Ground Rules

July 2024

FTSE Divest-Invest
Index Series
v3.0

lseg.com/en/ftse-russell

FTSE Divest-Invest Index Series, v3.0, July 2024

Contents

Section 1 Introduction ......................................................................................................................................................... 3
Section 2 Management responsibilities .............................................................................................................................. 5
Section 3 FTSE Russell index policies ............................................................................................................................... 6
Section 4 Eligible securities ................................................................................................................................................ 8
Section 5 ESG data inputs .................................................................................................................................................. 9
Section 6 FTSE Green Revenues factor construction ...................................................................................................... 11
Section 7 Periodic review of constituents ......................................................................................................................... 13
Section 8 Changes to constituent companies................................................................................................................... 15
Section 9 Corporate actions and events ........................................................................................................................... 16
Section 10 Index calculation method ................................................................................................................................ 17
Appendix A Further information ........................................................................................................................................ 18

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Section 1

Introduction

1.

Introduction

1.1

This document sets out the Ground Rules for the construction and management of the FTSE Divest-Invest
Index Series. Copies of the Ground Rules are available from www.lseg.com/en/ftse-russell/.

1.2

The FTSE Divest-Invest Index Series is a set of indices designed to incorporate a combination of rulesbased strategies to reduce exposure to companies in certain ICB subsectors which are associated with aHigh Carbon Economy and to increase exposure to companies with activities involved in the transition to a
Green Economy.

1.3

The FTSE Divest-Invest does take account of ESG factors in its index design.

1.4

These Ground Rules should be read in conjunction with the Ground Rules for the FTSE Global Equity IndexSeries Guide to Calculation Methods and the Corporate Actions and Events Guide for Non Market Cap
Weighted Indices which can be accessed using the links below:
FTSE_Global_Equity_Index_Series_Guide_to_Calc.pdf
Corporate_Actions_and_Events_Guide_for_Non_Market_Cap_Weighted_Indices.pdf

1.5

The FTSE Divest-Invest Index Series consists of the following indices:– FTSE Divest-Invest Developed 200 Index– FTSE Divest-Invest China A50 Index

1.6

Price, Total Return and Net of Tax Indices will be calculated on an end of day basis.
Total return indices include income based on ex dividend adjustments. All dividends are applied as declared.
Selected indices within the series are calculated on a real time basis.

1.7

A series of net of tax Total Return Indices are also calculated based on the maximum withholding tax rates
applicable to dividends received by institutional investors who are not resident in the same country as theremitting company and who do not benefit from double taxation treaties.
Withholding tax rates used in the net-of-tax indices can be accessed using the following link:
Withholding_Tax_Service
Please also refer to the FTSE Russell Withholding Tax Guide which can be accessed using the following link:
FTSE_Russell_Withholding_Tax_Guide.pdf

1.8

All indices are calculated in US Dollars and local currency. The index values are also published in Euros,
UK Pounds Sterling, and Japanese Yen.

1.9

FTSE Russell

1.9.1

FTSE Russell is a trading name of FTSE International Limited, Frank Russell Company, FTSE Global Debt
Capital Markets Limited (and its subsidiaries FTSE Global Debt Capital Markets Inc. and FTSE Fixed

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Income Europe Limited), FTSE Fixed Income LLC, FTSE (Beijing) Consulting Limited, Refinitiv Benchmark
Services (UK) Limited, Refinitiv Limited and Beyond Ratings.
1.9.2

FTSE Russell hereby notifies users of the FTSE Divest-Invest Index Series that it is possible thatcircumstances, including external events beyond the control of FTSE Russell, may necessitate changes
to, or the cessation of, the Index Series and therefore, any financial contracts or other financial instrumentsthat reference the Index Series or investment funds which use the Index Series to measure theirperformance should be able to withstand, or otherwise address the possibility of changes to, or cessation of,
the Index Series.

1.9.3

Index users who choose to follow this Index Series or to buy products that claim to follow this Index Series
should assess the merits of the index’s rules-based methodology and take independent investment advice
before investing their own or client funds. No liability whether as a result of negligence or otherwise isaccepted by FTSE Russell for any losses, damages, claims and expenses suffered by any person as aresult of:– any reliance on these Ground Rules, and/or– any inaccuracies in these Ground Rules, and/or– any non-application or misapplication of the policies or procedures described in these Ground Rules,
and/or– any inaccuracies in the compilation of the index series or any constituent data.

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Section 2

Management responsibilities

2.

Management responsibilities

2.1

FTSE International Limited (FTSE)

2.1.1

FTSE is the benchmark administrator of the index series.1

2.1.2

FTSE is responsible for the daily calculation, production and maintenance of the FTSE Divest-Invest IndexSeries and will:– maintain records of the index weightings of all constituents;– make changes to the constituents and their weightings in accordance with the Ground Rules;– carry out the periodic index reviews of the Index Series and apply the changes resulting from the reviews
as required by the Ground Rules;– publish changes to the constituent weightings resulting from their ongoing maintenance and theperiodic reviews;– disseminate the indices.

2.1.3

Underlying companies are governed by their respective underlying Index Series Ground Rules.

2.1.4

These Ground Rules set out the methodology and provide information about the publication of the FTSE
Divest-Invest Index Series.

2.2

Amendments to these Ground Rules

2.2.1

These Ground Rules shall be subject to regular review (at least once a year) by FTSE Russell to ensure thatthey continue to best reflect the aims of the index series. Any proposals for significant amendments to theseGround Rules will be subject to consultation with FTSE Russell advisory committees and other stakeholders
if appropriate. The feedback from these consultations will be considered by the FTSE Russell Index
Governance Board before approval is granted.

2.2.2

As provided for in the Statement of Principles for FTSE Russell Equity Indices, where FTSE Russell
determines that the Ground Rules are silent or do not specifically and unambiguously apply to the subject
matter of any decision, any decision shall be based as far as practical on the Statement of Principles. Aftermaking any such determination, FTSE Russell shall advise the market of its decision at the earliest
opportunity. Any such treatment will not be considered as an exception or change to the Ground Rules, or to
set a precedent for future action, but FTSE Russell will consider whether the Ground Rules should
subsequently be updated to provide greater clarity.

1

The term administrator is used in this document in the same sense as it is defined in Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on
indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (the European Benchmark Regulation) and The
Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (the UK Benchmark Regulation).

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Section 3

FTSE Russell index policies

3.

FTSE Russell index policies
These Ground Rules should be read in conjunction with the following policy documents which can beaccessed using the links below:

3.1

Corporate Actions and Events Guide
Full details of changes to constituent companies due to corporate actions and events can be accessed in
the Corporate Actions and Events Guide for Non Market Cap Weighted Indices using the following link:
Corporate_Actions_and_Events_Guide_for_Non_Market_Cap_Weighted_Indices.pdf

3.2

Statement of Principles for FTSE Russell Equity Indices (the Statement of Principles)
Indices need to keep abreast of changing markets and the Ground Rules cannot anticipate every
eventuality. Where the Ground Rules do not fully cover a specific event or development, FTSE Russell will
determine the appropriate treatment by reference to the Statement of Principles which summarises theethos underlying FTSE Russell’s approach to index construction. The Statement of Principles is reviewed
annually and any changes proposed by FTSE Russell are presented to the FTSE Russell Policy Advisory
Board for discussion before approval by the FTSE Russell Index Governance Board.
The Statement of Principles can be accessed using the following link:
Statement_of_Principles.pdf

3.3

Index Policy for Trading Halts and Market Closures

3.3.1

Guidance for the treatment of index changes in the event of trading halts or market closures can be foundusing the following link:
Index_Policy_for_Trading_Halts_and_Market_Closures.pdf

3.4

Index Policy in the Event Clients are Unable to Trade a Market or a Security

3.4.1

Details of FTSE Russell’s treatment can be accessed using the following link:
Index_Policy_in_the_Event_Clients_are_Unable_to_Trade_a_Market_or_a_Security.pdf

3.5

Recalculation Policy and Guidelines

3.5.1

Where an inaccuracy is identified, FTSE Russell will follow the steps set out in the FTSE Russell Index
Recalculation Guidelines when determining whether an index or index series should be recalculated and/or
associated data products reissued. Users of the FTSE Divest Invest Index Series will be notified throughappropriate media.
For further information refer to the FTSE Russell Recalculation Policy and Guidelines document which isavailable from the FTSE Russell website using the link below or by contacting info@ftserussell.com.
Recalculation_Policy_and_Guidelines_Equity_Indices.pdf

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3.6

Recalculation Policy and Guidelines – ESG Data and Scores
Where an inaccuracy in ESG data is identified, FTSE Russell will follow the guidelines set out in thisdocument when determining if a ESG Data Product should be recalculated.
Recalculation_Policy_and_Guidelines_ESG_Products.pdf

3.7

Policy for Benchmark Methodology Changes

3.7.1

Details of FTSE Russell’s policy for making benchmark methodology changes can be accessed using thefollowing link:
Policy_for_Benchmark_Methodology_Changes.pdf

3.8

FTSE Russell Governance Framework

3.8.1

To oversee its indices, FTSE Russell employs a governance framework that encompasses product, service
and technology governance. The framework incorporates the London Stock Exchange Group’s three lines ofdefence risk management framework and is designed to meet the requirements of the IOSCO Principles for
Financial Benchmarks2, the European benchmark regulation3 and the UK benchmark regulation4. The FTSE
Russell Governance Framework can be accessed using the following link:
FTSE_Russell_Governance_Framework.pdf

3.9

Real Time Status Definitions

3.9.1

For indices that are calculated in real time, please refer to the following guide for details of real time status
definitions:
Real_Time_Status_Definitions.pdf

23

4

IOSCO Principles for Financial Benchmarks Final Report, FR07/13 July 2013.
Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or tomeasure the performance of investment funds.
The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019.

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Section 4

Eligible securities

4.

Eligible securities

4.1

Constituents of the FTSE Divest-Invest Index Series are derived from the following universes:
FTSE Divest-Invest Index

Eligible Universe

FTSE Divest-Invest Developed 200 Index

FTSE Developed All Cap Index

FTSE Divest-Invest China A50 Index

FTSE China A Stock Connect CNH All Cap Index

4.2

All lines of a company that are constituents of the eligible universes are eligible for inclusion.

4.3

All constituent securities of the eligible universes are eligible for inclusion in the FTSE Divest-Invest IndexSeries except for securities in the following sectors and subsectors of the Industrial Classification
Benchmark (ICB) System5 which are ineligible for inclusion:– Oil & Gas Producers (ICB Oil, Gas and Coal – 601010)– Oil Equipment, Services & Distribution (ICB Oil Equipment and Services – 60101030)– Coal (ICB Coal – 60101040); and– General Mining (ICB General Mining – 55102000)

4.4

At each semi-annual review, the eligible universe of the FTSE Divest-Invest Developed 200 Index isscreened for liquidity and investible market capitalisation as follows:

4.4.1

A minimum average daily traded value (ADTV) of USD 10 million is required, calculated as the average daily
traded value in US Dollars over the last 50 trading days prior to the data cut-off date (see Rule 7.3). The
minimum number of available trading days required for inclusion is 22. The ADTV calculation includes dayson which a stock is suspended.

4.4.2

A minimum investible market capitalisation of US 500 million is required, based on the shares in issue on
the review effective date and prices as of the data cut-off date (Rule 7.3) adjusted for any corporate actions
between the cut-off date and the effective date (see Rule 7.2).

5

FTSE indices migrated to the new ICB classification system in March 2021.

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Section 5

ESG data inputs

5.

ESG data inputs

5.1.1

The following ESG datasets are used in the construction of the indices.
ESG data inputs

Details

FTSE Green Revenues

FTSE Russell’s Green Revenues data model identifies companies
providing green products and services and classifies associated revenues
based on the Green Revenues Classification System (GRCS). GRCS is ataxonomy used to define and measure the industrial transition to a Green
Economy.

Used for selection,weighting or exclusion6
Selection

More information can be found here:
https://www.lseg.com/content/dam/ftse-russell/en_us/documents/policydocuments/ftse-green-revenues-classification-system.pdf
Product related dataFTSE Russell

FTSE exclusion lists on the activities of companies with exposure to the
products or services that are listed in Section 7 of the

Exclusion

Guide_to_the_Construction_and_Maintenance_of_FTSE_Exclusion_Lists.pdf .
Minimum Set of
Exclusions for ESG
Indices

The minimum set of exclusions will be applied to this Index Series witheffect from September 2023. Details of the minimum exclusions can befound in Section 8 of the
Guide_to_the_Construction_and_Maintenance_of_FTSE_Exclusion_Lists.pdf.

Exclusion

Please note: The exclusions lists are updated quarterly, but any changes
are implemented in line with the semi-annual review.

5.1.2

Further information on ESG data provided by FTSE Russell and third parties used in this index series canbe found in the following guide:
Guide_to_FTSE_and_Third_Party_ESG_Data_used_in_FTSE_Russell_IndicesThis includes information on the data and standards used for these ESG data inputs. These data sets may
include estimated data.

6

Definitions.
Selection- ESG data is used to select or rank constituents, or calculate minimum scores or thresholds.
Weighting- ESG data is used to calculate the weight of a constituent in an index.
Exclusion- ESG data is used to exclude companies from the index.

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5.2

ESG Metrics

5.3

Please see the FTSE Russell ESG Metrics website for the scores and values of the environmental, social andgovernance (ESG) factors listed in Annex II to Delegated Regulation (EU) 2020/1816 which are taken into
account in the benchmark methodology for the benchmarks within this index series.
Further details on the metrics methodology and calculation are available using the following links:
Sustainability and ESG data
ESG Disclosures Methodology and Calculation Guide

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Section 6

FTSE Green Revenues
factor construction

6.

FTSE Green Revenues factor construction

6.1

The FTSE Green Revenues data model helps investors understand the global industrial transition to a green
and low carbon economy with consistent, transparent data and indices.

6.1.1

The Green Revenues 2.0 data is assessed and categorized using the FTSE Green Revenues Classification
System (GRCS), a unique industrial taxonomy for green goods, products, and services that covers 10
sectors, 64 subsectors, and 133 micro-sectors. For companies classified in one or more of the green
subsectors, a total percentage(s) of revenue from green products is provided.
At the company activity level, each of the 133 micro-sectors is mapped to one of three tiers, defined as thefollowing:-

Tier 1 covers activities (micro-sectors) with significant and clear environmental benefits (e.g. EG.08.0
Energy Generation – Solar).

-

Tier 2 covers activities (micro-sectors) with more limited but net positive environmental benefits (e.g.
WI.08.0 Water Utilities).

-

Tier 3 covers activities (micro-sectors) which have some environmental benefits but are overall net
neutral or negative (e.g. EG.06.0 Energy Generation – Nuclear).

6.1.2

For further information on the FTSE Green Revenues Classification System, please use the following link:
FTSE Green Revenues Data Model

6.2

The FTSE Green Revenues factor for a company is:
A. The ratio of green revenues as classified by the FTSE Green Revenues Classification System tototal revenue.
B. The FTSE Green Revenues factor used to construct the FTSE Divest Invest Indices excludes all Tier 3
activities. The following GRCS micro-sectors are classified as Tier 3 activities.

GRCS Micro-sector NameGRCS Micro-sector Code

Bio Fuels (General)

EG.01.0

Bio Mass (Grown)

EG.01.2

Nuclear (General)

EG.06.0

Bio Fuels (General)

EQ.01.0

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6.3

GRCS Micro-sector NameGRCS Micro-sector Code

Bio Fuel (1st & 2nd Generation)

EQ.01.1

Bio Fuel (3rd Generation)

EQ.01.2

Bio Mass (Grown)

EQ.01.4

Nuclear (General)

EQ.07.0

Key Raw Minerals & Metals (General)

ER.02.0

CobaltER.02.1

Lithium

ER.02.2

Platinum & Platinum-Group Metals (PGM)

ER.02.3

Rare Earths

ER.02.4

SilicaER.02.5

Uranium

ER.02.6

Agriculture (General)

FA.01.0

GM Agriculture

FA.01.1

Aquaculture (General)

FA.02.0

Aquaculture (Conventional)

FA.02.1

Food Safety, Efficient Processing & Sustainable
Packaging (General)

FA.05.0

Food Safety, Efficient Processing & Sustainable
Packaging (with single use plastic)

FA.05.2

Road Vehicles (General)

TS.02.0

Bus and Coach operators

TS.02.2

All constituent securities are assigned a FTSE Green Revenues factor value. The FTSE Green Revenues
factor can be:
1. zero, if a constituent company has no exposure to the Green Economy;
2. a non-zero value, when exact Green Revenues were disclosed by a constituent company;
3. a non-zero value, when a company has limited revenue disclosures but there is additional non-revenue
data (e.g. production volumes) or relevant market or peer data (e.g. market share of a product) that canform a reasonable basis for creating a Company-Specific Green Revenues estimate. 7

7

For further details of the FTSE Green Revenues Classification System, please refer to FTSE Russell Quantitative & Structural Data (QSD) available at https://qsd.ftserussell.com.

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Section 7

Periodic review of constituents

7.

Periodic review of constituents

7.1

Review Process

7.1.1

Initial Constituent Selection– For the FTSE Divest-Invest Developed 200 Index select the largest 200 eligible companies by investible
market capitalisation after screening for liquidity and investible market capitalisation (see Rule 4).
– For the FTSE Divest-Invest China A50 Index select all companies from the FTSE China A50 Index.

7.1.2

Initial Constituent Weights
1. Calculate initial investable market capitalisation weights for each security.
2. Remove companies classified within the following Industrial Classification Benchmark (ICB) sectors andsubsectors:a) Oil & Gas Producers (ICB Oil, Gas and Coal – 601010)b) Oil Equipment, Services & Distribution (ICB Oil Equipment and Services – 60101030)c) Coal (ICB Coal – 60101040); andd) General Mining (ICB General Mining – 55102000)
3. Calculate the total investable market capitalisation weight of the excluded securities (XW).
4. Replace excluded companies, one by one with the eligible company with the highest FTSE Green
Revenues factor, until all removed companies are replaced. Where companies have equal FTSE Green
Revenues factors the company with the highest investable market capitalisation value is selected. This is
the new divest-invest index.
5. Calculate the initial investable market capitalisation weight for each replacement company and their total
weight (IW) in the new divest-invest index.
̂𝑖 ) of all companies with exposure to green revenues (Rule 6.3) are increased
6. The new weight (𝑊according to the following formula:
̂𝑖 =𝑊
̂𝑖 ∗ +𝑊

𝐺𝑅𝐹𝑖 * 𝑀𝐶𝑖∗ (𝑋𝑊 − 𝐼𝑊)𝑛∑𝑖=1 𝐺𝑅𝐹𝑖 ∗ 𝑀𝐶𝑖∗

̂𝑖 is the initial investable market capitalisation weight and 𝑀𝐶𝑖 is the investable market
where 𝑊
capitalisation and 𝐺𝑅𝐹𝑖 .is the FTSE Green Revenues Factor (See Rule 6.3).

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The FTSE Green Revenues Overlay:
The Green Revenues Overlay is applied using the following process:Constituents with exposure to the Green Economy and non-zero Green Revenues have their investable
market capitalisation weights increased by(𝟏 + 𝑮𝑹𝑭𝒊 ), where 𝐺𝑅𝐹𝑖 is the FTSE Green Revenues factor.
7.2

Review dates

7.2.1

The FTSE Divest-Invest Developed 200 Index will be reviewed semi-annually in March and September. The
review will be implemented after the close of business on the third Friday of the review month.

7.2.2

The FTSE Divest-Invest China A50 Index will be reviewed quarterly in March, June, September andDecember. The review will be implemented after the close of business on the third Friday of the review month.

7.3

Data cut off dates

7.3.1

The reviews will be conducted using prices as at the close of business on the last business day of the monthprior to the review month based on the constituents, shares in issue and free float on the next trading day
following the third Friday of the review month.

7.3.2

The data cut-off dates for ESG data inputs are in the Guide-to-FTSE-and-Third-Party-ESG-Data-used-inFTSE-Russell-Indices.pdf

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Section 8

Changes to constituent companies

8.

Changes to constituent companies

8.1

Intra-review additions

8.1.1

Additions into the eligible universes will be considered for inclusion in the corresponding FTSE Divest-Invest
Index at the next index review.

8.2

Intra-review deletions

8.2.1

A constituent will be removed from the FTSE Divest-Invest Index if it is also removed from the eligible
universe. The deletion will be concurrent with the deletion from the eligible universe and its weight will be
distributed pro-rata amongst the remaining constituents in the FTSE Divest-Invest Index.

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Section 9

Corporate actions and events

9.

Corporate actions and events

9.1

If a constituent of the FTSE Divest-Invest Index Series has a stock split, stock consolidation, rights
issue, bonus issue, a change in the number of shares in issue or a change in free-float (with the
exception of tender offers), the constituent’s weighting in the relevant Index remains unchanged pre andpost such an event.

9.2

Full details of changes to constituent companies due to corporate actions and events can be accessed in
the Corporate Actions and Events Guide for Non Market Cap Weighted Indices using the following link:
Corporate_Actions_and_Events_Guide_for_Non_Market_Cap_Weighted_Indices.pdf
A Corporate ‘Action’ is an action on shareholders with a prescribed ex date. The share price will be subject
to an adjustment on the ex date. These include the following:– Capital Repayments– Rights Issues/Entitlement Offers– Stock Conversion– Splits (sub-division)/Reverse splits (consolidation)– Scrip issues (Capitalisation or Bonus Issue).
A Corporate ‘Event’ is a reaction to company news (event) that may impact the index depending on theindex rules. For example, if a company announces a strategic shareholder is offering to sell their shares(secondary share offer), this could result in a free float weighting change in the index. Where an index
adjustment is required, FTSE Russell will provide notice advising of the timing of the change.

9.3

Takeovers, mergers and demergers
The treatment of takeovers, mergers and demergers can be found within the Corporate Actions and Events
Guide for Non Market Cap Weighted Indices.

9.4

Suspension of dealing
Suspension of dealing rules can be found within the Corporate Actions and Events Guide for Non Market
Cap Weighted Indices.

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Section 10

Index calculation method

10.

Index calculation method

10.1

Prices

10.1.1The FTSE Divest-Invest Index Series uses actual closing mid-market or last trade prices, where available,
for securities with local market quotations. Further details can be accessed using the following link:
Closing_Prices_Used_For_Index_Calculation.pdf

10.2

Calculation frequency

10.2.1The Index Series will be calculated on an end of day basis.

10.3

Index calculation

10.3.1The Index Series is calculated using the algorithm described below:N( pi  ei  si  f i  ci )

i =1

d


Where,– i=1,2,…,N– N is the number of securities in the index.

– pi is the latest trade price of the component security (or the price at the close of the index on the previous day).
– ei is the exchange rate required to convert the security’s currency into the index’s base currency.
– si is the number of shares in issue used by FTSE Russell for the security, as defined in these Ground Rules.
– fi is the Investability Weighting Factor to be applied to a security to allow amendments to its weighting,expressed as a number between 0 and 1, where 1 represents a 100% free float. This factor is published
by FTSE Russell for each security in the index.
– ci is the Weighting Factor to be applied to a security to correctly weight that security in the index. Thisfactor maps the investable market capitalisation of each stock to a notional market capitalisation forinclusion in the index.
ci =

̂i
W
𝑊𝑖

̂ i are the constituent index weights as calculated in Section 6 and Wi are the underlying eligible
where W
universe investable market capitalisation index weights as at the most recent review date.
– d is the divisor, a figure that represents the total issued share capital of the Index at the base date. The
divisor can be adjusted to allow changes in the issued share capital of individual securities to be madewithout distorting the index.

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Appendix A

Further information
A Glossary of Terms used in FTSE Russell’s Ground Rule documents can be found using the following link:
Glossary.pdf
Glossary_-_ESG.pdf
The FTSE Russell ESG Metrics website can be found using the following link:
ESG Metrics
Further information on the FTSE Divest-Invest Index Series is available from FTSE Russell.
For contact details please visit the FTSE Russell website or contact FTSE Russell client services at
info@ftserussell.com.
Website: www.lseg.com/en/ftse-russell/

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Disclaimer© 2024 London Stock Exchange Group plc and its applicable group undertakings (“LSEG”). LSEG includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell Company(“Russell”), (3) FTSE Global Debt Capital Markets Inc. and FTSE Global Debt Capital Markets Limited (together, “FTSE Canada”), (4) FTSE Fixed Income Europe Limited (“FTSE FI
Europe”), (5) FTSE Fixed Income LLC (“FTSE FI”), (6) FTSE (Beijing) Consulting Limited (“WOFE”), (7) Refinitiv Benchmark Services (UK) Limited (“RBSL”), (8) Refinitiv Limited (“RL”)
and (9) Beyond Ratings S.A.S. (“BR”). All rights reserved.
The FTSE Divest-Invest Index Series is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. FTSE International Limited is authorised and regulatedby the Financial Conduct Authority as a benchmark administrator. Refinitiv Benchmark Services (UK) Limited is authorised and regulated by the Financial Conduct Authority as abenchmark administrator.
FTSE Russell® is a trading name of FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, WOFE, RBSL, RL and BR. “FTSE®”, “Russell®”, “FTSE Russell®”, “FTSE4Good®”, “ICB®”,“WMR™”, “FR™”, “Beyond Ratings®” and all other trademarks and service marks used herein (whether registered or unregistered) are trade marks and/or service marks owned or
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