| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 7 fields | |||
| Market stress purpose | The policy governs inaccurate or delayed component prices, suspensions, disruptions, and impaired index representativeness during market stress. | This policy sets out the rules and procedures SOLACTIVE will apply during conditions of MARKET STRESS occurring in the calculation process of INDICES administered by SOLACTIVE.Open p.3 ↗ |
The policy sets rules and procedures for market stress that causes inaccurate or delayed prices, suspensions, disruptions, or impaired index representativeness. |
| Covered indices | BMR-administered indices or indices provided by Solactive in accordance with the IOSCO Principles, and in principle other indices offered by Solactive that are not BMR-administered or IOSCO-provided. | This policy applies globally to BMR Administered Indices or Indices provided by Solactive in accordance with the IOSCO Principles. The rules contained in this policy apply in principle also to Indices offered by SOLACTIVEOpen p.3 ↗ |
The policy globally applies to BMR-administered indices or Solactive-provided indices aligned with the IOSCO Principles, and in principle also to other Solactive-offered indices. |
| Precedence rule | The relevant index guideline prevails if it contains a provision deviating from this disruption policy. | To the extent that the relevant INDEX guideline contains a provision that deviates from the treatment in this Disruption Policy the INDEX guideline shall apply.Open p.3 ↗ |
Where an index guideline contains a treatment that deviates from this disruption policy, the index guideline applies. |
| Principles | Resilience, rule-based methodology, integrity protection, timely transparency | SOLACTIVE aims at creating a generic framework of resilient rules that effectively govern such incidents, which further contributes to a highly rule-based methodology and to protecting the integrity of SOLACTIVE INDICES.Open p.3 ↗ |
The policy aims to provide a resilient, highly rule-based framework that protects index integrity and communicates events and measures transparently. |
| Administrator | Solactive AG | Solactive AG German Index Engineering Platz der Einheit 1 60327 Frankfurt am Main GermanyOpen p.15 ↗ |
The administrator and provider is Solactive AG. |
| Rulebook version | 1.5 | 01 January 2026Open p.1 ↗ |
The printed rulebook version is Version 1.5. |
| Effective date | 2026-01-01 | 01 January 2026Open p.1 ↗ |
Version 1.5 is dated 01 January 2026. |
| G4 Corporate events · 3 fields | |||
| Disrupted corporate action postponement | If a component is disrupted on the day before a corporate action's effective date, implementation moves to the next index calculation day on which that component is not disrupted. | If an INDEX component is affected by a TRADING HALT or an unplanned MARKET CLOSURE on the day before the effective date of a CORPORATE ACTION, the implementation of the CORPORATE ACTION is moved to the next dayOpen p.7 ↗ |
A corporate action is postponed to the next day when the index is calculated and the affected component is not subject to a trading halt or unplanned market closure. |
| Basket reinvested distributions | Distributions reinvested across the whole basket and paid by an unaffected component are reinvested on the ex-date even if other components are disrupted. | With respect to any dividends or other distributions that are reinvested across the entire basket of INDEX components and paid by an INDEX component not affected by a TRADING HALT or an unplanned MARKET CLOSUREOpen p.7 ↗ |
Whole-basket reinvestments of dividends or distributions proceed on the ex-date when the paying component is unaffected, regardless of disruptions affecting other components. |
| Corporate action index guideline deviation | Individual indices may deviate from the disrupted corporate-action procedure if clearly designated in their index guideline. | Deviation from this procedure for individual INDICES is possible if this is clearly designated and set out in the respective INDEX guideline.Open p.7 ↗ |
An individual index may follow a different procedure only if its index guideline clearly designates and sets out that treatment. |
| G6 Disruption, emergencies and corrections · 7 fields | |||
| Trading halt definition | A trading halt is any intentional halt or suspension of trading in an individual index component for a period of time. | SOLACTIVE defines a ‘Trading Halt’ as any situation in which the trading of an individual INDEX component is intentionally halted or the INDEX component is suspended from trading for a period of time.Open p.4 ↗ |
A trading halt means that trading in an individual index component is intentionally halted or suspended for a period. |
| Unplanned market closure definition | An unplanned market closure affects the whole market or market segments and may result from systems failure, disaster, conflict, terrorism, riot, labour disruption, or similar circumstances. | A ‘Market Closure’, in contrast, affects not only a single INDEX component but the whole market or segments of the market. MARKET CLOSURES can be further divided into planned and unplanned MARKET CLOSURES.Open p.4 ↗ |
An unplanned market closure is an unplanned shutdown of the whole market or a market segment from specified disruptive causes. |
| Planned market closures excluded | Planned market closures are outside this policy and are treated, if at all, in individual index guidelines. | Any planned MARKET CLOSURES do not fall within the scope of this policy; their respective treatment, if any, is defined at the level of the individual Indices in their relevant INDEX guidelines.Open p.4 ↗ |
Planned market closures are not governed by this policy; their treatment, if any, is specified in the relevant individual index guidelines. |
| Prolonged market closure measures | If an unplanned market closure lasts at least 60 consecutive trading days and affects all or a significant percentage of components, Solactive may choose case-by-case measures to safeguard index integrity. | In the case of an unplanned MARKET CLOSURE lasting for at least 60 consecutive TRADING DAYS and affecting all or a significant percentage of the INDEX components, it may be necessary to deviateOpen p.6 ↗ |
For a broad 60-trading-day unplanned market closure, Solactive may deviate from the standard process and decide appropriate measures case by case. |
| Rebalance period disruption measures | During a multi-day rebalance period, Solactive may decide case-by-case measures for disruptions unless the index guideline specifies otherwise, and will announce the event and measures. | SOLACTIVE may at its own discretion decide on appropriate measures on a case-by-case basis, provided that the respective INDEX guideline does not specify a different treatment that would apply in such a case.Open p.10 ↗ |
Disruptions during a multi-day rebalance period may be handled by discretionary case-by-case measures, subject to the index guideline and Section 5 announcements. |
| Market disruption rule | A component affected by a trading halt or unplanned market closure generally remains in the index at its last observed trading price until further notice. | If an INDEX component is affected by a TRADING HALT or an unplanned MARKET CLOSURE, it generally remains in the INDEX at its last observed trading price until further notice.Open p.5 ↗ |
A disrupted component is generally retained at its last observed trading price, without regard to whether the halt is voluntary or regulatory or why it occurred. |
| Emergency procedure | For extraordinary and unforeseeable events not covered by the policy where analogous treatment would cause obvious and severe adverse effects, Solactive may deviate, escalate to the Index Committee, and communicate the alternative treatment before it becomes effective. | Such cases will be escalated to the INDEX COMMITTEE, which will independently decide on an appropriate alternative treatment. Any such alternative treatment deviating from the standard arrangements will be communicated clearlyOpen p.10 ↗ |
Uncovered extraordinary events are escalated to the Index Committee for an independent alternative treatment, which is communicated clearly and with sufficient time before effectiveness. |
| G7 Review and constituent changes · 16 fields | |||
| Removed component reinclusion | A removed component that resumes trading may be eligible for re-inclusion only according to the selection criteria in the relevant index guideline. | Should an Index component that has been removed from an Index, as laid out above, resume trading after its removal, it may be eligible for re-inclusion to an Index depending on the selection criteriaOpen p.6 ↗ |
Reinclusion after removal is not automatic and depends on the selection criteria set out in the index guideline. |
| No weight redistribution on extraordinary removal | No weight is distributed to the remaining index components when a disrupted component is removed at zero. | No weight will be distributed to the remaining INDEX components.Open p.5 ↗ |
The standard extraordinary removal deletes the component at zero and does not redistribute its weight to other components. |
| Resumed before effective removal | If the affected component has resumed trading by the time the announced removal becomes effective, it remains in the index and Solactive publishes notice as soon as reasonably possible. | If the affected INDEX component has resumed trading by the time the removal takes effect, it will remain in the INDEX. SOLACTIVE will publish a notice on such event as soon as reasonably possible.Open p.6 ↗ |
A removal does not take effect if the component resumes trading before the scheduled effective time. |
| Selection day existing component under 60 days | An existing component disrupted for less than 60 trading days on a selection day remains eligible and the index methodology is applied as stipulated. | If on a SELECTION DAY an existing INDEX component is affected by a TRADING HALT or an unplanned MARKET CLOSURE and the effective date of the TRADING HALT or the unplanned MARKET CLOSURE is less than 60 TRADING DAYSOpen p.7 ↗ |
Existing components disrupted for fewer than 60 trading days remain eligible for the selection process. |
| Selection day potential component under 10 days | A potential component disrupted for less than 10 trading days on a selection day is eligible for selection and the index methodology is applied as stipulated. | If on a SELECTION DAY a potential INDEX component is affected by a TRADING HALT or an unplanned MARKET CLOSURE and the effective date of the TRADING HALT or the unplanned MARKET CLOSURE is less than 10 TRADING DAYSOpen p.8 ↗ |
Potential components disrupted for fewer than 10 trading days remain eligible for the selection process. |
| Pending listing selector ineligible | Existing or potential index components affected by a pending listing on a selection day are not eligible for selection. | If on a SELECTION DAY a potential INDEX component is affected by a PENDING LISTING, the relevant potential INDEX component is not eligible for selection and inclusion in the INDEX.Open p.8 ↗ |
Pending-listing securities are ineligible in the selection process. |
| Between selection and rebalance resumption | A component selected for inclusion or removal that resumes or commences trading between selection and rebalance is rebalanced at its last available price according to the selected new composition. | the INDEX component will be rebalanced (i.e., included or removed, respectively) on the REBALANCE DAY at its last available price in accordance with the new INDEX compositionOpen p.8 ↗ |
If trading resumes before rebalance, the selected inclusion or removal proceeds at the last available price on rebalance day. |
| Between selection and rebalance disruption | If a selected component becomes disrupted between selection and rebalance, it is treated on rebalance day under Section 4.5; if removed under the 60-day process, its selected weight is redistributed pro rata. | In case the selected INDEX component is subject to removal by the procedure under 4.1.2 and 4.1.3 between the SELECTION DAY and the REBALANCE DAY, the selected INDEX component will be removed from the new compositionOpen p.8 ↗ |
Selected components disrupted after selection follow rebalance-day rules, and components removed by the disruption procedure drop out with pro rata weight redistribution. |
| Rebalance day potential component | A potential component affected by a trading halt or pending listing on rebalance day is not included, and its selected weight is redistributed pro rata among unaffected selected components. | If a potential INDEX component is affected by a TRADING HALT or a PENDING LISTING on the REBALANCE DAY, the affected potential INDEX component is not included in the INDEX on the relevant REBALANCE DAY.Open p.9 ↗ |
New additions that are halted or pending on rebalance day are excluded and their weights allocated pro rata to unaffected selected components. |
| Rebalance day existing component | An existing component disrupted on rebalance day keeps its current position fixed; depending on the rebalance methodology, its share count is fixed or the weight difference is redistributed pro rata to unaffected components. | If an existing INDEX component (selected on the SELECTION DAY for inclusion in or removal from the Index on the corresponding REBALANCE DAY) is affected by a TRADING HALT or a PENDING LISTING on the REBALANCE DAYOpen p.9 ↗ |
Existing constituents disrupted on rebalance day are not changed by the rebalance, with shares fixed or weight differences redistributed according to methodology. |
| Rebalance day unplanned market closure postponement | If relevant components are affected by an unplanned market closure on rebalance day, the rebalance day moves to the next trading day when all relevant markets are open. | the REBALANCE DAY is moved to the subsequent TRADING DAY on which all relevant markets are open for trading with respect to the affected potential and existing Index components.Open p.10 ↗ |
A rebalance day disrupted by a broad unplanned market closure is postponed to the next trading day on which all relevant markets are open. |
| Announcement rule | An extraordinary index adjustment is announced on the decision date with at least two trading days' notice; general decisions are published on the Solactive announcements webpage. | SOLACTIVE shall announce the extraordinary INDEX adjustment with a notice period of at least two TRADING DAYS. The extraordinary INDEX adjustment is announced on the day on which the decision was taken.Open p.6 ↗ |
Removal decisions are announced on the decision date with at least two trading days' notice, and decisions are published on Solactive's announcements webpage. |
| Universe eligibility | Disruption rules affect selection eligibility: existing components halted at least 60 trading days on a selection day are ineligible, while potential components halted at least 10 trading days or with pending listings are ineligible. | If on a SELECTION DAY an existing INDEX component is affected by a TRADING HALT or an unplanned MARKET CLOSURE and the effective date of the TRADING HALT or the unplanned MARKET CLOSURE is at least 60 TRADING DAYSOpen p.7 ↗ |
At selection, existing components are ineligible after 60 halted trading days, potential components after 10 halted trading days, and pending-listing components are ineligible. |
| Ad hoc deletion triggers | Prolonged suspension | For clarification: the decision to remove an Index component from the Index is always taken if the Index component has been affected by a Trading Halt or an unplanned Market Closure for 60 consecutive Trading Days.Open p.6 ↗ |
A constituent may be removed on an extraordinary basis because of a trading halt or unplanned market closure lasting or expected to last at least 60 trading days. |
| Deletion price | 0.00000001 in the component's trading currency | The component will be removed at a value of zero, expressed as 0.00000001 in the trading currency of the respective INDEX component in the index calculation, on the opening of the stated effective date.Open p.5 ↗ |
The removed component is deleted at a value of zero, represented as 0.00000001 in its trading currency, at the opening of the stated effective date. |
| Suspended constituent rule | Solactive monitors a suspended or halted component on the 20th and 40th trading days; it removes the component if it concludes the component will not trade within 60 trading days, or if trading has not resumed by the 60th trading day. | Review dates are the 20th TRADING DAY (the ‘First Review Day’); and the 40th TRADING DAY (the ‘Second Review Day’) following the effective date of the TRADING HALT or the unplanned MARKET CLOSURE.Open p.5 ↗ |
Suspended components are reviewed on trading days 20 and 40 and are removed if they are not expected to resume trading within 60 trading days or remain halted through trading day 60. |
| G8 Governance, changes and termination · 6 fields | |||
| Timely communication | Solactive communicates events, measures, details, and updates in a timely manner and seeks to allow sufficient implementation time. | SOLACTIVE will communicate and announce the respective event and the measures taken by it in a timely manner, and provide the necessary details and updates.Open p.11 ↗ |
Solactive must communicate disruptions and measures promptly, with details, updates, and sufficient time for users to adjust. |
| Decision recordkeeping | All Solactive decisions must be duly recorded and published. | All decisions by SOLACTIVE are to be duly recorded and published at the website https://www.solactive.com/news/announcements/.Open p.11 ↗ |
Decisions are documented and published through the Solactive announcements page. |
| Oversight body | Index Committee | Such cases will be escalated to the INDEX COMMITTEE, which will independently decide on an appropriate alternative treatment.Open p.10 ↗ |
The Index Committee independently decides alternative treatment for extraordinary and unforeseeable events. |
| Discretion points | broad unplanned market closure lasting at least 60 trading days, disruptions during a multi-day rebalance period, extraordinary and unforeseeable events requiring Index Committee escalation | SOLACTIVE may at its own discretion decide on appropriate measures on a case-by-case basis.Open p.6 ↗ |
Solactive may use case-by-case discretion during broad prolonged market closures, disruptions in multi-day rebalance periods, and extraordinary unforeseeable events. |
| Notice period | 2 trading days | SOLACTIVE shall announce the extraordinary INDEX adjustment with a notice period of at least two TRADING DAYS.Open p.6 ↗ |
An extraordinary index adjustment for removal is announced with a notice period of at least two trading days. |
| Disclosure channels | https://www.solactive.com/news/announcements/ | All decisions by SOLACTIVE are to be duly recorded and published at the website https://www.solactive.com/news/announcements/.Open p.11 ↗ |
Decisions are recorded and published on Solactive's announcements webpage. |
Open points · 8Model-written, for reference
- 1The disruption policy does not state a general periodic review frequency, effective-date schedule, data cutoff, buffer zone, reserve list, turnover limit, fast-entry rule, replacement policy, or standard periodic review announcement timing.
- 2The provided text does not state specific general treatments for cash dividends, bonus issues, splits, rights issues, placements, conversions, capital reductions, mergers, spin-offs, IPOs, risk warnings, delisting, bankruptcy, or listing transfers beyond the generic disruption postponement rule.
- 3The provided text does not state an error correction policy or a recalculation policy for published index levels.
- 4The provided text does not state a fixed methodology review frequency, external consultation procedure, material-change definition, general methodology change procedure, cessation or termination policy, complaints procedure, or usage restrictions.
- 5The section header indicates Version 1.5, but the body text under that header only supplies the date; the version label is supported by the document history.
- 6Not coveredG2 Calculation and publication: not covered by this edition
- 7Not coveredG3 Prices and market data: not covered by this edition
- 8Not coveredG5 Shares, free float and weight factors: not covered by this edition
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