| Quality assurance reference | Quality assurance and internal methodology reviews 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.12 ↗ |
Quality assurance and internal methodology reviews are described in 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.12 ↗ |
An S&P Dow Jones Indices Index Committee maintains the indices. |
| Discretion points | The Index Committee reserves the right to make exceptions when applying the methodology if the need arises., The Index Committee may review pending corporate actions, index composition statistics, candidate companies, and significant market events., The Index Committee may revise index policy covering company selection, dividend treatment, share counts, or other matters. | 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.12 ↗ |
The Index Committee may exercise discretion through methodology exceptions, reviews of corporate actions and market events, candidate additions, and policy revisions. |
| Methodology review frequency | 1 month | 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.12 ↗ |
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.12 ↗ |
In certain instances, S&P Dow Jones Indices may publish a consultation inviting comments from external parties. |
| 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.12 ↗ |
Clients receive sufficient notice whenever possible when treatment differs from the general rules, but no fixed notice period is stated. |
| Change announcement | Index Corporate Events report (.SDE), Email, S&P Dow Jones Indices website, pro-forma files, subscription data, 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.13 ↗ |
Changes and data are disclosed through the .SDE report, email, the S&P DJI website, pro-forma files, subscription data, and SPICE. |
| Constituents published | Bool: Yes; Frequency: daily pro-forma files in advance of each rebalancing; daily constituent data via subscription | The pro-forma file is typically provided daily in advance of the rebalancing date and contains all constituents and corresponding weights and index shares effective for the upcoming rebalancing.Open p.13 ↗ |
Constituents are published in pro-forma files, typically daily before rebalancing, and daily constituent data is available by subscription. |
| 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 · 26Model-written, for reference
- 1No explicit index code, ISIN, calculation agent distinct from administrator, benchmark regulatory status, intended use, or market classification was stated.
- 2No minimum market capitalization, free-float percentage, foreign-room, voting-rights, minimum share price, suspension, or abnormal-price-increase screen was stated.
- 3The supplied text does not specify a minimum trading history or IPO seasoning rule.
- 4The U.S. exchange list contains the printed term 'NTSE Arca,' which may be a source typo for NYSE Arca; it was not corrected in the evidence quote.
- 5The document does not specify how ranking ties are resolved.
- 6The document does not state any sector, industry, group, or country weighting caps or neutrality requirements.
- 7The document does not describe a reserve list or ad-hoc replacement candidates.
- 8The document does not define the calculation or source of FMC shares, shares outstanding, or the investable weight factor.
- 9The document does not state foreign ownership limits or domestic inclusion factors.
- 10The document does not describe divisor adjustment mechanics.
- 11No rank buffer, size-segment buffer, liquidity buffer for existing constituents, or maximum turnover per review is stated.
- 12No detailed merger or acquisition treatment is provided beyond the separate corporate-actions guide reference.
- 13No deletion price for ordinary removals is stated.
- 14No numerical threshold or timing rule for ad hoc share or free-float changes is stated.
- 15The announcement timing or publication channel for routine reconstitution results is not stated; only advance notice for changed rebalancing dates is provided.
- 16No explicit price source such as last trade, closing auction, or reference price was stated.
- 17No published index-level precision or number of decimal places was stated.
- 18No specific withholding tax rate or tax-rate basis was provided; the document refers to the Equity Indices Policies & Practices Methodology.
- 19The listed events that trigger divisor adjustments were not specified.
- 20No detailed market-disruption calculation rule was provided beyond a reference to the Equity Indices Policies & Practices Methodology.
- 21No substantive recalculation or error-correction procedure was provided beyond a reference to the Equity Indices Policies & Practices Methodology.
- 22No formal definition of material change was provided beyond the statement that index changes and related matters may be potentially market moving and material.
- 23No detailed consultation procedure was provided beyond the possibility that S&P Dow Jones Indices may publish a consultation.
- 24No quantified notice period was provided.
- 25No index cessation or discontinuation policy was stated.
- 26Not 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 · 87 of 87 quotes found word for word in the PDF · includes general rules: Equity Indices Policies & Practices v2026.08, Index Mathematics v2026.09, Float Adjustment v2026.09, Index Governance Policies v2026.05
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