| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 6 fields | |||
| Commercial analytical segregation | Commercial and analytical functions are segregated. | which includes the segregation of our commercial and analytical functions.Open p.3 ↗ |
S&P DJI's governance framework includes segregation of commercial and analytical functions. |
| Covered indices | S&P DJI indices | This framework is designed to ensure effective oversight and systematic management of index administration, mitigate conflicts of interest, and adhere to all relevant regulatory standards and recognized industry practices.Open p.3 ↗ |
The governance policies apply generally to S&P Dow Jones Indices' indices. |
| Precedence rule | Index-specific methodologies set index-specific rules; asset class Policies & Practices and these governance policies provide the broader standards and controls. | Document Content Index Methodology Index-specific eligibility, construction, calculation, and maintenance procedures Asset Class Polices & Practices Asset-class-specific calculation and Methodology maintenance standards Index Governance Policies General governance oversight, controls, and proceduresOpen p.3 ↗ |
The documentation framework separates index-specific methodology rules from asset-class standards and general governance policies, but the document does not state an express order of precedence. |
| Principles | effective oversight, systematic management of index administration, mitigation of conflicts of interest, regulatory compliance, alignment with recognized industry practices, preservation of each index's stated objective, transparency and clarity for methodology changes, rules-based index construction, Representativeness, Replicability | mitigate conflicts of interest, and adhere to all relevant regulatory standards and recognized industry practices. The framework further ensures that methodology changes and other index maintenance activities are conducted to preserve each index’s stated objective.Open p.3 ↗ |
The framework emphasizes oversight, conflict mitigation, compliance, preservation of index objectives, transparency, rules-based methods, representativeness, and replicability. |
| Administrator | S&P Dow Jones Indices (S&P DJI) | S&P Dow Jones Indices (S&P DJI) established, implemented, and continues to uphold a comprehensive index governance framework, which includes the segregation of our commercial and analytical functions.Open p.3 ↗ |
S&P Dow Jones Indices is the index administrator issuing the governance policies. |
| Rulebook version | May 2026 | May 2026 S&P Dow Jones IndicesOpen p.1 ↗ |
The document is identified by the May 2026 issue date rather than a numbered version label. |
| G6 Disruption, emergencies and corrections · 5 fields | |||
| Quality assurance process | S&P DJI maintains quality assurance processes and regularly scheduled meetings to review incidents and errors, identify causes, repetitive issues, and remediation needs. | S&P DJI maintains quality assurance processes and procedures for indices’ calculation and maintenance, which include regularly scheduled meetings to review any incidents or errors, to identify causes, determine repetitive issues, and evaluate the need for remediation.Open p.10 ↗ |
Quality assurance includes scheduled reviews of incidents and errors, with ad hoc meetings for significant matters. |
| Market disruption rule | The document treats possible market disruption as a circumstance for discretion or digital-asset action, but does not state a general market-closed or disrupted-market calculation rule. | Index Committees may apply discretion to make decisions that differ from the index methodology in certain circumstances, including to avoid unnecessary turnover, excessive index changes or adjustments, possible market disruptionOpen p.8 ↗ |
No general calculation rule for market closure or disruption is provided in the supplied sections; market disruption is referenced only as a basis for committee discretion or suspension/removal of digital assets. |
| Emergency procedure | — | — (not found verbatim in the PDF) |
The supplied sections do not state an emergency procedure for calculation or publication failures. |
| Error correction policy | Restatement and recalculation decisions are based on the materiality of the error and all relevant factors; S&P DJI follows asset-class-specific and, where applicable, index-family restatement policies. | Index restatement and recalculation decisions are based on the materiality of the error, with materiality determined after reviewing all relevant factors, including but not limited to: the number of indices and sub-indices affectedOpen p.10 ↗ |
S&P DJI evaluates errors for materiality using factors such as affected indices, timing, constituent impact, month-end impact, index-level deviation, analytics, client processing, products, and market conditions, and applies asset-class or index-family restatement policies. |
| Recalculation policy | Recalculation decisions follow error materiality and the applicable asset-class or index-family restatement policies; recalculations are announced. | Index restatement and recalculation decisions are based on the materiality of the error, with materiality determined after reviewing all relevant factorsOpen p.10 ↗ |
Whether to recalculate a published index depends on error materiality and applicable restatement policies, and recalculations are among the events S&P DJI announces. |
| G8 Governance, changes and termination · 18 fields | |||
| Committee composition | Most Index Committee members are full-time S&P DJI professionals; co-branded indices may include external third-party members, and S&P DJI voting members are senior staff without commercial responsibilities. | Most Index Committees are comprised of full-time professional members of S&P DJI’s staff, except for some indices co-branded with a third-party organization, which may include Index Committee members from external third-party organizations.Open p.4 ↗ |
Index Committees are generally staffed by S&P DJI professionals, with external members possible for co-branded indices and voting S&P DJI members lacking commercial responsibilities. |
| Committee confidentiality | All Index Committee meetings are confidential because index changes and related matters may be market moving and material. | S&P DJI considers information about changes to its indices and related matters to be potentially market moving and material. Therefore, all Index Committee meetings are confidential.Open p.4 ↗ |
Index Committee meetings are confidential due to the potentially market-moving and material nature of index changes. |
| Expert judgment approval | All applications of Expert Judgment and Discretion must be approved by the Index Committee, and permanent methodology changes may be considered when appropriate. | The Index Committee approves all applications of Expert Judgment and Discretion, with consideration given to permanent methodology changes if deemed appropriate to preserve index representativeness.Open p.8 ↗ |
The Index Committee approves every use of expert judgment or discretion and may consider making a permanent methodology change. |
| Minor edits | Minor edits such as clarifications or formatting changes unrelated to methodology rules do not require consultation, assessment, or announcement. | S&P DJI does not issue announcements for minor edits to methodology documents, such as clarifications or format edits not related to a methodology rule change.Open p.6 ↗ |
S&P DJI does not announce minor editorial changes that do not alter methodology rules. |
| Consultation feedback confidentiality | Respondents may mark consultation responses confidential; confidential responses are shared only with specific S&P DJI groups, non-confidential feedback summaries may be disclosed on request, and respondent names are not disclosed. | A respondent may mark consultation responses as confidential, with such responses only shared with specific groups within S&P DJI. Excluding confidential feedback, a summary of feedback received for the consultation can be disclosed to market participants upon request.Open p.7 ↗ |
Consultation respondents may request confidentiality, respondent names are withheld, and summaries of non-confidential feedback may be provided on request. |
| Oversight body | S&P DJI Index Committees | S&P DJI maintains Index Committees to provide index oversight and maintenance in accordance with S&P DJI policies and procedures.Open p.4 ↗ |
S&P DJI maintains Index Committees to provide index oversight and maintenance under its policies and procedures. |
| Discretion points | interpretation of index rules or possible exceptions, interpretation of rules or use of data in index calculation and maintenance, extrapolating data from prior or related transactions, adjusting data for factors affecting data quality, weighing firm bids or offers above a concluded transaction, avoiding unnecessary turnover or excessive index changes, avoiding possible market disruption, enhancing or allowing index replicability, resolving inconsistency between strict rule application and the index objective, ceasing or suspending publication of a digital-asset index, removing a digital asset subject to legal, regulatory, practical, sanctions, manipulation, privacy, cybercrime, or market-disruption concerns, shortening or extending the announcement-implementation period, deciding whether to consult on non-material or need-based changes, setting, shortening, or extending consultation periods | Questions of interpretation or possible exceptions to index rules are considered by the Index Committee responsible for the indices in question.Open p.4 ↗ (not found verbatim in the PDF) |
Index Committees may use approved expert judgment or discretion for rule interpretation, data-quality judgments, avoiding turnover or disruption, preserving objectives and replicability, digital-asset concerns, consultation timing, and certain need-based changes. |
| Methodology review frequency | 1 times per 12 months | each index methodology is reviewed at least once within a 12-month period to ensure the indices continue to achieve the stated objectives and that the data and methodology remain effective.Open p.5 ↗ |
Each index methodology is reviewed at least once within every 12-month period. |
| External review | Material methodology changes require public consultation; non-material changes may be consulted at the Index Committee's discretion. | A material change to an index methodology requires public consultation. Non-material methodology changes may be consulted on if the Index Committee seeks external feedback before making a final decisionOpen p.5 ↗ |
S&P DJI conducts public consultation for material changes and may consult externally for non-material changes when feedback or broad usage and interest warrant it. |
| Material change definition | A material change is assessed by its impact on the index objective or represented market or economic reality, core characteristics, constituent selection or weightings, composition or index level, calculation methods or formulas and performance, and index usage. | The determination of materiality considers the following factors: impact on the index objective or market/economic reality the index aims to represent impact on the index’s core characteristicsOpen p.5 ↗ |
Materiality considers substantial effects on the index objective, core characteristics, constituent selection or weights, index composition or level, calculation methods or performance, and index usage. |
| Change procedure | Submit or initiate a methodology change request through annual review, the Index Committee, internal departments, or an external request., Have the Index Committee consider the proposal and whether it benefits index quality and representativeness., Assess the proposed change for materiality., Conduct public consultation when required or when discretionarily selected., Review feedback and make a final Index Committee decision, including any adjusted proposal and implementation timing., Announce the change and effective date before implementation., Update and repost the methodology and record the change in the appendix of changes. | Proposed change requests may be the result of the annual methodology review, initiated by the Index Committee or internal S&P DJI departments, or result from an external request.Open p.5 ↗ |
Methodology changes are proposed, assessed for benefit and materiality, consulted when required, decided by the Index Committee, announced with an effective date, and recorded in the methodology appendix. |
| Consultation procedure | S&P DJI informs users and stakeholders of the proposal, rationale and timing; provides a feedback period, generally one calendar month; considers feedback before final committee review; may request clarifications; may shorten or extend the period; gathers feedback for the Index Committee; and aims to announce results within 30 calendar days after consultation closes. | As part of a methodology change consultation, S&P DJI: takes reasonable steps to inform users and other stakeholders of the proposed changes, the rationale for the methodology change, and the proposed timing.Open p.6 ↗ |
Public consultations state the proposal, rationale and timing, accept feedback during an announced period generally lasting one calendar month, allow committee consideration and clarifications, and result in an announcement aimed to occur within 30 calendar days after closing. |
| Notice period | 30 calendar days | S&P DJI aims to publish announcements for methodology changes at least 30 calendar days prior to implementation. At the Index Committee’s discretion, the period between announcement and implementation may be extended or shortened.Open p.6 ↗ |
S&P DJI aims to announce methodology changes at least 30 calendar days before implementation, subject to extension or shortening by the Index Committee. |
| Cessation policy | — | For information on index cessations, please refer here.Open p.11 ↗ |
The supplied section links to separate index cessation information but does not state the substantive circumstances for termination. |
| Termination procedure | — | — (not found verbatim in the PDF) |
The supplied sections do not describe the procedure for proposing, announcing, or implementing an index termination. |
| Complaints procedure | Inquiries, comments, or complaints should be submitted through the S&P DJI Client Services Form; the full Complaint Procedure Policy is referenced separately. | For any inquiry, comment, or complaint regarding an S&P DJI index, please see the Client Services Form here. For more information, please refer to the full S&P DJI Complaint Procedure Policy here.Open p.11 ↗ |
Users should direct inquiries, comments, or complaints about an S&P DJI index through the Client Services Form, with the full complaint policy available separately. |
| Disclosure channels | press releases, index announcements, Emails, data files, S&P DJI website, Governance Consultations webpage section, major news services | S&P DJI communicates and consults with stakeholders through various channels using press releases, index announcements, e-mails, and the distribution of data files.Open p.9 ↗ |
S&P DJI communicates through press releases, index announcements, emails, data files, its website, major news services, and the Governance Consultations webpage. |
| Usage restrictions | Index users are solely responsible for complying with all applicable laws, including sanctions laws and other rules, regulations, or prohibitions, in connection with index use, trading, investment, or other use. | S&P DJI index users are solely responsible for ensuring compliance with all applicable laws (including, without limitation, sanctions laws and any other rules, regulations, or prohibitions) in connection with such use (including, without limitation, trading, investment, or other use).Open p.8 ↗ |
Users alone must ensure legal compliance, including sanctions compliance, when using S&P DJI indices. |
Open points · 11Model-written, for reference
- 1No explicit effective date for the May 2026 governance policies is stated.
- 2No explicit precedence hierarchy stating which document controls in a conflict is provided, although the documentation framework is described.
- 3No general market-closure or market-disruption calculation rule is provided.
- 4No emergency procedure for calculation or publication failures is provided.
- 5The substantive index cessation policy and termination procedure are not included; the document only links to separate information.
- 6The full Complaint Procedure Policy contents are not included; the document only directs users to the Client Services Form and separate policy.
- 7Not coveredG2 Calculation and publication: not covered by this edition
- 8Not coveredG3 Prices and market data: not covered by this edition
- 9Not coveredG4 Corporate events: not covered by this edition
- 10Not coveredG5 Shares, free float and weight factors: not covered by this edition
- 11Not coveredG7 Review and constituent changes: not covered by this edition
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