| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| G1 Scope, precedence and principles · 7 fields | |||
| Default weighting assumption | Market capitalization weighted | The default treatment in this document assumes a market capitalization weighted index.Open p.5 ↗ |
The default treatment in the policy document assumes a market-capitalization-weighted index. |
| Covered indices | S&P Dow Jones Indices branded equity indices | S&P Dow Jones Indices’ (S&P DJI) equity indices adhere to the general policies and practices covering corporate action treatment, index applications, pricing guidelines, market disruptions, recalculations, and other policies outlined below.Open p.5 ↗ |
The general policies apply to S&P Dow Jones Indices' branded equity indices, subject to index-specific and local-market exceptions. |
| Precedence rule | Index methodology prevails over this general policy; local market practices may also take precedence in some instances. | If an index methodology specifies a different approach than the general approach stated within this policy document, the rules stated in the index methodology take precedence.Open p.5 ↗ |
If an index methodology states a different approach, its rules prevail over this general policy, and local market practices may take precedence in some cases. |
| Principles | consistency across branded equity indices where possible, replicability of real-world investor experience, turnover minimization, tracking error minimization | To the extent possible, the implementation and timing is the same across all S&P DJI’s branded equity indices.Open p.5 ↗ |
S&P DJI seeks consistent implementation, real-world replicability, reduced turnover, and minimized tracking error. |
| Administrator | S&P Dow Jones Indices | S&P Dow Jones Indices’ (S&P DJI) equity indices adhere to the general policies and practices covering corporate action treatmentOpen p.5 ↗ |
The administrator and issuer of the policies is S&P Dow Jones Indices. |
| Rulebook version | — | — (not found verbatim in the PDF) |
|
| Effective date | — | — (not found verbatim in the PDF) |
|
| G4 Corporate events · 15 fields | |||
| Reverse merger | Reverse takeovers are generally implemented by changing the constituent company and stock identifiers and may use a split to align the parent shares and price with the takeover terms. | These events are generally triggered by a reorganization of the acquiring company’s capitalization. In order to align all attributes of the newly listed company to the former entity, S&P DJI might apply a split event to the number of shares and share price of the parent according to the terms of the takeover.Open p.9 ↗ |
For reverse takeovers, S&P DJI generally changes the target's company and stock identifiers and may apply a split to align shares and price. |
| Voluntary liquidation | Companies in voluntary liquidation are not removed immediately while still trading and eligible, but are removed around the first liquidation payment distribution with notice. | The announcement, initiation, or continuation, of a corporate liquidation event do not constitute grounds for the immediate removal of a company from an index, provided that the company continues to trade and satisfies the applicable index eligibility requirements.Open p.35 ↗ |
A voluntary liquidation alone does not trigger immediate removal; deletion generally occurs before the first liquidation payment distribution or as soon as possible afterward. |
| Cash dividend | Ordinary cash dividends do not affect price return indices and are reflected in total return and net total return indices; special dividends receive price and divisor adjustments. | For index calculation purposes, an ordinary dividend will only have an effect on the Total Return (TR) and Net Total Return (NTR) indices and not on Price Return indices.Open p.20 ↗ |
Ordinary cash dividends do not change the price index, while total return and net total return versions account for them; special dividends adjust price and divisor. |
| Bonus and split | Share counts and prices are adjusted by the split, stock dividend, bonus, or reverse-split ratio without changing market capitalization. | Stock splits, stock dividends and bonus issues are similar terms. The terms imply the same action; the only difference is in the way the terms are quoted.Open p.26 ↗ |
Splits, stock dividends, bonus issues, and reverse splits adjust shares and price proportionally and do not change market capitalization in market-cap indices. |
| Rights issue | Only rights held by all shareholders are recognized; in-the-money rights receive price and full-ratio share changes on the ex-date, while out-of-the-money rights receive no action. | Only rights available to all shareholders are recognized.Open p.14 ↗ |
S&P DJI recognizes rights offered to all shareholders, applying price and full-ratio share adjustments only when the rights are in-the-money. |
| Other share changes | Non-mandatory share changes are implemented immediately only when they satisfy accelerated materiality rules; otherwise they are implemented quarterly. | Material share/IWF changes resulting from certain non-mandatory corporate actions follow the accelerated implementation rule defined below with sufficient advance notification. Non-material share/IWF changes are implemented quarterly.Open p.15 ↗ |
Material non-mandatory share or IWF changes qualify for accelerated implementation, while non-material changes are implemented quarterly. |
| Capital reduction | A return of capital is normally treated as a special dividend, except when paid in lieu of an ordinary dividend and matching the ordinary historical amount and frequency. | For index calculation purposes, a return of capital is considered a special dividend. However, when a return of capital is declared in lieu of an ordinary cash dividend and fits the historical pattern of an ordinary dividend in amount and frequency, it is treated as an ordinary cash dividend.Open p.20 ↗ |
Returns of capital are generally treated as special dividends, but are treated as ordinary cash dividends when they replace ordinary dividends and follow the historical pattern. |
| Merger acquisition | M&A targets are generally removed on or around expected delisting or last trading, with acquirer share issuance coinciding with the target drop; early removal is possible for unconditional tender offers with less than 15% remaining free float. | S&P DJI generally removes an M&A target company from all indices on or around the expected delisting, or last trading, date.Open p.7 ↗ |
S&P DJI processes mergers and acquisitions case by case, removes targets around delisting or last trade, and may remove tender-offer targets early when conditions are met. |
| Spin off | A spin-off is added to all parent indices at a zero price before the ex-date with no divisor adjustment and is retained only if it meets eligibility criteria. | As a general policy, a spin-off security is added to all indices where the parent security is a constituent, at a zero price at the market close of the day before the ex-date (with no divisor adjustment).Open p.9 ↗ |
Spin-offs are temporarily added to all indices containing the parent at zero price without a divisor adjustment, then retained if eligible or removed after trading. |
| New listing | IPOs and direct listings normally enter at rebalancing dates if eligible; certain large offerings may qualify for fast-track entry, subject to share and IWF data availability. | IPO and direct listing additions to indices typically take place on the rebalancing dates. In general, IPOs and direct listings must meet the index eligibility criteria, and in certain cases, large offerings may qualify for fast track entry.Open p.6 ↗ |
IPOs and direct listings are generally added at rebalancing dates, but large offerings may qualify for fast-track entry when required data are available. |
| Suspension | Suspended stocks carry forward their last official closing price; those suspended for at least 60 consecutive business days at a quarterly evaluation date may be removed at the next rebalancing at zero price. | S&P DJI carries forward the last available official closing price of suspended stocks for the duration of the suspension period.Open p.35 ↗ |
S&P DJI carries forward the last official closing price during suspension and may delete stocks suspended for 60 or more business days at the next rebalancing. |
| Risk warning | — | — (not found verbatim in the PDF) |
|
| Delisting | A security is generally removed from all indices on or around its expected delisting date, normally at the primary exchange price, or zero if no usable price exists. | A security is generally dropped from all the indices it is a constituent of on or around its expected delisting date.Open p.6 ↗ |
Delisting securities are removed around the expected delisting date, using the primary exchange price where available and zero or another specified price where not. |
| Bankruptcy | Bankrupt securities are ineligible and are removed at the same time and same closing price across branded indices, with at least one day's notice and zero price if halted or delisted. | Bankrupt securities are considered ineligible. The removal of a bankrupt security is done at the same time with the same closing price in all S&P DJI’ branded indices.Open p.35 ↗ |
S&P DJI removes bankrupt securities consistently across indices after at least one day's notice, using the primary exchange price or zero if the security is halted or delisted. |
| Transfer of listing | If a stock changes to an exchange not maintained by S&P DJI, it may be removed using the last traded price on the prior exchange. | In some cases, where a stock’s listing changes to an exchange not maintained by S&P DJI, the stock is removed using the last traded price on the prior exchange.Open p.6 ↗ |
A transfer to an exchange S&P DJI does not maintain generally results in deletion using the last traded price on the previous exchange. |
| G5 Shares, free float and weight factors · 11 fields | |||
| Designated listing rule | The designated listing is determined by highest one-year trading liquidity and largest float-adjusted market capitalization, with greater importance placed on liquidity when indicators conflict. | S&P DJI determines the share class with both the highest one-year trading liquidity (as defined by Median Daily Value Traded) and largest floatadjusted market capitalization as the Designated Listing.Open p.18 ↗ |
S&P DJI designates the share class with the strongest liquidity and float-adjusted market capitalization, prioritizing liquidity in conflicts. |
| Multiple share classes rule | All publicly listed multiple share class lines may be included separately in float-adjusted market-cap indices, with each line weighted by its own float and subject to line-specific eligibility. | S&P DJI includes all publicly listed multiple share class lines separately in its float-adjusted market capitalization (FMC) weighted indices, subject to liquidity and float criteria currently in place for each index.Open p.18 ↗ |
In float-adjusted market-cap indices, listed share classes can be separately included, with eligibility based on total company market capitalization and weight based on each line's own float. |
| Share count basis | Quarterly updates use latest publicly available shares outstanding as of the rebalancing reference date; multiple listed lines are evaluated separately and DR shares are derived from DR ratio and underlying shares. | At each quarterly review, shares outstanding are updated to the latest available information as of the rebalancing reference date.Open p.16 ↗ |
Share counts are updated to the latest available shares outstanding at the reference date, with special derivation rules for depositary receipts, units, and multiple classes. |
| Free float definition | Free float is represented by the Investable Weight Factor, which adjusts market capitalization to the stock's float-adjusted market value; further details are in the Float Adjustment Methodology not provided here. | A majority of S&P DJI’s equity indices are market capitalization weighted and float-adjusted, where each stock’s weight in the index is proportional to its float-adjusted market value.Open p.5 ↗ |
S&P DJI uses an Investable Weight Factor to represent free float and calculate float-adjusted market capitalization. |
| Restricted shares | — | — (not found verbatim in the PDF) |
|
| Free float sources | public filings, official sources, publicly available ownership information | All shares outstanding and ownership information contained in public filings and/or official sources dated on or before the reference date are included in that quarter’s update.Open p.17 ↗ |
Quarterly share and ownership information is taken from public filings and official sources dated on or before the reference date. |
| Free float factor | Method: Free float | calculate an accurate Investable Weight Factors (“IWFs”) based on available information are not considered for fast track entryOpen p.6 ↗ |
S&P DJI uses an Investable Weight Factor to float-adjust constituent market capitalization; no factor bands are stated in the supplied sections. |
| Share change threshold | Accelerated public offer minimum value USD: 150,000,000; Accelerated public offer minimum share percent: 5; Large event value USD: 1,000,000,000; Quarterly iwf share change percent: 5; Quarterly iwf absolute change points: 5 | At least US $150 million2, and b. At least 5%3 of the pre-event total shares.Open p.15 ↗ |
Accelerated public offerings generally require at least US$150 million and 5% of shares; events of at least US$1 billion may bypass the 5% share test, while quarterly IWF changes require a 5% share change and at least 5 points of IWF change. |
| Free float update timing | quarterly share and IWF updates, annual IWF review for other IWF changes, ad hoc accelerated updates for qualifying material events, mandatory corporate action updates without minimum threshold | Certain mandatory actions, such as M&A driven share/IWF changes, stock splits, and mandatory distributions, are not subject to a minimum threshold for implementation.Open p.15 ↗ |
Shares and IWFs are updated quarterly for qualifying changes, annually for other IWF changes, and ad hoc for mandatory events or qualifying accelerated material events. |
| Foreign ownership limit | Foreign ownership restrictions and foreign-limit-driven IWF changes may affect eligibility or be implemented quarterly in specified markets; Chinese and Filipino class A shares are not selected as designated listings for this reason. | At the discretion of S&P DJI, constituents with shareholder ownership restrictions defined in company bylaws may be deemed ineligible for inclusion in an index.Open p.8 ↗ |
S&P DJI may exclude securities with ownership restrictions, implement foreign-limit IWF adjustments quarterly in certain markets, and avoid class A designated listings in China and the Philippines. |
| Weight capping procedure | Capped market-cap indices confine one constituent or defined constituent groups to a maximum weight, but thresholds and capping factors are specified in the relevant index methodology. | S&P DJI also offers capped versions of market capitalization weighted indices, where single index constituents or defined groups of index constituents, such as sector or geographical groups, are confined to a maximum weight.Open p.5 ↗ |
Where an index is capped, single constituents or defined groups are limited to maximum weights according to that index's methodology. |
| G6 Disruption, emergencies and corrections · 6 fields | |||
| Capital controls response | During capital controls or structural trading constraints, S&P DJI may continue maintenance, freeze changes, drop affected stocks, use depositary receipts or cross-listings, and remove stocks at zero or minimal price. | If a market institutes capital controls, or experiences other structural trading constraints, S&P Dow Jones Indices will assess the impact and duration of the situation, and may take one or more of the following actions:Open p.41 ↗ |
Capital controls can trigger continued maintenance, a freeze, deletion, or representation through depositary receipts or cross-listings. |
| Holiday corporate action rule | Price-adjusting actions falling on exchange holidays are generally implemented on the next trading day, while non-price-adjusting changes may still take effect before the open. | Price-adjusting corporate actions such as splits, bonuses, rights, spin-offs, and special dividends with effective dates that fall on an exchange holiday are generally implemented on the next trading day.Open p.34 ↗ |
Price-adjusting corporate actions are generally moved to the next trading day on exchange holidays, but share/IWF changes, adds, drops, and attribute changes may still take effect. |
| Market disruption rule | Closed markets are treated as unscheduled holidays when trading will not open; indices with at least one open market calculate normally, while indices containing only closed markets are not calculated. | If all exchanges indicate that trading will not open for a given day, S&P DJI will treat the day as an unscheduled market holiday.Open p.42 ↗ |
During full market disruptions, the day may be treated as an unscheduled holiday, multi-market indices calculate where a market is open, and closed-only indices are not calculated. |
| Emergency procedure | For U.S. outages, S&P DJI uses 3:00 PM ET as its cutoff, relies on exchange guidance and SEC Rule 123C prices, and may delay index adjustments or not publish an index in extreme circumstances. | 3:00 PM ET is the deadline for an exchange to determine its plan of action regarding an outage scenario. As such, S&P DJI also uses 3:00 PM ET as the cutoff.Open p.42 ↗ |
S&P DJI follows exchange contingency guidance and SEC Rule 123C during U.S. emergencies and may delay adjustments or withhold publication in extreme cases. |
| Error correction policy | Errors involving closing prices, corporate actions, calculations, data entry, or methodology application may be corrected; events discovered within two trading days are generally recalculated, and later events are referred to the Index Committee. | If one of the following recalculation events is discovered within two trading days of the event’s occurrence, the index is generally recalculated.Open p.46 ↗ |
S&P DJI generally corrects errors discovered within two trading days and uses Index Committee discretion for errors discovered after that period. |
| Recalculation policy | Recalculation is discretionary, considers market impact, and when completed results in regeneration and reposting of affected files and notification of clients; intraday values are not recomputed. | The potential market impact or disruption resulting from a recalculation is considered when making any such decision.Open p.46 ↗ |
S&P DJI may recalculate based on market impact, repost regenerated files and notify clients, but does not recompute historical intraday values. |
| G7 Review and constituent changes · 15 fields | |||
| Small fixed count intraperiod review | For a targeted count of 30 or less, removal of more than 10% of constituents between rebalancings triggers Index Committee review of replacement timing. | if an index has a targeted constituent count of 30 or less and more than 10% of the constituent count between rebalancing dates is removed from the index due to mergers, acquisitions, takeovers, delistings, bankruptcies, or other reasons that warrant ineligibility, the index will be reviewed by the Index Committee to determine when replacement securities will be added to the index.Open p.6 ↗ |
Small fixed-count indices receive an Index Committee review when more than 10% of constituents are removed between rebalancings. |
| Freeze period | A share/IWF freeze starts after the Tuesday before the second Friday of each rebalancing month and ends after the third Friday; suspended accelerated changes are implemented five business days after the rebalancing effective date. | The freeze period begins after the market close on the Tuesday prior to the second Friday of each rebalancing month (i.e., March, June, September, and December) and ends after the market close on the third Friday of the rebalancing month.Open p.17 ↗ |
During the share/IWF freeze, non-mandatory accelerated changes are suspended except mandatory corporate actions, and held changes are implemented after the rebalance. |
| Review frequency | Quarterly | All non-mandatory events not covered or implemented via the accelerated implementation rule (including but not limited to certain private placements, acquisition of private companies, and conversion of non-index share lines) are reviewed quarterlyOpen p.16 ↗ |
Non-mandatory share and IWF updates and general index maintenance are reviewed quarterly. |
| Effective date rule | Quarterly changes are effective after the close of the third Friday of the third month in each calendar quarter. | are reviewed quarterly, effective after the close of the third Friday of the third month in each calendar quarter and as per below.Open p.16 ↗ |
Quarterly implementations take effect after the close of the third Friday of March, June, September, and December. |
| Data cutoff rule | The quarterly cutoff is after the market close five weeks before the third Friday of March, June, September, and December, using public information dated on or before that reference date. | A reference date, after the market close five weeks prior to the third Friday in March, June, September, and December, is the cutoff for publicly available information used for quarterly shares outstanding and IWF changes.Open p.17 ↗ |
Quarterly share and IWF data are cut off after the close five weeks before the rebalancing month's third Friday. |
| Announcement rule | Corporate events are generally announced in advance in the daily Index Corporate Events report; additions and deletions for headline equity indices are generally announced shortly after market close. | All events affecting the daily index calculation are typically announced in advance via the Index Corporate Events report (.SDE), delivered daily to all clients.Open p.50 ↗ |
S&P DJI announces events through daily corporate events reports and usually announces headline index additions and deletions shortly after market close. |
| Universe eligibility | IPOs and direct listings must generally meet the index eligibility criteria; warrants, options, partly paid shares, convertible bonds, contingent value rights, and bankrupt securities are ineligible, with other thresholds set by each methodology. | In general, IPOs and direct listings must meet the index eligibility criteria, and in certain cases, large offerings may qualify for fast track entry.Open p.6 ↗ |
General eligibility requires satisfaction of each index's criteria and excludes certain securities, while specific thresholds are methodology-specific. |
| Buffer rule | — | — (not found verbatim in the PDF) |
|
| Reserve list | — | — (not found verbatim in the PDF) |
|
| Turnover limit | — | — (not found verbatim in the PDF) |
|
| Fast entry rule | Size threshold: large offering; Timing: before the next rebalancing, subject to methodology and data availability | In general, IPOs and direct listings must meet the index eligibility criteria, and in certain cases, large offerings may qualify for fast track entry.Open p.6 ↗ |
Certain large IPO or direct-listing offerings may enter through fast track, but only if shares and accurate IWFs can be confirmed. |
| Ad hoc deletion triggers | Delisting, Prolonged suspension, Acquisition, Bankruptcy, Other | removed from the index due to mergers, acquisitions, takeovers, delistings, bankruptcies, or other reasons that warrant ineligibilityOpen p.6 ↗ |
Securities may be removed ad hoc for delisting, long-term suspension, M&A, bankruptcy, or other circumstances that warrant ineligibility. |
| Replacement policy | conditional by index structure | For indices that do not have a fixed number of constituents, additions and deletions are not linked to one another.Open p.6 ↗ |
Some fixed-count indices replace deletions preferably on the same day, while other indices do not link additions and deletions or fluctuate between rebalancings. |
| Deletion price | Generally the closing price on the deletion date; delistings use the primary exchange price if available, zero if not, with special rules for suspended M&A targets and U.S. OTC securities. | Generally, S&P DJI implements deletions using the security’s closing price on the deletion date.Open p.7 ↗ |
Deletions generally use the deletion-date closing price or primary exchange price, with zero or special deal-based pricing in specified situations. |
| Suspended constituent rule | Suspended stocks are generally not deleted solely for short-term suspension, are not added at an upcoming rebalancing, keep index shares frozen, and may be deleted if long-term suspension criteria are met. | S&P DJI freezes the index shares for suspended stocks across any index rebalancings during the suspension period.Open p.35 ↗ |
S&P DJI freezes suspended constituents' index shares, defers short-term suspension additions or changes, and removes constituents only when they meet long-term suspension rules. |
| G8 Governance, changes and termination · 15 fields | |||
| Governance reference | Detailed index governance is contained in the separate S&P Dow Jones Indices Index Governance Policies Methodology. | For more information on Index Governance, please refer to the S&P Dow Jones Indices’ Index Governance Policies Methodology.Open p.49 ↗ |
The supplied section refers to a separate index governance methodology rather than setting out the full governance framework. |
| Expert judgment recordkeeping | S&P DJI maintains internal records of expert judgment use and its rationale, and expert judgment does not cover methodology changes. | S&P DJI maintains internal records of the use of Expert Judgment and the rationale for any such use.Open p.53 ↗ |
Uses of expert judgment and their rationale are internally recorded, while methodology changes are outside the expert judgment definition. |
| Oversight body | Index Committee / Index Committees | the index will be reviewed by the Index Committee to determine when replacement securities will be added to the index.Open p.6 ↗ |
S&P DJI Index Committees oversee constituent decisions, exceptions, recalculations, and related index matters. |
| Discretion points | accelerate or delay deletions, apply exceptions for market disruption or data gaps, determine notice periods and effective dates, decide deletion pricing mechanisms, change treatment for sanctions, capital controls, and suspensions, avoid unnecessary turnover or excessive changes, enhance index replicability, resolve inconsistency with the index objective, exercise expert judgment in interpreting data | The Index Committee retains the right to exercise discretion to accelerate or delay deletions, to apply exceptions where market disruption or data gaps exist, and to determine notice periods and effective dates.Open p.6 ↗ |
Index Committees may use discretion over deletions, disruptions, data gaps, notice and effective dates, sanctions, capital controls, suspensions, turnover, replicability, and data interpretation. |
| Methodology review frequency | — | — (not found verbatim in the PDF) |
|
| External review | — | — (not found verbatim in the PDF) |
|
| Material change definition | — | — (not found verbatim in the PDF) |
|
| Change procedure | — | — (not found verbatim in the PDF) |
|
| Consultation procedure | — | — (not found verbatim in the PDF) |
|
| Notice period | — | — (not found verbatim in the PDF) |
|
| Cessation policy | Index cessations are governed by the separate S&P Dow Jones Indices Cessations Policy. | For information on index cessations, please refer to the S&P Dow Jones Indices Cessations Policy.Open p.50 ↗ |
The supplied methodology does not state cessation circumstances and refers readers to the separate S&P DJI Cessations Policy. |
| Termination procedure | — | — (not found verbatim in the PDF) |
|
| Complaints procedure | Questions regarding an index may be sent to [email protected]. | For questions regarding an index, please contact: [email protected].Open p.53 ↗ |
S&P DJI provides an index services email for questions regarding an index. |
| Disclosure channels | Index Corporate Events report (.SDE), S&P DJI website at www.spglobal.com/spdji/, major news services, client pro-forma files | All events affecting the daily index calculation are typically announced in advance via the Index Corporate Events report (.SDE), delivered daily to all clients.Open p.50 ↗ |
S&P DJI publishes events through the .SDE report, its website, major news services, and pro-forma files. |
| Usage restrictions | Users are solely responsible for their own compliance with applicable law, including sanctions, and use or licensing of certain indices may be restricted. | Please note the use and licensing of such indices may be restricted to ensure S&P DJI’s compliance with applicable law.Open p.35 ↗ |
S&P DJI restricts or conditions certain index use and licensing for legal compliance, and users remain responsible for compliance with applicable law. |
Open points · 11Model-written, for reference
- 1No printed rulebook version label was stated.
- 2No effective date for the general policy was stated; the methodology heading shows August 2026 but not an effective date.
- 3No detailed free float definition or list of restricted shareholder categories was provided; the sections refer to the separate Float Adjustment Methodology.
- 4No IWF band schedule was stated.
- 5No default buffer rules, reserve list, or turnover limit were stated in the supplied general sections.
- 6No specific size threshold for IPO fast-track entry, excluded boards, or general eligibility screens were stated; these are left to individual methodologies.
- 7No risk-warning security treatment was stated.
- 8No detailed governance methodology review, consultation, material-change, notice, cessation, or termination procedure was provided; separate governance and cessations documents are referenced.
- 9The day-kind for several one-day notice requirements is sometimes stated only as a day rather than business or trading day.
- 10Not coveredG2 Calculation and publication: not covered by this edition
- 11Not coveredG3 Prices and market data: not covered by this edition
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