Also known as: 臺灣價值高息指數 · IX0208 Index (Bloomberg) · IX0208 (TIP code)
Tracked by: 00940 (ETF)
At a glance
- Weighting schemeDividend yield
- Review frequencySemi-annual
- Single cap8
- Buffer35 / 65
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 12 fields | |||
| Investment philosophy | 巴菲特價值投資哲學 | 參考巴菲特價值投資哲學，融合多項企業基本面指標Open p.1 ↗ |
The stock selection references the Buffett value-investing philosophy. |
| Target constituent count | 50 stocks | 綜合考量自由現金流量收益率、股利率及益本比擇優選取50 檔股票Open p.1 ↗ |
The index selects 50 constituent stocks. |
| Weighting scheme | Dividend yield weighted | 成分股以股利率加權，表彰符合關鍵財務指標股票之股息導向投資組合績效表現。Open p.1 ↗ |
Constituents are weighted by dividend yield. |
| Index name | Taiwan Index Service Select Taiwan Value High Dividend Index | 臺灣指數公司特選臺灣價值高息指數(簡稱「臺灣價值高息指數」)係以臺灣上市上櫃股票為母體Open p.1 ↗ |
The official English index name is not stated in the provided text; the local name identifies the Taiwan Index Company Select Taiwan Value High Dividend Index. |
| Index short name | 臺灣價值高息指數 | 臺灣指數公司特選臺灣價值高息指數(簡稱「臺灣價值高息指數」)Open p.1 ↗ |
The index is abbreviated as the Taiwan Value High Dividend Index. |
| Local index name | 臺灣指數公司特選臺值高息指數 | 臺灣指數公司特選臺灣價值高息指數(簡稱「臺灣價值高息指數」)Open p.1 ↗ |
The local-language index name is Taiwan Index Company Select Taiwan Value High Dividend Index. |
| Administrator | 臺灣指數公司 | The index provider is Taiwan Index Company. | |
| Index family | 臺灣指數公司特選系列 | 臺灣指數公司特選臺灣價值高息指數(簡稱「臺灣價值高息指數」)Open p.1 ↗ |
The index belongs to Taiwan Index Company's select index series, based on the local index naming. |
| Objective | 自發行市值前300大股票中，融合多項企業基本面指標，篩選能持續為股東創造現金流、基本面穩固、盈利能力佳和具持續增長潛力之公司，並擇優選取50檔股票，表彰股息導向投資組合績效表現。 | 自發行市值前300 大股票中，參考巴菲特價值投資哲學，融合多項企業基本面指標，篩選能持續為股東創造現金流、基本面穩固、盈利能力佳和具持續增長潛力之公司，綜合考量自由現金流量收益率、股利率及益本比擇優選取50 檔股票Open p.1 ↗ |
The index selects 50 stocks from the 300 largest listed companies by issued market value using fundamental indicators to represent the performance of a dividend-oriented portfolio. |
| Size segment | Large | 自發行市值前300 大股票中，參考巴菲特價值投資哲學，融合多項企業基本面指標Open p.1 ↗ |
The eligible selection pool is drawn from the 300 largest stocks by issued market value, indicating a large-cap orientation. |
| Index family type | Dividend yield | 成分股以股利率加權，表彰符合關鍵財務指標股票之股息導向投資組合績效表現。Open p.1 ↗ |
The index is a dividend-oriented value and high-dividend strategy index. |
| Factor exposures | Value, Yield, Quality | 綜合考量自由現金流量收益率、股利率及益本比擇優選取50 檔股票；成分股以股利率加權Open p.1 ↗ |
The methodology emphasizes value, dividend yield, and quality-related fundamental factors. |
| M2 Universe · 7 fields | |||
| Eligible universe | Taiwan listed and OTC common stocks, excluding specified stock categories and segments, ranked among the top 300 by issued market value. | 指數母體：臺灣證券交易所上市與中華民國證券櫃檯買賣中心上櫃普通股股票；非屬管理股票、興櫃股票及經公告為變更交易方法或停止買賣股票者Open p.1 ↗ |
The sampling universe is Taiwan listed and OTC common stocks outside excluded categories, narrowed to the 300 largest by issued market value. |
| New certificates exception | Stocks whose trading is suspended solely because new certificates are issued due to capital reduction or conversion into a holding, newly established, or par-value-changed company 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 for issuance of replacement certificates after capital reduction, holding-company conversion, new-company conversion, or par-value changes may still be included. |
| Sampling rank buffer | 10% | 發行市值屬前300 大者，且依上述市值之排名設立10%緩衝區。Open p.1 ↗ |
A 10 percent buffer is applied around the market-capitalization ranking used for the sampling pool. |
| Markets | Taiwan | 係以臺灣上市上櫃股票為母體，自發行市值前300 大股票中Open p.1 ↗ |
The index covers stocks listed and emerging-market traded in Taiwan. |
| Exchanges | 臺灣證券交易所, 中華民國證券櫃檯買賣中心 | 指數母體：臺灣證券交易所上市與中華民國證券櫃檯買賣中心上櫃普通股股票Open p.1 ↗ |
The universe includes stocks listed on the Taiwan Stock Exchange and stocks traded on the Taipei Exchange. |
| Security types | Common | 臺灣證券交易所上市與中華民國證券櫃檯買賣中心上櫃普通股股票Open p.1 ↗ |
The index universe consists of common stocks. |
| Exclusions | managed stocks, emerging stocks, stocks with changed trading methods, suspended stocks, innovation board stocks, building materials and construction sector stocks, primary listings, primary over-the-counter listings | 非屬管理股票、興櫃股票及經公告為變更交易方法或停止買賣股票者Open p.1 ↗ |
The universe excludes managed, emerging, altered-trading-method, suspended, innovation-board, and building-materials/construction stocks; screening also excludes primary listings and primary OTC companies. |
| M3 Eligibility screens · 10 fields | |||
| Liquidity alternative ad | 100,000,000 TWD per day | 至少有8 個月週轉率達3%或至少有8 個月的日平均成交金額達新台幣1 億元以上。Open p.3 ↗ |
One liquidity alternative requires average daily trading value of at least NT$100 million in at least eight months within the latest 12 calendar months. |
| Liquidity alternative turnover | 3 pct per month | 至少有8 個月週轉率達3%或至少有8 個月的日平均成交金額達新台幣1 億元以上。Open p.3 ↗ |
One liquidity alternative requires monthly turnover of at least 3% in at least eight months within the latest 12 calendar months. |
| Stage two relaxation rule | If fewer than 90 stocks pass stage one, screening criteria are relaxed until at least 90 stocks pass, and inverse 252-day downside risk must rank in the top 90%. | 若通過第一階段股票未達90 檔，則放寬成分股篩選標準，直至通過股票達90 檔以上為止。最近252 日下行風險4之倒數屬前90%高。Open p.3 ↗ |
The criteria are relaxed until 90 or more stocks qualify, and stage two applies a 252-day inverse downside-risk rank within the top 90%. |
| Final ranking factors | free cash flow yield, dividend yield, price-to-earnings ratio inverse | 分別將自由現金流量收益率5、股利率指標及益本比標準化6後計算綜合分數，選取綜合分數排名前50 名之股票。Open p.3 ↗ |
Final selection standardizes free-cash-flow yield, dividend yield, and earnings-to-price ratio to form a composite score. |
| Regional investment concentration definition | The regional investment concentration indicator considers China investment amount and the proportion of net assets. | 對區域投資集中度指標係考量大陸轉投資金額及淨資產占比。Open p.3 ↗ |
Regional investment concentration considers Mainland China investment amount and net-asset proportion. |
| Liquidity screen | Metric: Liquidity ratio; Window: 1 calendar month and 12 calendar months; Threshold: rank in top 70% by one-month trading value and satisfy one of the 12-month liquidity alternatives; Buffer for existing: existing constituents unconditionally pass | 流動性檢驗1：屬最近1 個日曆月成交金額總額排序前70%股票，且應滿足以下任1 既有成分股無條件通過流動性檢驗。Open p.3 ↗ |
A stock must rank in the top 70% by total trading value over the latest calendar month and meet one 12-month trading-value or turnover condition; existing constituents pass unconditionally. |
| Minimum size | Metric: Full market cap; Threshold: top 300 by issued market value, with a 10% ranking buffer | 發行市值屬前300 大者，且依上述市值之排名設立10%緩衝區。Open p.1 ↗ |
Candidates must be among the 300 largest stocks by issued market value, with a 10 percent buffer around the ranking. |
| Financial screens | positive sum of EPS over the latest four quarters, cash dividends paid in each of the latest three years, excluding financial companies with capital-reserve-derived cash dividends in the latest five years, debt ratio ranked among the lower 90%, separately for financial and non-financial companies, return on assets or return on equity ranked among the top 90%, separately for financial and non-financial companies, P/E ratio ranked among the top 80% over the latest two quarters, after-tax net profit ranked among the top 90% over the latest four quarters, gross-margin growth ranked among the top 90% over the latest four quarters, regional investment concentration ranked among the lower 95%, long-term growth rate ranked among the top 75% for non-existing constituents | ii. 最近4 季EPS 總和為正值、且最近3 年度均有發放現金股利2；5 月定期審核另排除定期審核生效日前已除息之年配息股票。Open p.3 ↗ |
Candidates must pass earnings, dividend, leverage, profitability, valuation, profit, margin-growth, investment-concentration, and long-term-growth screens. |
| Business or ESG exclusions | primary listed companies, primary OTC companies, building materials and construction sector stocks, annual dividend stocks that have gone ex-dividend before the May review effective date, financial companies whose cash dividends in the past five years included capital reserve | i. 非屬第一上市、第一上櫃公司。Open p.3 ↗ |
Primary listings, primary OTC companies, construction-sector stocks, certain ex-dividend annual-dividend stocks, and specified financial-company dividends are excluded. |
| Suspension rule | Stocks publicly announced as suspended are excluded from the index universe, except replacement-certificate suspensions caused by capital reduction, holding-company conversion, new-company conversion, or par-value changes. | 非屬管理股票、興櫃股票及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 generally excluded, except stocks suspended only to issue replacement certificates for specified corporate transformations. |
| M4 Selection and constituent count · 2 fields | |||
| Dynamic constituent count rule | The prior review's constituent count is the baseline; if securities at the weight cap exceed 70%, constituent count is increased in increments of 5, up to 60. | 依據前次定審之成分股檔數為設定檔數，惟若達到權重上限之檔數占比逾70%，每次以5 檔為單位新增成分股檔數，且成分股檔數至多為60 檔。Open p.5 ↗ |
The constituent count uses the prior review count as baseline, but if more than 70% of constituents hit the weight cap, it increases by five securities at a time, up to 60 securities. |
| Ranked replacement rule | When more than 10 replacements remain after buffer adjustment, eligible securities are ranked by composite score descending, retaining at most 40 existing constituents and filling to 50 with non-existing constituents, scaled proportionally to the latest constituent count. | 當經緩衝區調整後，替換檔數仍超過10 檔時，則於通過指標篩選者中，分別依綜合分數遞減排序，優先選取至多40 檔既有成分股及以非既有成分股補滿50 檔；本條件亦依據最新之成分股檔數進行等比例調整。Open p.5 ↗ |
If more than 10 replacements remain after buffer adjustment, screened candidates are ranked by decreasing composite score, with priority given to up to 40 existing constituents and non-existing constituents used to reach 50, subject to proportional scaling for the current constituent count. |
| M5 Weighting and capping · 9 fields | |||
| Free float market value weight relative cap | 5 multiple | 自由流通市值占比之5 倍。Open p.3 ↗ |
A constituent's weight may not exceed five times its share of free-float market capitalization. |
| Average trading value weight relative cap | Multiple: 5; Window: 3 months | 近3 個月平均成交金額占比之5 倍。Open p.3 ↗ |
A constituent's weight may not exceed five times its share of the three-month average trading value. |
| Planned assets under management definition | Aggregate AUM of publicly offered funds tracking the Taiwan Value High Dividend Index, rounded up to the nearest multiple of TWD 25 billion. | 設定「預擬資產管理規模」為所有追蹤臺灣價值高息指數之公開發行基金之資產規模8無條件進位至新台幣250 億元之倍數。Open p.3 ↗ |
Planned assets under management are the assets of publicly offered funds tracking the Taiwan Value High Dividend Index, rounded up to a multiple of TWD 25 billion. |
| Investment amount to total market cap cap | 4% | 使用「預擬資產管理規模」計算個別成分股投資金額，投資金額占發行市值不得超過4%Open p.3 ↗ |
The investment amount calculated using planned assets under management may not exceed 4% of a constituent's total issued market value. |
| Investment amount to free float market cap cap | 10% | 且投資金額占自由流通市值不得超過10%。Open p.3 ↗ |
The investment amount calculated using planned assets under management may not exceed 10% of a constituent's free-float market value. |
| Weighting scheme | Dividend yield | 股利率加權。Open p.3 ↗ |
The index uses dividend-yield weighting. |
| Free float factor | Method: Free float | 自由流通量係數若低於10%，則不納入成分股採樣。Open p.5 ↗ |
A free-float factor is used; securities with a factor below 10% are excluded, and the factor is updated at each scheduled review effective date from the latest Taiwan Index Company free-float factor data. |
| Weight cap | 8% | 個別成分股權重不得超過8%Open p.3 ↗ |
Each constituent's weight may not exceed 8%. |
| 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 · 10 fields | |||
| Review reference date rule | The review reference date is the seventh trading day of May and November. | 以5、11 月的第7 個交易日為審核基準日，審核資料截至前一個月最後一個交易日。Open p.5 ↗ |
The review uses the seventh trading day of May and November as its reference date. |
| Target constituent count after review | 50 constituents | 每次定期審核後選取成分股檔數50 檔9。Open p.5 ↗ |
Each regular review selects 50 constituent securities. |
| Transition period | 5 trading days | 於指數定期審核生效日(含)起設有5 個交易日的指數調整過渡期，將定期審核異動之權重分配在5 個交易日內調整。Open p.5 ↗ |
From the effective date inclusive, a five-trading-day transition period spreads the reviewed weight changes across five trading days. |
| Divisor maintenance | The divisor is maintained using closing data from each prior trading day during the regular-review transition period to calculate the market-capitalisation difference between the new and original constituent portfolios. | 指數除數維護方式，採成分股定期審核之指數調整過渡期各前一交易日收盤資料，計算新成分股組合與原成分股組合之指數市値差異作為異動指數市值。Open p.5 ↗ |
During the transition period, the divisor uses each preceding trading day's closing data to calculate the market-capitalisation change between the new and old portfolios. |
| Insufficient history company rule | If a holding company or newly established company lacks sufficient screening data for a regular review, data from a representative converted-share company or stock may be combined when that representative company qualifies for the sampling universe. | 控股公司或新設公司定期審核使用之成分股篩選資料期間不足者，如轉換股份之代表公司符合採樣母體資格，得合併採用該代表公司或股票之資料。Open p.5 ↗ |
For holding or newly established companies with insufficient review-data history, data from a qualifying representative company or stock arising from converted shares may be combined. |
| Review frequency | Semi-annual | 每年2 次進行成分股定期審核，以5、11 月的第7 個交易日為審核基準日，審核資料截至前一個月最後一個交易日。Open p.5 ↗ |
Constituents are regularly reviewed twice per year. |
| Review types | Semi annual review, Ad hoc | 每年2 次進行成分股定期審核，以5、11 月的第7 個交易日為審核基準日，審核資料截至前一個月最後一個交易日。Open p.5 ↗ |
The index has semiannual constituent reviews and ad hoc adjustments for index maintenance. |
| Review months | May, November | 每年2 次進行成分股定期審核，以5、11 月的第7 個交易日為審核基準日，審核資料截至前一個月最後一個交易日。Open p.5 ↗ |
The semiannual review reference dates are the seventh trading day of May and November. |
| Data cutoff rule | Review data are cut off as of the last trading day of the month preceding the May and November review reference dates. | 以5、11 月的第7 個交易日為審核基準日，審核資料截至前一個月最後一個交易日。Open p.5 ↗ |
For each review, the review data are as of the last trading day of the previous month. |
| Effective date rule | Review results take effect five trading days after the review reference date. | 成分股定期審核結果，於審核基準日之後，間隔5 個交易日後生效；於指數定期審核生效日(含)起設有5 個交易日的指數調整過渡期Open p.5 ↗ |
Regular review changes become effective after an interval of five trading days following the review reference date. |
| M7 Buffers and turnover control · 3 fields | |||
| Buffer selection priority | Within ranks 36 to 65, existing constituents have priority and constituents are selected by ranking, subject to the maximum replacement limit. | 將排名第36 至65 名視為候選成分股，以既有成分股優先，按排名挑選成分股，並同時滿足至多替換10 檔之限制11。Open p.5 ↗ |
For candidates ranked 36 to 65, existing constituents are prioritised and selections are made by rank subject to the replacement cap. |
| Buffer zone | Entry rank: 35; Exit rank: 65 | 排名在第35 名以內之股票即納入成為指數成分股，既有成分股若排名在第65 名之後則從指數成分股中刪除；處理後，將排名第36 至65 名視為候選成分股Open p.5 ↗ |
Stocks ranked within 35 enter the index, while existing constituents ranked below 65 are removed; ranks 36 to 65 form a candidate buffer. |
| Maximum turnover per review | 10 constituents | 以既有成分股優先，按排名挑選成分股，並同時滿足至多替換10 檔之限制11。Open p.5 ↗ |
A regular review may replace no more than 10 constituents. |
| M8 Corporate actions, IPOs, ad-hoc changes · 5 fields | |||
| Adhoc adjustment scope | Ad hoc maintenance covers constituent changes, coefficient products, issued shares and the index divisor. | 成分股不定期調整、係數乘積、發行股數、指數除數等維護，依本公司「TIP 指數系列企業活動處理通則」辦理Open p.5 ↗ |
The referenced corporate-action rules govern ad hoc constituent adjustments, coefficient products, issued shares and divisor maintenance. |
| Replacement policy | None | 成分股不定期調整、係數乘積、發行股數、指數除數等維護，依本公司「TIP 指數系列企業活動處理通則」辦理；成分股若因此刪除，則不予遞補。Open p.5 ↗ |
If a constituent is removed because of an ad hoc corporate-action adjustment, it is not replaced. |
| Corporate actions guide ref | TIP 指數系列企業活動處理通則 | 成分股不定期調整、係數乘積、發行股數、指數除數等維護，依本公司「TIP 指數系列企業活動處理通則」辦理Open p.5 ↗ |
Ad hoc constituent changes, coefficient products, issued shares and divisor maintenance follow the TIP Index Series Corporate Action Handling General Rules. |
| 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 · 14 fields | |||
| Base date | 2023-12-15 | 註1：基期設定為2023 年12 月15 日，基準指數設定為5000 點。Open p.4 ↗ |
The base period is set as 15 December 2023. |
| Base index level | 5,000 points | 註1：基期設定為2023 年12 月15 日，基準指數設定為5000 點。Open p.4 ↗ |
The base index level is set at 5,000 points. |
| Shares outstanding input | issued shares used in constituent market capitalization | 𝑠𝑖,𝑡=成分股i 在t 日的發行股數Open p.4 ↗ |
The formula uses each constituent's issued shares on day t to calculate constituent market capitalization. |
| Coefficient product input | coefficient product per TIP SmartBeta corporate-action rules | 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 ↗ |
The coefficient product is determined under the company's TIP Index Series corporate-action guidelines for SmartBeta investment indices. |
| Real time start date | 2024-02-26 | 臺灣價值高息指數自2024 年2 月26 日起，於臺灣證券交易所與中華民國證券櫃檯買賣中心交易時間內Open p.3 ↗ |
Beginning 26 February 2024, the index is calculated and published in real time during exchange trading hours. |
| Base divisor rule | At the base period, the divisor equals the index market capitalization at that time. | 註2：在基期之指數除數即為當時指數市值Open p.4 ↗ |
At the base period, the index divisor is equal to the then-current index market capitalization. |
| Formula type | Divisor | 𝐼𝑛𝑑𝑒𝑥𝑡= 𝐷𝑖𝑣𝑖𝑠𝑜𝑟𝑡Open p.4 ↗ |
The index is calculated using an index divisor applied to indexed market capitalization. |
| Price source | Latest trade price | 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 real-time index uses each constituent's latest transaction price, and the constituent price variable in the calculation formula is the constituent price on that day. |
| Calculation frequency | Real time interval seconds: 5; Closing index frequency: Daily; Total return index frequency: Daily | 於臺灣證券交易所與中華民國證券櫃檯買賣中心交易時間內，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 TWSE and TPEx trading hours, the real-time index is calculated every five seconds; a closing index is calculated daily, and the total return index is calculated and published once after the close. |
| Return variants | PR, GTR | 臺灣價值高息指數分「價格指數」 (Price Index)、「報酬指數」 (Total Return Index)，由臺灣指數公司負責編製Open p.1 ↗ |
The index family includes a price index and a total return index reflecting cash dividends. |
| Dividend treatment | Cash dividends included in total return index | 臺灣指數公司另編製臺灣價值高息報酬指數，就臺灣價值高息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Open p.3 ↗ |
The total return index adjusts the price index by taking cash dividends into account to reflect returns including cash dividends. |
| Divisor adjustment | Post close constituent changes, Corporate actions under smartbeta rules | 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Open p.4 ↗ |
After the close, the divisor is adjusted for constituent changes under the TIP corporate-action guidelines for SmartBeta investment indices 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 | |||
| 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 ↗ |
The Taiwan Stock Exchange is engaged to calculate the index and transmit real-time information. |
| Periodic constituent review | Yes | 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 Plus conducts periodic reviews of constituents according to the index compilation rules. |
| Closing market capitalization records | Taiwan Index Plus retains closing market capitalization records for all constituents. | 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 Plus maintains closing market capitalization records for all constituent stocks. |
| General index rules reference | Principles for compilation, maintenance, and administration refer to the Taiwan Index Plus General Rules for Securities Indices. | 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 follow the Taiwan Index Plus general rules for securities indices. |
| Oversight body | Taiwan Index Plus Corporation | 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 Plus Corporation compiles the index and conducts periodic constituent reviews, while the Taiwan Stock Exchange calculates it and transmits real-time information. |
| Change announcement | Taiwan Stock Exchange real-time information transmission | 委請臺灣證券交易所計算及即時資訊傳輸。Open p.1 ↗ |
Real-time index information is transmitted through the Taiwan Stock Exchange under the calculation arrangement. |
| 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. |
| 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 · 30Model-written, for reference
- 1Official English index name, index code, ISIN, vendor tickers, launch date, base date, base value, calculation currency, methodology version/date, and benchmark regulation status were not stated.
- 2Calculation agent, intended use, market classification, and stated limitations were not provided.
- 3No explicit minimum listing history or trading-history requirement was stated.
- 4No minimum free-float percentage, foreign-room threshold, voting-rights threshold, minimum share price, or extreme-price screen was stated.
- 5The document mentions a 10% ranking buffer for the top-300 sampling pool but does not define the buffer mechanics in detail.
- 6The provided sections do not state the complete selection method, ranking metrics, tie-break rule, industry neutrality rule, or reserve-list size rule.
- 7The provided sections do not specify domestic inclusion factors, foreign ownership-limit treatment, group caps, sector or country caps, cap application timing, shares-outstanding source, or divisor adjustment rules.
- 8The referenced buffer-zone adjustment mechanics are not fully stated.
- 9No announcement publication date, channel or notice period is stated.
- 10No weight-rebalancing or capped/factor weight-reset frequency separate from the semiannual constituent review is stated.
- 11No size-segment buffer thresholds are stated.
- 12No relaxed liquidity threshold for existing constituents is stated.
- 13No fast-entry rule for large new listings is stated.
- 14The provided text does not enumerate specific ad hoc deletion triggers.
- 15No merger, acquisition or spin-off treatment details are provided beyond a reference to the separate TIP corporate-action rules.
- 16No deletion price rule is stated.
- 17No threshold for implementing share or free-float changes between reviews is stated.
- 18Calculation returns.precision: no published index-level decimal precision was stated.
- 19Withholding tax basis: no withholding-tax rate or net-return tax basis was stated; only a total return index including cash dividends was identified.
- 20Market disruption rule: no market-closure or market-disruption calculation rule was stated.
- 21Recalculation policy: no policy for correcting or restating published index levels was stated.
- 22Discretion points: no discretionary powers or situations were stated.
- 23Methodology review frequency: no frequency for reviewing the methodology itself was stated.
- 24External review: no external review requirement was stated.
- 25Material change definition: no definition of material methodology change was stated.
- 26Consultation procedure: no consultation procedure was stated.
- 27Notice period: no advance notice period for methodology or constituent changes was stated.
- 28Error correction policy: no error correction or restatement policy was stated.
- 29Constituents published: the document does not state whether or how often a constituent list is published.
- 30Cessation policy: no index discontinuation or cessation policy was stated.
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