| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 7 fields | |||
| Deviation discretion | Solactive may deviate from standard procedures for unusual or complex corporate actions or to preserve comparability and representativeness. | it retains the right to deviate from the standard procedures described in this Equity Index Methodology in the case of any unusual or complex Corporate Action, or if such a deviation is made to preserve the comparability and representativeness of an Index over time.Open p.6 ↗ |
Solactive retains discretion to deviate from standard procedures for unusual or complex corporate actions or to preserve an index's comparability and representativeness. |
| Covered indices | Solactive equity indices that reference the Equity Index Methodology, including customized indices governed by their own Index Guidelines. | it is the objective of this Equity Index Methodology to define a general framework of applicability that can be referenced by individual Index Guidelines.Open p.6 ↗ |
The methodology provides a general framework for Solactive equity Indices and may be referenced by individual Index Guidelines. |
| Precedence rule | Index guideline supersedes methodology | In the case the rules described in the Index Guideline differ from the framework of the Equity Index Methodology, the Index Guideline supersedes the Equity Index Methodology.Open p.6 ↗ |
If an Index Guideline differs from this Equity Index Methodology, the Index Guideline supersedes the methodology. |
| Principles | transparent and replicable index design and calculation, robust and reliable, rigorous and continuous, traceable and verifiable, Resilient, inclusive of corporate-action treatment, representativeness and comparability over time | which are reflected by a transparent and replicable Index design and calculation methodology. Accordingly, Solactive adheres to the following norms in developing methodologies, which are, inter alia: robust and reliable; rigorous and continuous; traceable and verifiable; resilient; and inclusive of information on the treatment of Corporate Actions.Open p.6 ↗ |
Solactive states that its methodologies are transparent and replicable, robust and reliable, rigorous and continuous, traceable and verifiable, resilient, and include corporate-action treatment. |
| Administrator | Solactive AG | Solactive AG German Index Engineering Platz der Einheit 1 60327 Frankfurt am Main GermanyOpen p.67 ↗ |
The administrator is Solactive AG. |
| Rulebook version | 1.20 | 16 June 2026 This document is proprietary to Solactive AG.Open p.1 ↗ |
The document version is Version 1.20. |
| Effective date | 2026-06-16 | 16 June 2026 This document is proprietary to Solactive AG.Open p.1 ↗ |
The document is dated 16 June 2026. |
| G2 Calculation and publication · 15 fields | |||
| Adjusted return decrement | A predefined absolute or percentage decrement may be deducted at a predefined frequency, with a percentage-per-annum decrement reflected from the closing level into the next opening level. | An Adjusted Return Index is an index which has a pre-defined Decrement deducted in either absolute or percentage terms at a predefined frequency.Open p.7 ↗ |
Adjusted Return indices deduct a predefined decrement in absolute or percentage terms at a predefined frequency. |
| Component price precision | No rounding of component prices or foreign exchange rates; divisors use six decimal places. | 2. Prices of Index Components: no rounding
3. Foreign exchange rates: no roundingOpen p.11 ↗ |
Component prices and foreign exchange rates are not rounded, and divisors are carried to six decimal places. |
| FX fixing source | WM/Refinitiv fixing at 16:00 London or New York time as specified in the Index Guideline, with the last available rate used if the relevant fixing is unavailable. | Subject to the specifications of the individual Index Guideline, the closing prices of Index Components may be converted to the index currency using a fixing rate provided by WM/RefinitivOpen p.11 ↗ |
Closing calculations may use WM/Refinitiv fixing rates at 16:00 London or New York time, and fall back to the last available rate. |
| Closing price fallback | If no official closing price is available, the last available price is used; if an exchange generally lacks official closes, Solactive chooses a price collection mechanism. | In the case that an exchange does not provide an official closing price for an Index Component on a particular day, the Index is calculated with the last price available.Open p.9 ↗ |
Daily closing levels use official closing prices, the last available price when needed, or a Solactive-selected collection mechanism for tradability and representativeness. |
| Formula type | Divisor, Chain linked | Solactive Indices can be calculated with either of the formulas outlined below.Open p.7 ↗ |
Solactive calculates indices using either a Standard Index formula or a Divisor Index formula, and a Local Currency Index uses a return-based chain formula based on an underlying index. |
| Return variants | PR, GTR, NTR | Solactive offers equity index calculation in Price Return, Gross Total Return, Net Total Return and Adjusted Return versions.Open p.7 ↗ |
Solactive offers Price Return, Gross Total Return, and Net Total Return index versions, as well as Adjusted Return versions. |
| Dividend treatment | Price Return disregards ordinary cash dividends but reinvests special cash dividends; Gross Total Return reinvests cash and special dividends without withholding tax; Net Total Return reinvests them after withholding tax. | A Price Return Index reflects the market price movements of the Index Components, disregarding any payments made in respect of the Index Components, such as ordinary Cash Dividends whereas Special Cash Dividends are reinvested.Open p.7 ↗ |
Ordinary cash dividends are ignored in Price Return indices, while special dividends are reinvested; both cash and special dividends are reinvested in Gross and Net Total Return indices, subject to the respective tax treatment. |
| Withholding tax basis | Withholding tax or other typical investor costs are deducted in Net Total Return indices, generally using Solactive's applicable withholding tax rates and country or security-specific exceptions. | a Net Total Return Index considers payments, such as dividends, after the deduction of any withholding tax or other amounts an investor holding the Index Components would typically be exposed to.Open p.7 ↗ |
Net Total Return indices deduct withholding tax or other amounts a typical investor would bear, using applicable Solactive withholding tax rates and specified country, REIT, depository receipt, Brazil, Australia, Japan, New Zealand, and other exceptions. |
| Divisor adjustment rule | The divisor is adjusted so that an event does not change the index level, using the ratio of post-event market capitalization or adjusted index value to pre-event value. | This change in Market Capitalization requires a Divisor adjustment to keep the index level constant.Open p.22 ↗ |
For divisor indices, corporate actions and some rebalances adjust the divisor to keep the index level continuous. |
| Divisor adjustment events | cash dividends, special dividends, rights issues, capital decreases, ordinary rebalances using share fixing, mergers and acquisitions with cash or market-capitalization effects, post ex-date dividend adjustments, index rebalances | The Divisor is adjusted by certain Corporate Actions and Index Rebalances. Dividends paid by any Index Component are applied across the entire basket by changing the Divisor.Open p.8 ↗ |
The divisor is adjusted for dividends, rights issues, capital decreases, certain mergers, post ex-date dividend adjustments, and certain rebalances. |
| Calculation frequency | Specified in each Index Guideline; daily closing levels are covered by the general methodology. | Index Guidelines contain index specifications of the relevant Index, Index Component requirements, and calculation frequencies, whereas this Solactive Equity Index Methodology elaborates on the Index formulas used by Solactive and their respective adjustments.Open p.6 ↗ |
Calculation frequencies are specified in the relevant Index Guideline, and the methodology provides rules for daily closing levels. |
| Calculation times | Opening and closing levels are referenced; exact real-time calculation times are specified in each Index Guideline. | In such instances the relevant intraday index level and the Index Closing Level are calculated based on the intraday and closing price for the relevant Index Components on the corresponding China domestic market.Open p.10 ↗ |
The methodology refers to intraday, opening and closing index levels but does not state a universal real-time calculation schedule. |
| Precision | 2 decimal places | 1. Index Level: two decimal places (if not specified otherwise in Index Guideline)Open p.11 ↗ |
Index levels are published to two decimal places unless the Index Guideline specifies otherwise. |
| Currency | Specified in the Index Guideline; component prices in other currencies are converted into the index calculation currency. | If the currency of an Index Component is different from the currency in which the Index is calculated, the foreign exchange rate is used to convert the price into the currency in which the Index is calculated.Open p.8 ↗ |
The index currency is specified by the Index Guideline, and foreign-currency component prices are converted using exchange rates. |
| Publication channels | Stuttgart Stock Exchange price marketing services, affiliated vendors, Solactive website | The Index values are distributed via the price marketing services of the Stuttgart Stock Exchange (Börse Stuttgart) and are published to all affiliated vendors.Open p.11 ↗ |
Index values are distributed through Stuttgart Stock Exchange price marketing services and affiliated vendors, with specified notices published on the Solactive website. |
| G4 Corporate events · 16 fields | |||
| Nationalization | A nationalized constituent is removed with two business days' notice at the last available price, and its weight is redistributed pro rata, with a near-zero fallback price if no valid price exists. | If an Index Component is nationalized, the security will be removed from the Index with notice period of two Business Days with the last available stock price.Open p.34 ↗ |
Nationalization results in index removal at the last available or alternative price, or a nominal near-zero price, with pro-rata weight redistribution. |
| Sanctions removal | Sanctioned securities are removed where sanctions materially impair investability for a substantial user base, at last market price if tradability is not impaired or zero if it is materially impaired. | Where a security becomes subject to sanctions that, in Solactive’s reasonable determination, restrict or prohibit investment in, dealing in, holding of, or otherwise providing exposure to such security for a substantial portion of Index users, Solactive will remove the affected security from the Index in an orderly and transparent manner.Open p.56 ↗ |
Sanctions are assessed case by case, and affected securities are removed at the last market price or zero depending on whether tradability is materially impaired. |
| Post ex-date dividend adjustment | For Japan and South Korea, estimated dividends are applied on the ex-date and confirmed deltas are adjusted on weekly Friday implementation dates without restating historical levels. | Should the confirmed dividend amount differ from the estimated dividend amount that is applied on the ex-date Solactive performs a post ex-date dividend adjustment. With respect to the Post Ex-Date Dividend Adjustment the historical index levels are not restated.Open p.17 ↗ |
Post ex-date dividend adjustments apply dividend deltas after confirmation without restating historical index levels. |
| Corporate action announcement | Corporate action adjustments are sent to subscribers by email or other channels and published on the Solactive announcements webpage, normally with rationale for extraordinary treatment. | Solactive will communicate Corporate Action adjustments to subscribers via email or other communication channels and to the public via announcement on the Solactive website https://www.solactive.com/news/announcements/.Open p.36 ↗ |
Solactive announces corporate-action adjustments to subscribers and the public through email, other channels, and its announcements webpage. |
| Minimum notice period | 2 business days | In the case of ad-hoc situations, the Index adjustment will also be applied with a notice period of at least two Business Days, i.e., the Index adjustment will become effective on the opening on the third Business Day following the announcement (= the effective date).Open p.36 ↗ |
Corporate-action index adjustments generally require at least two business days' notice and become effective no earlier than the third business day after announcement. |
| Cash dividend | Price Return ignores regular cash dividends; total return indices reinvest them, net or gross according to variant; standard indices increase the payer's fraction of shares and divisor indices adjust the divisor. | A Price Return Index neglects the regular Cash Dividends and considers only the Special Dividends.Open p.12 ↗ |
Regular cash dividends are ignored in Price Return indices but reinvested in total return indices, with standard-index share adjustments or divisor-index divisor adjustments. |
| Bonus and split | Stock dividends and stock splits increase shares by the price adjustment factor with no market-capitalization change; reverse splits reduce shares according to terms; no divisor change is triggered. | Since the shares in the index are increased by the PAF, the implementation of a Stock Dividend does not change the Index Market Capitalization. Consequently, a Stock Dividend doesn’t trigger a Divisor change in Divisor Indices.Open p.20 ↗ |
Stock dividends, stock splits, and reverse stock splits are implemented by adjusting shares by the transaction factor and do not trigger a divisor change. |
| Rights issue | A rights issue is implemented only when the subscription price is below the prior close; standard indices adjust shares by the PAF, while divisor indices increase shares by 1 plus terms and adjust the divisor. | Solactive implements a Rights Issue only if the subscription price is lower than the stock’s close price on the day before the ex-date.Open p.21 ↗ |
Eligible rights issues are reflected through a PAF in standard indices and through new share counts plus a divisor adjustment in divisor indices. |
| Other share changes | For events with multiple or variable terms or shareholder elections, Solactive applies its default treatment based on company announcements where possible and may calculate an estimated value or use discretion. | For a corporate action event, if there are multiple terms available, or if a selection action is required by the shareholder, Solactive will implement the default treatment, as defined by Solactive based on the company announcement, wherever possible.Open p.11 ↗ |
Other or unspecified share events use Solactive's default treatment, estimated values where practical, and case-by-case discretion for undescribed events. |
| Capital reduction | A capital decrease is implemented only when the subscription price exceeds the prior close; standard indices adjust shares by the PAF, while divisor indices reduce shares by terms and adjust the divisor. | Solactive implements a Capital Decrease only if the subscription price is higher than the stock’s close price on the day before the ex-date.Open p.23 ↗ |
Capital decreases meeting the price condition reduce index shares and trigger a divisor adjustment in divisor indices. |
| Merger acquisition | The target is removed on the announced effective date; cash consideration is distributed pro rata across remaining components, stock consideration increases the acquirer's shares, and mixed consideration follows both treatments. | This section shall provide a detailed description of the handling of Mergers & Acquisitions and Spin-offs that occur between the SELECTION DAY and ADJUSTMENT DAY.Open p.44 ↗ |
Mergers and acquisitions remove the target and reinvest cash proceeds pro rata or increase acquirer shares according to the consideration. |
| Spin off | The spun-off company is added according to transaction terms while the parent remains; it is entered at zero or a theoretical price, remains until notice or the next rebalance, and ineligible or restricted instruments receive alternative or non-event treatment. | In the case of a Spin-off affecting an Index Component, the spin-off company will be added to the Index according to the transaction terms on the effective dateOpen p.24 ↗ |
Spin-offs are generally added to the index according to transaction terms, with zero or theoretical initial prices and alternative treatment for ineligible, non-equity, restricted, or non-listing instruments. |
| Suspension | Immediate suspension pending delisting is treated as an ad-hoc situation; pending spin-off listings and disrupted securities are monitored under the Disruption Policy. | the target security has been suspended from trading with immediate effect and will not resume trading until its Delisting and/or has been delisted from stock exchange with immediate effect.Open p.36 ↗ |
Suspended securities involved in ad-hoc delisting situations are handled with the corporate-action ad-hoc process, while pending listings are monitored under the disruption policy. |
| Delisting | A delisted constituent is removed on the announced effective date and its weight is redistributed pro rata, using the last available price, alternative-market price, distribution terms, or 0.00000001 if no robust price exists. | In the case an Index Component is subject to a Delisting the removal from the Index will be on the effective date as announced by Solactive. The weight will be distributed pro rata across the remaining Index Components.Open p.33 ↗ |
Delisting results in removal and pro-rata redistribution, with deletion based on the last available or alternative price, distribution terms, or a nominal near-zero price. |
| Bankruptcy | A bankrupt, insolvent, or liquidated constituent is removed with two business days' notice and its weight is generally redistributed pro rata; Chapter 11 alone does not trigger action unless delisting is announced. | If an Index Component is bankrupt, the security will be removed from the Index with notice period of two Business Days. The final weight based on its last close price will be distributed pro rata across the remaining Index Components.Open p.35 ↗ |
Bankruptcy and equivalent proceedings lead to removal and pro-rata redistribution, but reorganization bankruptcy alone does not trigger removal absent a delisting. |
| Transfer of listing | A listing-venue change is a delisting unless the primary listing moves to an eligible exchange with unchanged trading currency and country of incorporation, in which case identifiers are updated; re-domiciliation causes removal and redistribution. | A change of listing venue will trigger a delisting event, except if the Index Component changes its primary listing to an eligible stock exchange, and the trading currency and country of incorporation are unchanged, in which case the relevant identifiers will be updated.Open p.33 ↗ |
Eligible same-country primary-listing transfers update identifiers, while other venue changes or re-domiciliations trigger delisting treatment. |
| G7 Review and constituent changes · 14 fields | |||
| Selection data failure options | use prior information no older than 6 months, postpone rebalancing for up to 1 month, replace selection party or data provider, omit the scheduled review if the next review is within 6 months, terminate the index with at least 30 days' notice | Utilize the information last delivered by the Selection Party or the provider of Selection Data, provided that the information is not older than 6 months; Postpone the Rebalancing Day for up to one monthOpen p.37 ↗ |
If a selection party or selection-data provider fails to deliver review information, Solactive may use recent data, postpone, replace the provider, omit the review, or terminate the index. |
| Standard rebalance methods | target weights, share fixing, multiday rebalance | For the adjustment of a Standard Index, Solactive uses one of the 3 rebalance methodologies described below and as specified in the relevant Index Guideline.Open p.37 ↗ |
Standard indices may rebalance by target weights, share fixing, or a multiday rebalance as specified in the Index Guideline. |
| Divisor rebalance methods | target weights, share fixing, multiday rebalance | For the adjustment of a Divisor Index, Solactive uses one of the rebalance methodologies described below and as specified in the relevant Index Guideline.Open p.40 ↗ |
Divisor indices may rebalance by target weights, share fixing, or a multiday rebalance as specified in the Index Guideline. |
| China connect positive list deletion | Removal from the China Connect Positive List is treated like a delisting, with the instrument removed and weight redistributed pro rata. | In general, removals from the Positive List will be treated equivalent to a delisting (described in Section 2.1.8). The instrument will be removed and its weight will be redistributed pro-rata to the other Index Components.Open p.56 ↗ |
China Connect constituents removed from the Positive List are deleted and their weight is redistributed pro rata. |
| Rebalance fee | An optional rebalance fee may reduce the opening level based on deleted weights and absolute weight changes multiplied by a predefined fee factor. | A Rebalance Fee is an optional component which can be included in the index calculation to reflect the theoretical costs due to Index Replication in terms of Index Rebalance.Open p.44 ↗ |
Indices may include an optional rebalance fee reflecting theoretical replication costs. |
| Review frequency | Predefined by Index Guideline | In order to ensure the validity of the Index composition, an Index is reviewed with a pre-defined frequency. The Index Guideline dictates the schedule of the Index Review and Index Rebalance.Open p.37 ↗ |
The ordinary index review and rebalance schedule is dictated by the relevant Index Guideline rather than a universal frequency. |
| Effective date rule | On the predefined Adjustment Day specified in the Index Guideline; multiday rebalances use a predefined rebalance period. | The Index Composition of a Standard Index is adjusted based on the Index Guideline on the pre-defined Adjustment Day.Open p.37 ↗ |
Ordinary composition and parameter changes take effect on the Adjustment Day or throughout the rebalance period specified in the Index Guideline. |
| Data cutoff rule | Target weights and shares are determined on a Selection Day or Fixing Day as specified by the Index Guideline and rebalance methodology. | Target Weights of Index Components which are determined on the Selection Day according to the Index Guideline are used to calculate the Fraction of Shares of each Index Component on the Adjustment Day.Open p.37 ↗ |
Selection-day or fixing-day data are used according to the rebalance methodology stated in the Index Guideline. |
| Announcement rule | Review failures, responses, corporate actions, and extraordinary changes are communicated to subscribers by email or other channels and publicly on the Solactive announcements page. | Solactive will communicate the occurrence of a failure of a Selection Party or the provider of Selection Data to deliver the relevant information on time and any measures taken by Solactive in response to such event to subscribers via email or other communication channels and to the public via announcement on the Solactive websiteOpen p.37 ↗ |
Solactive communicates rebalance-related events and measures to subscribers and publishes public announcements on its website. |
| Universe eligibility | No universal eligibility screen is stated; index component requirements are set in each Index Guideline, with an additional Positive List requirement for China Connect indices. | Index Guidelines contain index specifications of the relevant Index, Index Component requirements, and calculation frequenciesOpen p.6 ↗ |
General constituent eligibility requirements are not provided here and are specified in each Index Guideline; China Connect indices require appearance on the HKEX Positive List. |
| Ad hoc deletion triggers | Delisting, Acquisition, Bankruptcy, Prolonged suspension, Other | In the case an Index Component is subject to a Delisting the removal from the Index will be on the effective date as announced by Solactive.Open p.33 ↗ |
Ad-hoc removal can occur for delisting, M&A, bankruptcy, nationalization, sanctions, suspension pending delisting, and Positive List removal. |
| Replacement policy | None | The weight will be distributed pro rata across the remaining Index Components.Open p.33 ↗ |
Deleted weights are generally distributed pro rata across remaining components rather than replaced from a reserve list. |
| Deletion price | Typically the last available stock price; alternative-market prices, transaction deal terms, distribution terms, or 0.00000001 may be used when a robust market price is unavailable; sanctioned securities may be removed at zero. | If available, the Index Component is deleted on the basis of its last available stock price.Open p.33 ↗ |
Securities are generally deleted at the last available price, with alternative prices, deal terms, distribution values, a nominal near-zero price, or zero in specified situations. |
| Suspended constituent rule | A security suspended with immediate effect and not resuming before delisting is treated as an ad-hoc situation; the closing value reflects transaction deal terms and the removal is announced with at least two business days' notice. | Ad-hoc situations are defined as circumstances where either Solactive receives information about the effectiveness of a transaction after the last Trading Day of the target security and / or the target security has been suspended from trading with immediate effect and will not resume trading until its DelistingOpen p.36 ↗ |
Suspended constituents pending delisting are removed through the ad-hoc corporate-action process using deal terms when market prices are unavailable. |
Open points · 9Model-written, for reference
- 1The document provides a date of 16 June 2026 but does not explicitly label it as an effective date in the supplied body text.
- 2No universal periodic review frequency, review month, rank cut-off, buffer zone, reserve list, turnover limit, or fast-entry threshold is stated; these are left to individual Index Guidelines.
- 3No general rule for risk-warning securities such as ST status was found.
- 4No general default treatment for IPOs or new listings unrelated to spin-offs was found.
- 5Exact real-time calculation interval and calculation times are not stated generally and are assigned to Index Guidelines.
- 6Not coveredG3 Prices and market data: not covered by this edition
- 7Not coveredG5 Shares, free float and weight factors: not covered by this edition
- 8Not coveredG6 Disruption, emergencies and corrections: not covered by this edition
- 9Not coveredG8 Governance, changes and termination: not covered by this edition
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