| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G2 Calculation and publication · 7 fields | |||
| Formula type | Divisor | Index value on a business day using the standard formula is calculated as follows:Open p.3 ↗ |
The standard index value is calculated from component share counts, component prices converted into index currency, and an index divisor. |
| Return variants | PR, GTR | In Price return indices, ordinary cash dividends will not be applied on the index.Open p.12 ↗ (not found verbatim in the PDF) |
The document distinguishes price return indices and total return indices, but does not identify a net total return variant. |
| Dividend treatment | Ordinary cash dividends are not applied in price return indices; all dividend payments are reinvested in total return indices by adjusting the divisor on the ex-dividend date. | applied on the ex-date for calculating TR Indices. In Price return indices, ordinary cash dividends will not be applied on the index.Open p.12 ↗ (not found verbatim in the PDF) |
Ordinary cash dividends are excluded from price return indices and reinvested through a divisor adjustment in total return indices on the ex-dividend date. |
| Divisor adjustment rule | The divisor is adjusted on the corporate-action ex-date so that the index value remains unchanged, based on the difference between the prior closing market capitalization and the adjusted opening market capitalization. | Index divisor is adjusted on the ex-date of a corporate action. The adjustment is completed in such a way that the index value remains unchanged. Index Divisor is calculated as follows:Open p.4 ↗ |
The index divisor is adjusted on a corporate action ex-date so the index level remains continuous, using the market capitalization difference at the adjustment. |
| Divisor adjustment events | Stock splits, Special dividends, Spin offs, Rights offerings, Cash dividends, Additions, Removals, Replacements, Acquisitions, Delistings, Mergers, Bankruptcies, Temporary delistings or prolonged suspensions | The following corporate actions (such as stock splits, special dividends, spin-offs and rightsOpen p.4 ↗ |
Corporate actions such as splits, special dividends, spin-offs, rights offerings, dividends, constituent changes, acquisitions, delistings, mergers, bankruptcies, and prolonged suspensions may trigger index treatment or divisor adjustment. |
| Calculation frequency | Calculated on all weekdays; no real-time calculation frequency is stated. | Indxx does not follow any holiday calendar. Given this, the index is calculated on all weekdays.Open p.13 ↗ |
Indxx does not follow a holiday calendar and calculates the index on all weekdays. |
| Currency | index-specific currency | *Price = Price of index component i on business day t in local currency * Foreign exchange rate to convert the price of index component i on business day t into the index currencyOpen p.3 ↗ |
Component prices in local currency are converted into the index currency using foreign exchange rates, but the rulebook does not specify a single publication currency. |
| G4 Corporate events · 10 fields | |||
| Special cash dividend | Extraordinary cash dividends outside company dividend policy decrease the divisor by default, although index-specific rules may instead adjust stock and leave the divisor unchanged. | Extraordinary distribution in the form of cash dividend which is outside the scope of dividendOpen p.5 ↗ |
Special cash dividends are treated as extraordinary distributions and generally reduce the divisor unless an index-specific stock adjustment applies. |
| Addition deletion replacement | When a constituent is added, removed, or replaced, the new company's shares are set based on the old company's weight and the new price; the divisor remains unchanged. | In case a constituent is added, removed, or replaced with another constituent in the Index the following adjustment is implemented:Open p.8 ↗ |
Constituent additions, removals, and replacements are implemented through a share adjustment while keeping the divisor unchanged. |
| Cash dividend | Regular cash dividends reduce the price-index divisor by default, unless an index-specific rule reinvests dividend proceeds in stock and leaves the divisor unchanged; ordinary cash dividends are not applied in price return indices. | Regular distribution in form of cash dividend within the scope of dividend policy of the company.Open p.4 ↗ |
For regular cash dividends, the default adjustment decreases the divisor, but index-specific rules may instead adjust shares; price return indices do not apply ordinary cash dividends. |
| Bonus and split | Share counts and prices are adjusted proportionally for stock dividends, stock splits, and bonus issues; the divisor remains unchanged. | shares will increase by the percentage increase in stock dividend and price will decrease by the same percentage.Open p.6 ↗ |
Stock dividends, splits, and bonus issues increase shares and reduce prices proportionally without changing the divisor. |
| Rights issue | Market-cap-weighted indices generally increase the divisor and reflect new shares and the discounted price; proprietary weighted indices may adjust index shares without changing the divisor; non-participation results in no adjustment when the subscription price is at or above the closing price. | Rights Issue impacts the number of shares as well as price thereby impacting the index divisor reflecting an increase in market cap.Open p.10 ↗ |
Rights offerings are handled according to index weighting type, and the Index Committee decides participation; no adjustment is made if the index does not participate. |
| Merger acquisition | Acquisition and merger treatment depends on whether the target and acquirer are constituents and the consideration; targets are generally removed, cash proceeds are reinvested, stock terms may increase acquirer shares, and the surviving company may be added by Committee decision. | Target Company is a part of the index, acquiring company is not: Target Company will be removed from the index and proceeds will be reinvested into the index.Open p.9 ↗ |
Mergers and acquisitions are treated by removing targets, reinvesting cash proceeds where applicable, increasing acquirer shares for stock consideration, and possibly adding the survivor at the Committee's discretion. |
| Spin off | Spin-off treatment is decided case by case by the Index Committee: the spun-off company may be added with no divisor change, omitted while the divisor decreases to reflect market value, or omitted with a stock adjustment and no divisor change. | There are various potential treatments for spin-off, which are at decided by Index Committee on a case-to-case basis.Open p.7 ↗ |
Spin-offs are handled case by case, with the spun-off entity either added or excluded using a divisor or share adjustment depending on the chosen treatment. |
| Suspension | A temporarily delisted or prolonged suspended security may be removed at the Index Committee's discretion, with the invested amount reinvested into the index and the divisor decreased. | A temporary delisting/trading suspension occurs when a security stop trading on the stock exchange for a certain time period.Open p.12 ↗ (not found verbatim in the PDF) |
Temporary delisting or prolonged trading suspension may lead to Committee-directed removal and reinvestment of proceeds. |
| Delisting | A delisted security is removed from the index, the invested amount is reinvested into the index, and the divisor decreases. | The security would be removed from the index, and the invested amount in the delisted security will be reinvested into the index. Adjustment: Divisor will decrease.Open p.11 ↗ |
Delisting results in index removal, reinvestment of the proceeds, and a divisor decrease. |
| Bankruptcy | A bankrupt security is removed from the index, the invested amount is reinvested into the index, and the divisor decreases. | The security would be removed from the index, and the invested amount in the acquired security will be reinvested into the index.Open p.12 ↗ |
Bankruptcy results in index removal, reinvestment of the invested amount, and a divisor decrease. |
| G6 Disruption, emergencies and corrections · 1 field | |||
| Market disruption rule | When an exchange is closed for a trading holiday and no closing price is available, each stock is valued at its last regular trade before closure; when an exchange closes early, the index uses exchange-published closing prices. | In situations when exchange is closed for a trading holiday and no closing price is available, the index will be calculated based on the last regular trade reported for each stock before the exchange closed.Open p.13 ↗ |
Exchange holidays use the last regular trade before closure, and unexpected early exchange closures use the closing prices published by the exchange. |
| G7 Review and constituent changes · 3 fields | |||
| Announcement rule | Interim additions and deletions caused by corporate actions are decided by the Index Committee and communicated to clients ahead of time; important constituent news and corporate actions are also communicated in advance. | Announcements of additions and deletions of constituents, due to various corporate actions mentioned above, in the middle of the year will be decided by the Index Committee.Open p.13 ↗ (not found verbatim in the PDF) |
Corporate-action-driven additions and deletions during the year are Committee decisions and are communicated to clients in advance. |
| Ad hoc deletion triggers | Delisting, Prolonged suspension, Acquisition, Bankruptcy, Other | The security would be removed from the index, and the invested amount in the delisted security will be reinvested into the index.Open p.11 ↗ |
Securities may be removed between reviews for delisting, temporary delisting or prolonged suspension, acquisition-related removal, bankruptcy, and other Index Committee decisions. |
| Suspended constituent rule | A security under temporary delisting or prolonged suspension is removed only if the Index Committee decides; proceeds are then reinvested into the index. | The security would be removed from the index based on the Index Committee's decision and the invested amount in the acquired security will be reinvested into the index.Open p.12 ↗ |
Suspended or temporarily delisted constituents are subject to Index Committee removal discretion. |
| G8 Governance, changes and termination · 4 fields | |||
| Continued membership not guaranteed | Continued index membership is not necessarily subject to the eligibility guidelines in each methodology. | Continued index membership of a constituent is not necessarily subject to the guidelines provided in each of the Indxx index methodology.Open p.13 ↗ |
A constituent may remain in or be removed from an index even where the stated methodology criteria alone would not determine the outcome. |
| Oversight body | Index Committee | The Index Committee is responsible for setting policy, determining index composition, and administering the indices in accordance with the Indxx index methodology.Open p.13 ↗ (not found verbatim in the PDF) |
The Index Committee is responsible for policy, index composition, and administration of Indxx indices. |
| Discretion points | include a stock, exclude a stock, adjust a stock, postpone inclusion of a stock, exclude a constituent despite meeting stated criteria, decide corporate action timing or treatment, decide spin-off treatment, decide rights participation, decide merger survivor inclusion, decide removal during prolonged suspension | The Index Committee reserves the right to use qualitative judgment to include, exclude, adjust, or postpone the inclusion of a stock.Open p.13 ↗ |
The Index Committee may use qualitative judgment over inclusion, exclusion, adjustment, postponement, corporate-action treatment, rights participation, merger survivors, and suspension-related removals. |
| Disclosure channels | client communications | This will be communicated to the client well ahead of time. Also, important news items as well as corporate actions with respect to all the constituents of the index will be informed to the client well in advance.Open p.13 ↗ |
Additions, deletions, important news, and corporate actions are communicated directly to clients in advance. |
Open points · 9Model-written, for reference
- 1No withholding-tax basis or net total return methodology is stated.
- 2No real-time interval, specific calculation times, closing publication time, precision, publication vendors, or publication channels beyond client communications are stated.
- 3No default periodic review frequency, effective date, data cutoff, eligibility screens, buffer rules, reserve list, turnover limit, fast-entry rule, replacement policy, or deletion price are stated.
- 4No treatment is stated for placements, conversions, general capital reductions, risk-warning securities, or transfers of listing.
- 5No emergency procedure, error correction policy, or recalculation policy is stated.
- 6No formal methodology review frequency, external consultation, material-change definition, change procedure, notice period, index cessation or termination procedure, complaints procedure, or usage restrictions are stated.
- 7Not coveredG1 Scope, precedence and principles: not covered by this edition
- 8Not coveredG3 Prices and market data: not covered by this edition
- 9Not coveredG5 Shares, free float and weight factors: not covered by this edition
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