Also known as: 特選高息低波指數 · IX0104 (TIP code)
Tracked by: 00713 (ETF)
At a glance
- Weighting schemeRisk weighted
- Single cap10
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 10 fields | |||
| Investment theme | retirement preparation through high cash dividends and capital preservation | 退休準備對高齡化社會而言是刻不容緩的課題，固本存息的證券投資理念，可供準備退休金應用。Open p.1 ↗ |
The methodology presents the index concept as capital preservation and income for retirement preparation in an aging society. |
| Index name | Taiwan Index Service Select High Dividend Low Volatility Index | 編製「臺灣指數公司特選高股息低波動指數」（簡稱「特選高息低波指數」）。Open p.1 ↗ |
The official local index name corresponds to the Taiwan Index Service Select High Dividend Low Volatility Index. |
| Index short name | 特選高息低波指數 | 編製「臺灣指數公司特選高股息低波動指數」（簡稱「特選高息低波指數」）。Open p.1 ↗ |
The vendor's short name is Select High Dividend Low Volatility Index. |
| Local index name | 臺灣指數公司特選高股息低波動指數 | 編製「臺灣指數公司特選高股息低波動指數」（簡稱「特選高息低波指數」）。Open p.1 ↗ |
The index's local-language name is 臺灣指數公司特選高股息低波動指數. |
| Administrator | Taiwan Index Service | 臺灣指數公司利用優勢投資因子篩選投資組合，運用多項財務指標及市場曝險因子融合多因子投資方法Open p.1 ↗ |
Taiwan Index Service compiles the index. |
| Index family | 臺灣指數公司特選系列 | 編製「臺灣指數公司特選高股息低波動指數」（簡稱「特選高息低波指數」）。Open p.1 ↗ |
The index belongs to Taiwan Index Service's select index series, as indicated by its Select name. |
| Objective | 利用優勢投資因子篩選投資組合，挑選高現金股利股票組合，再經最小變異數法優化權重分配以降低指數波動度。 | 臺灣指數公司利用優勢投資因子篩選投資組合，運用多項財務指標及市場曝險因子融合多因子投資方法，挑選高現金股利股票組合，再經最小變異數法優化權重分配以降低指數波動度Open p.1 ↗ |
The index uses advantageous investment factors to select high-cash-dividend stocks and optimizes weights by minimum variance to reduce index volatility. |
| Size segment | Custom | 流動性檢驗1：發行市值屬採樣母體前250 大者，滿足以下任一條1.件視為通過流動性檢驗。Open p.2 ↗ |
The index does not define a standard market-cap segment; it is a custom high-dividend, low-volatility strategy screened from the 250 largest sampled stocks. |
| Index family type | Multi factor | 運用多項財務指標及市場曝險因子融合多因子投資方法，挑選高現金股利股票組合，再經最小變異數法優化權重分配以降低指數波動度Open p.1 ↗ |
The index family type is a multi-factor strategy combining dividend yield and low-volatility exposures through a minimum-variance weighting process. |
| Factor exposures | Yield, Low volatility, Momentum, Quality, Multi factor | 再採用基本面及技術面因子如：營運穩定度、權益報酬率、價格動能及股利發放品質等指標進行遴選，接著利用五大指標：獲利能力、權益報酬率、股利率、營運現金流量及波動度Open p.2 ↗ |
The methodology explicitly uses dividend yield, volatility, price momentum, profitability, return on equity, operating stability and cash-flow factors. |
| M2 Universe · 5 fields | |||
| Suspended replacement share exception | Stocks suspended because new shares are issued due to capital reduction, conversion to a holding company, newly established company status, or par-value change may remain in the universe. | 但因減資或轉換為控股公司、新設公司或變更面額等原因換發新股票而停止買賣者仍可列入母體。Open p.1 ↗ |
Stocks suspended solely because replacement shares are issued after capital reduction, holding-company conversion, new-company formation, or par-value changes may still be included. |
| Markets | Taiwan | 1. 指數母體：臺灣證券交易所上市普通股股票；非屬經公告為變更交易方法或停止買賣股票者Open p.1 ↗ |
The index universe covers stocks listed on the Taiwan Stock Exchange. |
| Exchanges | Taiwan Stock Exchange | 1. 指數母體：臺灣證券交易所上市普通股股票；非屬經公告為變更交易方法或停止買賣股票者Open p.1 ↗ |
The eligible exchange is the Taiwan Stock Exchange. |
| Security types | Common | 1. 指數母體：臺灣證券交易所上市普通股股票；非屬經公告為變更交易方法或停止買賣股票者Open p.1 ↗ |
The sampling universe consists of common stocks. |
| Exclusions | stocks publicly notified as having altered trading methods, suspended stocks, first listed stocks, innovation board stocks | 非屬經公告為變更交易方法或停止買賣股票者；但因減資或轉換為控股公司、新設公司或變更面額等原因換發新股票而停止買賣者仍可列入母體。Open p.1 ↗ |
The universe excludes stocks with altered trading methods or suspended trading, as well as first-listed and innovation-board stocks, subject to an exception for newly issued replacement shares after certain corporate changes. |
| M3 Eligibility screens · 14 fields | |||
| Target constituent count | 50 securities | 以算術平均計算綜合分數，選取前50 檔上市公司股票，並以最小變異數法進行因子加權，降低指數波動。Open p.2 ↗ |
The methodology selects the top 50 listed companies based on the composite score. |
| Dividend yield screen | Formula: latest-year cash dividend divided by closing price on the data cutoff date; Rank cutoff (%): 60; Maximum dividend yield (%): 30 | 股利率：計算最近一年現金股利與資料截止日收盤價之比值；篩選方式為遞減排序並取排名前百分之六十且股利率低於30%之個股。Open p.2 ↗ |
Dividend yield is the latest one-year cash dividend over the cutoff-date close; stocks are ranked descending, retaining the top 60% and excluding yields of 30% or higher. |
| Operating stability screen | Formula: volatility of after-tax net profit over the latest eight quarters divided by equity in the latest quarter; Rank cutoff (%): 80; Ranking direction: Ascending | 營運穩定度：計算最近八季稅後純益波動性與最近一季權益之比值；篩選方式為遞增排序並取排名前百分之八十之個股。Open p.2 ↗ |
Operating stability is measured by the volatility of eight quarters of after-tax net profit over latest-quarter equity, with the top 80% selected in ascending order. |
| Return on equity screen | Formula: latest-quarter after-tax net profit divided by equity; Rank cutoff (%): 80; Ranking direction: Descending | 權益報酬率：計算最近一季稅後純益與權益之比值；篩選方式為遞減排序並取排名前百分之八十之個股。Open p.2 ↗ |
Return on equity is latest-quarter after-tax net profit divided by equity, and the top 80% are selected in descending order. |
| Price momentum screen | Metric: latest one-year share price change; Selection: top 90% in descending order or return above -30% | 價格動能：計算最近一年股價變動；篩選方式為遞減排序並取排名前百分之九十或報酬率高於-30%之個股。Open p.2 ↗ |
Price momentum is the latest one-year share-price change; stocks in the top 90% descending or with returns above -30% pass. |
| Dividend payment quality screen | Formula: cash dividends divided by earnings over the latest three years; Acceptable average range (%): 0, 120 | 股利發放品質：計算最近三年現金股利與盈餘之比值；篩選方式為三者之平均值介於0%與120%之間之個股。Open p.2 ↗ |
Dividend payment quality is the three-year average ratio of cash dividends to earnings, which must be between 0% and 120%. |
| Profitability factor | latest-quarter earnings per share divided by the share price on the data cutoff date | 獲利能力：計算最近一季每股盈餘與資料截止日股價之比值。Open p.2 ↗ |
Profitability is calculated as latest-quarter EPS divided by the cutoff-date share price. |
| Operating cash flow factor | latest-quarter operating cash flow divided by market capitalization on the data cutoff date | 營運現金流量：計算最近一季營運現金流量與資料截止日市值之比值。Open p.2 ↗ |
Operating cash flow is latest-quarter operating cash flow divided by cutoff-date market capitalization. |
| Volatility factor | Metric: annualized sample standard deviation of daily total returns over the latest 252 days; Minimum return observations: 126 | 波動度：計算近252 日每日還原日報酬之年化樣本標準差 (還原日報酬之資料筆數需至少有126 筆方計算)。Open p.2 ↗ |
Volatility is the annualized sample standard deviation of daily adjusted returns over the latest 252 days, requiring at least 126 return observations. |
| Weighting optimization | minimum variance factor weighting | 選取前50 檔上市公司股票，並以最小變異數法進行因子加權，降低指數波動。Open p.2 ↗ |
The selected stocks are factor-weighted using a minimum-variance method to reduce index volatility. |
| Liquidity screen | Metric: Liquidity ratio; Window: latest 6 months; Threshold: Either median trading value exceeds NT$20 million, or the stock ranks in the top 25% of the sampling universe by six-month median trading value; the issuer's market capitalization must also be among the 250 largest in the universe; Buffer for existing: Existing constituents pass the liquidity test if they remain among the 250 largest stocks in the sampling universe | 流動性檢驗1：發行市值屬採樣母體前250 大者，滿足以下任一條1.件視為通過流動性檢驗。 a. 最近6 個月成交金額中位數逾2,000 萬元。最近6 個月成交金額中位數由大到小排序屬採樣母體前25%。 b.Open p.2 ↗ |
Among the 250 largest stocks by issued market value, a stock passes if its six-month median trading value exceeds NT$20 million or ranks in the top 25%; existing constituents in the top 250 automatically pass. |
| Minimum size | Metric: Rank; Threshold: 250 | 流動性檢驗1：發行市值屬採樣母體前250 大者，滿足以下任一條1.件視為通過流動性檢驗。Open p.2 ↗ |
A stock considered for the liquidity test must have issued market capitalization among the 250 largest companies in the sampling universe. |
| Business or ESG exclusions | — | — (not found verbatim in the PDF) |
No business-controversy or ESG exclusion screen is stated in the supplied sections. |
| Suspension rule | Stocks publicly notified as suspended are excluded from the universe, except stocks suspended while replacement shares are issued because of capital reduction, holding-company conversion, new-company formation, or par-value changes. | 非屬經公告為變更交易方法或停止買賣股票者；但因減資或轉換為控股公司、新設公司或變更面額等原因換發新股票而停止買賣者仍可列入母體。Open p.1 ↗ |
Suspended stocks are excluded unless the suspension results from replacement-share issuance tied to specified corporate restructuring events. |
| M5 Weighting and capping · 12 fields | |||
| Minimum weight (%) | 1% | 其中個股權重之上限為10% (且不得超過成交金額占比之5倍)2、下限為1%Open p.2 ↗ |
Each constituent has a minimum weight of 1%. |
| Weight turnover multiple cap | 5 times | 其中個股權重之上限為10% (且不得超過成交金額占比之5倍)2、下限為1%Open p.2 ↗ |
A constituent's weight may not exceed five times its trading-value share. |
| Low turnover weight cap | Turnover share threshold (%): 2; Weight cap (%): 2 | 另限制個股若成交金額占比低於2%時，權重上限為2%。Open p.2 ↗ |
If a constituent's trading-value share is below 2%, its weight is capped at 2%. |
| Existing constituent weight cap multiple | 1.5 times | 2 既有成分股另有規範，權重上限為原權重之1.5 倍。Open p.2 ↗ |
For existing constituents, the weight cap is additionally specified as 1.5 times the original weight. |
| Planned assets under management rule | Round up the AUM of all publicly offered funds tracking the index to the nearest multiple of TWD 25 billion. | 3 設定「預擬資產管理規模」為所有追蹤特選高息低波指數之公開發行基金之資產規模無條件進位至新台幣250 億元之倍數。Open p.2 ↗ |
Planned assets under management equal the AUM of all publicly offered funds tracking the index, rounded up to a multiple of TWD 25 billion. |
| Investment to total market cap cap (%) | 5% | 計算個別成分股投資金額，投資金額占發行市值不得超過5%且投資金額占自由流通市值不得超過10%Open p.2 ↗ |
The calculated investment amount may not exceed 5% of a constituent's total issued market value. |
| Investment to free float market cap cap (%) | 10% | 投資金額占發行市值不得超過5%且投資金額占自由流通市值不得超過10%Open p.2 ↗ |
The calculated investment amount may not exceed 10% of a constituent's free-float market value. |
| Non top100 long build position cap | Total market cap cap (%): 3; Free float market cap cap (%): 6; Market cap rank threshold: 100; Build days threshold: 15 | 另限制成分股若非屬採樣母體中發行市值前100 大且建倉天數逾15 天時，則投資金額占發行市值不得超過3%且投資金額占自由流通市值不得超過6%。Open p.2 ↗ (not found verbatim in the PDF) |
For a constituent not among the top 100 in the eligible universe by issued market value when the building period exceeds 15 days, investment may not exceed 3% of issued market value or 6% of free-float market value. |
| Weighting scheme | Risk weighted | 運用最小變異數模型以最小化指數年化波動為目標進行權重配置，其中個股權重之上限為10%Open p.2 ↗ |
The index allocates weights using a minimum-variance model to minimize annualized volatility. |
| Weight cap | 10% | 其中個股權重之上限為10% (且不得超過成交金額占比之5倍)2、下限為1%Open p.2 ↗ |
Each constituent's weight is capped at 10%, subject to additional constraints. |
| Free float factor | Method: Free float | 發行股數−不可自由流通股數自由流通量係數=發行股數From TIP Free Float Coefficient Calculation Guide ↗ |
The free float factor equals issued shares minus non-freely-tradable shares divided by issued shares, rounded to the nearest 1%. |
| Divisor adjustment rule | Market-capitalization reference indices adjust the divisor while leaving coefficient products unchanged; investable and Smart Beta indices may adjust coefficient products or the divisor according to indexing-investment needs. | 「市值參考型指數」係傳統的市場參考指標，主要反映指數成分股價格波動所造成的發行市值消長，為避免僅因企業活動改變指數市值而導致指數斷層的不連續現象，採調整指數除數但係數乘積不變的方式，以維持指數的連續性From TIP Corporate Actions and Events Methodology ↗ |
To maintain index continuity, market-capitalization reference indices adjust the divisor without changing coefficient products, while market-capitalization investable and Smart Beta indices assess practical indexing needs and adjust coefficient products or the divisor. |
| M6 Review and rebalance schedule · 1 field | |||
| Data cutoff rule | At the review-data cutoff, the index universe is produced under each index's compilation rules and excludes stocks announced for altered trading methods, stocks subject to the specified other-event clause, and stocks that will be delisted after the cutoff. | 審核資料截止日之指數母體除依個別指數編製規則產製外，若股票已公告將列為變更交易方法、或遇四、(四)「成分股其他態樣之處理原則」第4 種情事、或將於審核資料截止日之後終止上市上櫃，該股票不納入審核資料截止日之指數母體。From TIP Corporate Actions and Events Methodology ↗ |
The review-data cutoff universe follows each index's rules and excludes stocks announced for changed trading methods, specified cessation events, or upcoming delisting. |
| M8 Corporate actions, IPOs, ad-hoc changes · 2 fields | |||
| Ad-hoc deletion | Delisting, Risk warning, Acquisition, Other | Constituents may be deleted ad hoc on delisting or cessation that removes index-universe eligibility, persistent changed trading methods, and merger-related termination; the document also includes an other-event category. | |
| Merger spinoff rules | Merger acquisition: Treatment depends on whether the acquirer is a constituent and whether consideration is cash, newly issued shares, or mixed cash and shares; acquired constituents are deleted at termination, retained market value is used during suspension, and acquirer shares or coefficients are adjusted as specified; Spin off: Spin-offs are treated according to whether the spun-off new or existing company belongs to the index universe and sampling universe; if it qualifies, it may be added, otherwise the split constituent is deleted or retained with reduced shares and divisor adjustment | 合併公司全數以現金收購合併成分股公司或非成分股公司From TIP Corporate Actions and Events Methodology ↗ |
Mergers and acquisitions are handled according to the acquirer's constituent status and the form of consideration, with acquired constituents deleted, retained values carried through suspension, and shares, coefficients and divisors adjusted by the applicable branch. A constituent spin-off may result in deletion, retention with a reduced share count, or inclusion of the spun-off company depending on index-universe and sampling-universe eligibility. |
| M9 Calculation and return variants · 12 fields | |||
| Base date | 2017-06-30 | 註1：基期設定為2017 年6 月30 日，基準指數設定為5000 點。Open p.4 ↗ |
The base date is June 30, 2017. |
| Base value | 5,000 points | 註1：基期設定為2017 年6 月30 日，基準指數設定為5000 點。Open p.4 ↗ |
The base index level is set at 5,000 points. |
| Real time start date | 2017-07-10 | 特選高息低波指數自2017 年7 月10 日起，於臺灣證券交易所交易時間內，每隔五秒以成分股最新成交價格計算及公布即時指數一次Open p.3 ↗ |
Real-time index calculation and publication began on July 10, 2017. |
| Calculation agent | Taiwan Stock Exchange | 由臺灣指數公司負責編製，委請臺灣證券交易所計算及即時資訊傳輸。Open p.1 ↗ |
Taiwan Index Company compiles the index and entrusts the Taiwan Stock Exchange with calculation and real-time information transmission. |
| Formula type | Divisor | 𝑛 ∑ 𝑐𝑝𝑖,𝑡× 𝑠𝑖,𝑡× 𝑝𝑖,𝑡 𝑖=1 × 5000 𝐼𝑛𝑑𝑒𝑥𝑡= 𝐷𝑖𝑣𝑖𝑠𝑜𝑟𝑡 𝑐𝑝𝑖,𝑡× 𝑠𝑖,𝑡× 𝑝𝑖,𝑡= 成分股i 在t 日的指數成分股市值Open p.4 ↗ |
The index is calculated using a divisor formula, with the index market capitalization divided by the index divisor. |
| Price source | Latest traded price | 於臺灣證券交易所交易時間內，每隔五秒以成分股最新成交價格計算及公布即時指數一次，並於每日收盤後計算一次收盤指數。Open p.3 ↗ |
During exchange trading hours, the real-time index is calculated using each constituent's latest traded price. |
| Calculation frequency | Frequency: Every 5 seconds; Timing: During trading hours; Index: Real time price index, Frequency: Once daily; Timing: After close; Index: Closing price index, Frequency: Once daily; Timing: After close; Index: Total return index | 於臺灣證券交易所交易時間內，每隔五秒以成分股最新成交價格計算及公布即時指數一次，並於每日收盤後計算一次收盤指數。Open p.3 ↗ |
The price index is published every five seconds during TWSE trading hours and once after the close, while the total return index is calculated and published once after the close. |
| Return variants | PR, GTR | 一、 特選高息低波指數分「價格指數」 (Price Index)、「報酬指數」 (Total Return Index)，由臺灣指數公司負責編製，委請臺灣證券交易所計算及即時資訊傳輸。Open p.1 ↗ |
The methodology provides a price index and a total return index that reflects returns including cash dividends. |
| Dividend treatment | Total return index adjusts for cash dividends | 臺灣指數公司另編製特選高息低波報酬指數，就特選高息低波指數考量現金股利因素後加以調整，用以反映包含現金股利之報酬，該指數於每日收盤後計算並公布一次。Open p.3 ↗ |
The total return index is adjusted for cash dividends to reflect total return including those dividends. |
| Divisor adjustment | Post close constituent changes, Corporate actions per smartbeta rules, Changes in index market capitalization | 收盤後成分股依本公司「TIP 指數系列企業活動處理通則」SmartBeta 投資型指數調整指數除數以維持指數連續性，調整方式如下：指數除數= 前1 日指數除數前1 日收盤之指數市值± 異動指數市值) × (前1 日收盤之指數市值Open p.4 ↗ |
After the close, the divisor is adjusted for constituent or corporate-action changes and changes in index market capitalization to maintain index continuity. |
| Market disruption rule | If the TWSE centralised market cannot open normally or is closed, index calculation and publication stop. | 若證交所有價證券集中交易市場（以下稱：集中市場）因故無法正常開市或休市，指數將停止計算發布。From TIP General Principles for TIP Securities Indices ↗ |
Index calculation and publication are stopped when the Taiwan Stock Exchange centralised market is unable to open normally or is closed. |
| Recalculation policy | Missed intraday real-time indices are not recalculated after a real-time calculation or publication system failure., Affected daily closing indices after a major-emergency suspension are recalculated within five trading days after operations resume. | 若指數發生3.3.2 之情事，將不會回溯計算發布遺漏的盤中即時指數。From TIP General Principles for TIP Securities Indices ↗ |
Missed intraday real-time values are not back-calculated, whereas closing values affected by a major-emergency suspension are retrospectively calculated and corrected. |
| M10 Governance, change policy, disclosure · 10 fields | |||
| Periodic review responsibility | Taiwan Index Company conducts periodic constituent reviews under the index compilation rules. | 二、 臺灣指數公司依指數編製規則進行成分股定期審核。Open p.1 ↗ |
Taiwan Index Company conducts periodic constituent reviews in accordance with the index compilation rules. |
| Market capitalization recordkeeping | closing market capitalization records of all constituents are retained | 三、 臺灣指數公司將保存所有成分股的收盤市值紀錄。Open p.1 ↗ |
Taiwan Index Company retains closing market capitalization records for all constituents. |
| General rules reference | Principles for compilation, maintenance, and administration refer to Taiwan Index Company's general rules for securities indexes. | 四、 指數編製、維護及管理等原則，參閱「臺灣指數公司有價證券指數通則」。Open p.1 ↗ |
Index compilation, maintenance, and administration principles refer to Taiwan Index Company's general rules for securities indexes. |
| Corporate actions reference | Constituent and divisor treatment follows the TIP Index Series Corporate Action Handling Rules for SmartBeta investment indexes. | 𝑐𝑝𝑖,𝑡=成分股i 在t 日的係數乘積；使用之係數依本公司「TIP 指數系列企業活動處理通則」SmartBeta 投資型指數所定Open p.4 ↗ |
Constituent coefficients and divisor adjustments follow the TIP Index Series corporate-action rules for SmartBeta investment indexes. |
| Oversight body | Index Compilation Committee | 本公司設立指數編製委員會，提供對指數編製、維護等的重大規則的相關諮詢和建議，並對其他涉及指數運作和業務發展的事項提供建議。From TIP General Principles for TIP Securities Indices ↗ |
The company establishes an Index Compilation Committee to provide consultation and recommendations on major index compilation and maintenance rules. |
| Discretion points | handling urgent situations not covered or not clearly governed by the rules, deciding whether to terminate an index, final decision on changes to individual index compilation rules, adjusting weight-cap parameters when weights total less than 100%, shortening the announcement period for methodology changes in specified circumstances | 又必須及時處理時，其處理方式的任何決定，本公司將基於指數能符合公正、公平、公開的原則下進行決策。From TIP General Principles for TIP Securities Indices ↗ |
The company may decide treatment of unforeseen urgent matters, determine whether to terminate indices, make final decisions on methodology changes, and adjust weight-cap parameters or notice periods in specified situations. |
| Methodology review frequency | The general rules are reviewed from time to time; the committee normally meets twice per year. | 本指數通則由本公司不定期審視，以期能持續實現指數之編製目標From TIP General Principles for TIP Securities Indices ↗ |
The general rules are reviewed irregularly, while the Index Compilation Committee is normally convened twice per year. |
| External review | The Index Compilation Committee is consulted on content formulation and major changes to the general rules. | 內容制定或任何重大變更將向指數編製委員會徵詢意見，作為擬訂或增修之參考。From TIP General Principles for TIP Securities Indices ↗ |
Opinions are sought from the Index Compilation Committee when formulating the rules or making any material changes. |
| Change announcement | Taiwan Index Company website, technical notices, press releases, notifications to authorised clients | 授權發行金融商品之指數，編製規則修改將於新編製規則生效前於本公司網站公告技術通知。From TIP General Principles for TIP Securities Indices ↗ |
Results, rules, changes and emergency responses are disclosed on the company website, through technical notices or press releases, and by notifications to authorised clients. |
| Cessation policy | insufficient number of constituents, incomplete or unreliable data required for periodic review, changes in market environment, regulations or potential constituents making the objective difficult to achieve, a customised index's original purpose no longer exists or there is no practical application demand | 指數終止編製發布之啟動事由，包含但不限於下列情事；本公司經審慎評估後，決定指數是否終止編製發布。指數成分數量不足From TIP General Principles for TIP Securities Indices ↗ |
An index may be terminated after careful assessment when constituents are insufficient, review data are incomplete or unreliable, market or regulatory changes prevent achievement of its objective, or a customised index has no purpose or demand. |
Open points · 36Model-written, for reference
- 1Index code, ISIN, third-party vendor tickers, launch date, base date, base value, calculation currency, methodology version and methodology date were not stated.
- 2Calculation agent and any distinction from the administrator were not stated.
- 3Parent index or parent universe index was not stated; the document defines a direct sampling universe rather than naming an index.
- 4Minimum listing history or trading-history requirement was not stated.
- 5Minimum free-float percentage was not stated.
- 6Foreign ownership limit or minimum foreign room was not stated.
- 7Minimum voting rights and minimum share price screens were not stated.
- 8Formal financial-health eligibility criteria beyond scoring factors were not separately stated.
- 9The supplied text contains apparent typographical numbering/ordering issues in the liquidity-test bullets, but the stated threshold conditions were captured.
- 10Benchmark regulatory status, intended product uses, market classification and stated index limitations were not provided.
- 11The document does not specify the free-float factor method or free-float bands.
- 12The document does not specify a domestic inclusion factor.
- 13The document does not specify foreign ownership limit treatment.
- 14The document does not specify group, sector, or country caps.
- 15The document does not state when caps are applied or how often weights are reset.
- 16The document does not identify the source or update timing for shares outstanding.
- 17The document does not describe a divisor adjustment rule.
- 18Profile_m6_m8: LLM call failed (model reply contained no JSON object)
- 19Review rebalance, buffers turnover, corporate actions adhoc: no reply; group dropped
- 20Calculation returns.precision: number of decimal places for published index levels was not stated.
- 21Withholding tax basis: no tax rate or withholding-tax basis for a net total return variant was stated.
- 22Market disruption rule: no market closure or disruption calculation rule was stated.
- 23Recalculation policy: no policy for correcting or restating published index levels was stated.
- 24Oversight body: no committee or oversight body was explicitly identified.
- 25Discretion points: no discretionary situations were listed.
- 26Methodology review frequency: no frequency for reviewing the methodology itself was stated.
- 27External review: no external review process was stated.
- 28Material change definition: no definition of material methodology change was stated.
- 29Consultation procedure: no consultation procedure was stated.
- 30Notice period: no notice period for methodology or constituent changes was stated.
- 31Error correction policy: no error correction or restatement policy was stated.
- 32Change announcement: no publication channels beyond TWSE real-time information transmission were explicitly listed.
- 33Constituents published: whether and how often a constituent list is published was not stated.
- 34Cessation policy: no index discontinuation policy was stated.
- 35Not coveredM4 Selection and constituent count: not covered by this edition
- 36Not 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 · 64 of 65 quotes found word for word in the PDF · includes general rules: General Principles for TIP Securities Indices v1.1.2, TIP Corporate Actions and Events Methodology v2.3.7, TIP Free Float Coefficient Calculation Guide v1.0.0
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