I NDEX G UIDELINE
SOLACTIVE CLEAN ENERGY INDEX

Version 2.2
18 May 2023

INDEX GUIDELINETABLE OF CONTENTS
Introduction .............................................................................................................................................................................................................................. 4
1. ................................................................................................................................................ Index Specifications....................................................................................................................................................................................................................................................... 5
1.1.

Scope of the Index ................................................................................................................................................................................................ 5

1.2.

Identifiers and Publication ................................................................................................................................................................................ 5

1.3.

Initial Level of the Index ..................................................................................................................................................................................... 5

1.4.

Prices and calculation frequency ................................................................................................................................................................... 6

1.5.

Licensing.................................................................................................................................................................................................................. 6

2. ...................................................................................................................................................... Index Selection....................................................................................................................................................................................................................................................... 7
2.1.

Index Universe Requirements........................................................................................................................................................................... 7

2.2.

Selection of the Index Components ............................................................................................................................................................... 7

2.3.

Weighting of the Index Components .............................................................................................................................................................. 93.............................................................................................................................................................. Rebalance...................................................................................................................................................................................................................................................... 11
3.1.

Ordinary Rebalance ............................................................................................................................................................................................ 11

3.2.

Extraordinary Rebalance .................................................................................................................................................................................. 11

4............................................................................................................................................ Calculation of the Index...................................................................................................................................................................................................................................................... 12
4.1.

Index formula ........................................................................................................................................................................................................ 12

4.2.

Accuracy ................................................................................................................................................................................................................. 124.3. Adjustments .......................................................................................................................................................................................................... 124.4. Corporate actions ................................................................................................................................................................................................13
4.5. Recalculation ........................................................................................................................................................................................................15
4.6. Market Disruption ................................................................................................................................................................................................16
5.........................................................................................................................................................Miscellaneous...................................................................................................................................................................................................................................................... 17
5.1.

Discretion ............................................................................................................................................................................................................... 17

5.2.

Methodology Review........................................................................................................................................................................................... 175.3. Changes in calculation method ...................................................................................................................................................................... 175.4. Termination ...........................................................................................................................................................................................................18
5.5.

Oversight ................................................................................................................................................................................................................18

6............................................................................................................................................................. Definitions......................................................................................................................................................................................................................................................192

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Annex A ..................................................................................................................................................................................................................................... 23
Annex B ..................................................................................................................................................................................................................................... 24
Annex C ..................................................................................................................................................................................................................................... 25
Contact ..................................................................................................................................................................................................................................... 26

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INDEX GUIDELINEINTRODUCTION
This document (the “GUIDELINE”) is to be used as a guideline with regard to the composition, calculation andmaintenance of the SOLACTIVE CLEAN ENERGY INDEX (the “INDEX”). Any amendments to the rules made to the
GUIDELINE are approved by the OVERSIGHT COMMITTEE specified in Section 5.5. The INDEX is owned, calculated,administered and published by Solactive AG (“SOLACTIVE”) assuming the role as administrator (the “INDEXADMINISTRATOR”) under the Regulation (EU) 2016/1011 (the “BENCHMARK REGULATION” or “BMR”). The name“Solactive” is trademarked.

The text uses defined terms which are formatted with “SMALL CAPS”. Such Terms shall have the meaning
assigned to them as specified in Section 6 (Definitions).
The GUIDELINE and the policies and methodology documents referenced herein contain theunderlying principles and rules regarding the structure and operation of the INDEX. SOLACTIVE does
not offer any explicit or tacit guarantee or assurance, neither pertaining to the results from the useof the INDEX nor the level of the INDEX at any certain point in time nor in any other respect. SOLACTIVE
strives to the best of its ability to ensure the correctness of the calculation. There is no obligationfor SOLACTIVE – irrespective of possible obligations to issuers – to advise third parties, including
investors and/or financial intermediaries, of any errors in the INDEX. The publication of the INDEX by
SOLACTIVE does not constitute a recommendation for capital investment and does not contain any
assurance or opinion of SOLACTIVE regarding a possible investment in a financial instrument basedon this INDEX.

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1.

INDEX SPECIFICATIONS

1.1.

SCOPE OF THE INDEX

Category
Asset Class
Strategy
Regional Allocation
Rebalancing Fee
Rebalancing Frequency

Description
EquityThe index aims to track the performance of a basket of stocks ofcompanies that are actively engaged in the international clean
energy industry.
Global Markets0%
Semi-Annually

1.2. IDENTIFIERS AND PUBLICATIONThe INDEX is published under the following identifiers:
Name
SOLACTIVE CLEAN ENERGY INDEX PR
SOLACTIVE CLEAN ENERGY INDEX NTR
SOLACTIVE CLEAN ENERGY INDEX TR

ISIN
DE000SL0AVM5DE000SL0AVN3DE000SL0AVP8Currency
USD
USD
USD

Type
PR*
NTR*
GTR*

RIC
BBG ticker.SOLCLNEP.SOLCLNEN SOLCLNEN.SOLCLNET*PR, NTR, GTR means that the Index is calculated as price return, net total return, gross total return Index as described in the Equity Index Methodology, whichis available on the SOLACTIVE website: https://www.solactive.com/documents/equity-index-methodology/.

The INDEX is published on the website of the INDEX ADMINISTRATOR (www.solactive.com) and is, in addition,
available via the price marketing services of Boerse Stuttgart GmbH and may be distributed to all of its
affiliated vendors. Each vendor decides on an individual basis as to whether it will distribute or display the
INDEX via its information systems.
Any publication in relation to the INDEX (e.g. notices, amendments to the GUIDELINE) will be available at thewebsite of the INDEX ADMINISTRATOR: https://www.solactive.com/news/announcements/.

1.3. INITIAL LEVEL OF THE INDEXThe initial level of the INDEX on the 20/09/2013, the START DATE, is 100. Historical values from the
24/06/2020, the LIVE DATE, will be recorded in accordance with Article 8 of the BMR. Levels of the INDEX
published for a period prior to the LIVE DATE have been back-tested. CLEAN ENERGY CAPACITY SHARE data as of
14 February 2020 have been used and assumed to be constant prior to the LIVE DATE. Furthermore, for each5

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entry in the database of TENDERS & CONTRACTS related to the global power industry a lag of 2 month between
the project announcement day and the actual inclusion in the database has been assumed prior to the LIVEDATE.

1.4. PRICES AND CALCULATION FREQUENCY
The level of the INDEX is calculated on each CALCULATION DAY from 9:00 a.m. to 10:50 p.m. CET based on the
TRADING PRICES on the EXCHANGES on which the INDEX COMPONENTS are listed. TRADING PRICES of INDEXCOMPONENTS not listed in the INDEX CURRENCY are converted using the current Intercontinental Exchange(ICE) spot foreign exchange rate. Should there be no current TRADING PRICE for an INDEX COMPONENT, the laterof: (i) the most recent CLOSING PRICE; or (ii) the last available TRADING PRICE for the preceding TRADING DAY isused in the calculation.
In addition to the intraday calculation a closing level of the INDEX for each CALCULATION DAY is also
calculated. This closing level is based on the CLOSING PRICES for the INDEX COMPONENTS on the respective
EXCHANGES on which the INDEX COMPONENTS are listed. The CLOSING PRICES of INDEX COMPONENTS not listed in
the INDEX CURRENCY are converted using the 04:00 p.m. London time WM Fixing quoted by Reuters. If there
is no 04:00 p.m. London time WM Fixing for the relevant CALCULATION DAY, the last available 04:00 p.m.
London time WM Fixing will be used for the closing level calculation.

1.5. LICENSING
Licenses to use the INDEX as the underlying value for financial instruments, investment funds and financial
contracts may be issued to stock exchanges, banks, financial services providers and investment houses by
SOLACTIVE.

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2.

INDEX SELECTION

On each SELECTION DAY, the INDEX ADMINISTRATOR will revise the composition of the INDEX.
In a first step, the INDEX ADMINISTRATOR determines the INDEX UNIVERSE in accordance with Section 2.1. The
INDEX UNIVERSE comprises all those financial instruments which fulfill the INDEX UNIVERSE REQUIREMENTS (asspecified in Section 2.1) and will constitute a starting pool from which the components of the INDEX will beselected. Based on this INDEX UNIVERSE, the new composition of the INDEX will be determined by applying therules outlined in Section 2.2.
Each INDEX COMPONENT will be assigned a weight as described in Section 2.3.

2.1.

INDEX UNIVERSE REQUIREMENTS

The INDEX UNIVERSE is comprised of all financial instruments which fulfill the below requirements (the“INDEX UNIVERSE REQUIREMENTS“):-

They shall be in relation to companies that are actively engaged in the value-chain of the clean
energy industry in the capacity of, but not limited to, a vendor, component supplier, equipment
supplier and/or power producer. Such companies shall be inferred from a database of TENDERS &CONTRACTS related to the global power industry as provided by the DATA PROVIDER I.

The determination of the INDEX UNIVERSE is fully rule-based and the INDEX ADMINISTRATOR cannot make any
discretionary decisions.

2.2. SELECTION OF THE INDEX COMPONENTS
Based on the INDEX UNIVERSE, the initial composition of the INDEX as well as any selection for an ordinary
rebalance is determined on the SELECTION DAY in accordance with the following rules (the “INDEXCOMPONENT REQUIREMENTS“):
1.

In respect of each SELECTION DAY, the INDEX ADMINISTRATOR shall determine the securities that
constitute the INDEX UNIVERSE in accordance with the methodology described in Section 2.1 INDEXUNIVERSE REQUIREMENTS.

2.

On each SELECTION DAY, any company included in the ESG EXCLUSIONS INDEX as determined by
SOLACTIVE is then excluded from the INDEX UNIVERSE.
The methodology by reference to which the ESG EXCLUSIONS INDEX is constructed, together withthe most recent applicable categories and inclusion criteria, is available on the SOLACTIVE
website: https://solactive.com/downloads/Guideline-Solactive-ESG-Exclusions-Index.pdf
The applicable categories and inclusion criteria of the ESG EXCLUSIONS INDEX as of May 2022 are
set out in Annex B of this document.
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3.

The securities that are eligible for inclusion in the INDEX (the “Eligible Securities”) are selectedfrom the INDEX UNIVERSE in the following manner:
A. it has its primary listing on an ELIGIBLE EXCHANGE.
B. the security type must be share or American Depository Receipt (ADR), and must not be any
type of fund.
C. the FactSet Economy Level for such Security is not classified as ‘Energy’ or ‘Finance’.
D. the Country of Domicile for such Security is neither China nor Hong Kong.
E. it has, as of the SELECTION DAY, a FREE FLOAT MARKET CAPITALIZATION of at least USD 200
million, unless such Security is an existing INDEX COMPONENT, in which case, the FREE FLOATMARKET CAPITALIZATION must be at least USD 150 million.
F. its three month AVERAGE DAILY VALUE TRADED, until and including the SELECTION DAY, is atleast USD 1,000,000.
G. the NUMBER OF TENDERS is greater than two.
H. its TECHNOLOGY is any of wind, solar, ocean power, hydro, biopower and/or geothermal.

4.

On each SELECTION DAY, each Eligible Security shall be deemed to be an INDEX COMPONENT, if inrespect of such Eligible Security, any of the following conditions 4.A or 4.B is fulfilled.
A. In respect of each Eligible Security that is not classified as UTILITIES or THERMAL:
i. the company is a COMPONENT SUPPLIER but is not a T&D Company, Semiconductor
Company, Foundation Construction Company or Pure EPC Provider;OR
ii. the company is a WIND OEM and,1. its CUMULATIVE CAPACITY ranks within the top two quartiles of thosecompanies with CUMULATIVE CAPACITY greater than zero; unless suchcompany is an existing INDEX COMPONENT in which case it shall rank within
the top three quartiles;
OR
iii. the company is a SOLAR OEM and,1. its CUMULATIVE CAPACITY ranks within the top two quartiles of thosecompanies with CUMULATIVE CAPACITY greater than zero; unless suchcompany is an existing INDEX COMPONENT in which case it shall rank within
the top three quartiles;
Further, for the purposes of steps (ii) and (iii) above, if the company is both, a WIND
OEM and SOLAR OEM, it shall be treated as a WIND OEM if the wind capacity
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contribution towards the CUMULATIVE CAPACITY is greater than the solar capacity
contribution. Otherwise, it will be treated as a SOLAR OEM.
OR
B. In respect of each Eligible Security that is not a WIND OEM, SOLAR OEM, T&D COMPANY,SEMICONDUCTOR COMPANY, ENERGY STORAGE PROVIDER, ELECTROLYSER MANUFACTURER, FUEL CELLMANUFACTURER or PURE EPC PROVIDER:
i. its CUMULATIVE CAPACITY ranks within the top 50th percentile of those companies
with CUMULATIVE CAPACITY greater than zero and its CLEAN ENERGY CAPACITY SHARE is
greater than 50%; unless such company is an existing INDEX COMPONENT in whichcase it shall rank within the top 60 per cent;ORii. the CLEAN ENERGY CAPACITY SHARE is greater than or equal to 90%; unless suchcompany is an existing INDEX COMPONENT in which case the CLEAN ENERGY CAPACITYSHARE shall be greater than or equal to 80%
Notwithstanding the above, if the total number of INDEX COMPONENTS is determined to be less than 25, thenthe CUMULATIVE CAPACITY thresholds in the condition 4.A.ii.1, 4.A.iii.1 and 4.B.i as well as the CLEAN ENERGYCAPACITY SHARE in 4.B.ii shall be lowered in 10% steps until the total number of INDEX COMPONENTS isdetermined to be equal to 25 or above (in case more companies will become eligible when reducing thethresholds simultaneously).
Finally, securities of companies deriving more than 10% of their revenues from Thermal Coal Power
Generation or more than 25% of their total production capacity from Thermal Coal Power Generation, areexcluded. To clarify, securities of a company are excluded, if the company breaches one of the or boththresholds. This is based on data as provided by the DATA PROVIDER II.
The selection of the INDEX COMPONENTS is fully rule-based and the INDEX ADMINISTRATOR cannot make any
discretionary decisions.

2.3. WEIGHTING OF THE INDEX COMPONENTS
On each SELECTION DAY each INDEX COMPONENT is weighted in accordance with the following steps:
On each SELECTION DAY each INDEX COMPONENT is weighted in accordance with the following steps:i)Each INDEX COMPONENT is initially weighted equally 𝑤𝑖∗ ;ii)Then, for each INDEX COMPONENT the maximum weight 𝑤𝑖,𝑚𝑎𝑥 is calculated as:

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𝑙𝑖𝑞𝑢𝑖𝑑𝑖𝑡𝑦

𝑤𝑖,𝑚𝑎𝑥 = 𝑀𝑖𝑛{𝑤𝑖,𝑚𝑎𝑥𝑜𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝, 𝑤𝑖,𝑚𝑎𝑥}

where,
𝑙𝑖𝑞𝑢𝑖𝑑𝑖𝑡𝑦

𝑤𝑖,𝑚𝑎𝑥=(1 – 𝐻𝑎𝑖𝑟𝑐𝑢𝑡) × 𝐿𝑖𝑞𝑢𝑖𝑑𝑖𝑡𝑦 𝑀𝑒𝑎𝑠𝑢𝑟𝑒 × 𝑃𝑎𝑟𝑡𝑖𝑐𝑖𝑝𝑎𝑡𝑖𝑜𝑛 (%)
𝐴𝑢𝑀 × 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟𝑜𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝
𝑤𝑖,𝑚𝑎𝑥=𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝 × 𝑀𝑎𝑥 𝑂𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝
𝐴𝑢𝑀

and,
AuM – the maximum of total assets under management in US Dollars of ETFs tracking the INDEX aslisted in Appendix C and US Dollars 50 million;
Haircut – assumed 10%;Liquidity Measure – 3-month AVERAGE DAILY VALUE TRADED in US Dollars;Market Cap – FREE FLOAT MARKET CAPITALIZATION of a company in US Dollars;
Max Ownership – assumed 7.5%;
Participation (%) – assumed 100%;
Turnover – assumed 40%.
iii)

In respect of INDEX COMPONENTS whose initial weight 𝑤𝑖∗ is greater than 𝑤𝑖,𝑚𝑎𝑥 , the Target Index
Weight 𝑤𝑖 shall be set to be equal to 𝑤𝑖,𝑚𝑎𝑥 , and the excess weight is then calculated as follows:
𝑤𝑖,𝑒𝑥𝑐𝑒𝑠𝑠 = 𝑤𝑖∗ – 𝑤𝑖,𝑚𝑎𝑥
The cumulative excess weight is calculated as the sum of 𝑤𝑖,𝑒𝑥𝑐𝑒𝑠𝑠 in respect of all INDEXCOMPONENTS whose initial weight 𝑤𝑖∗ is greater than 𝑤𝑖,𝑚𝑎𝑥 .

The cumulative excess weight is then proportionally distributed across all INDEX COMPONENTS whose initial
weight 𝑤𝑖∗ is less than 𝑤𝑖,𝑚𝑎𝑥 such that the above maximum weight cap condition is fulfilled. This can be
an iterative process until 100% weight is fully allocated and all conditions above are fulfilled.

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3. REBALANCE
3.1. ORDINARY REBALANCE
In order to reflect the new selection of the INDEX COMPONENTS determined on the SELECTION DAY (inaccordance with Section 2.1 and 2.2) the INDEX is adjusted on the REBALANCE DAY after CLOSE OF BUSINESS.
This is carried out by implementing the shares as determined on the FIXING DAY based on the weights
calculated on the SELECTION DAY.
In addition, if the INDEX ADMINISTRATOR determines that the INDEX weight of any INDEX COMPONENT is greaterthan 15% on any REVIEW DAY, then the index shall be reweighted on the ADJUSTMENT DAY that occurs
immediately after such REVIEW DAY according to section 2.3 WEIGHTING OF THE INDEX COMPONENTS. All relevant
data will be based on the data available as of the REVIEW DAY.
For more information on the rebalance procedure please refer to the Equity Index Methodology, which isincorporated
byreference
andavailable
onthe
Solactive
website:https://www.solactive.com/documents/equity-index-methodology/
SOLACTIVE will publish any changes made to the INDEX COMPONENTS with sufficient notice before the
REBALANCE DAY on the SOLACTIVE webpage under the section “Error! Hyperlink reference not valid., which isavailable at https://www.solactive.com/news/announcements/.

3.2. EXTRAORDINARY REBALANCE
The INDEX is not rebalanced extraordinarily.

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INDEX GUIDELINE4.

CALCULATION OF THE INDEX

4.1. INDEX FORMULA
The INDEX is calculated as a price return, net total return and gross total return Index.
The calculation is performed according to the Equity Index Methodology, which is available on the SOLACTIVE
website: https://www.solactive.com/documents/equity-index-methodology/. The divisor index formula
stipulates that the level of the INDEX changes based on the change of the prices of its INDEX COMPONENTS
taking into account their weight in the INDEX and any currency conversion in case the price of an INDEXCOMPONENT is quoted in a currency other than the INDEX CURRENCY.
Any dividends or other distributions are reinvested across the entire basket of INDEX COMPONENTS by meansof a divisor at the opening of the effective date (the so-called ex-date) of the payment of such dividend orother distribution.
A more detailed description of the mechanics of the index calculation formula can be found in the Equity
Index Methodology under Section 1.2.

4.2. ACCURACY
The level of the INDEX will be rounded to two decimal places. Divisors will be rounded to six decimal places.
TRADING PRICES and foreign exchange rates will be rounded to six decimal places.

4.3. ADJUSTMENTS
Under certain circumstances, an adjustment of the INDEX may be necessary between two regular REBALANCE
DAYS. Such adjustment has to be made if a corporate action (as specified in Section 4.4 below) in relation of
an INDEX COMPONENT occurs. Such adjustment may have to be done in relation to an INDEX COMPONENT and/or
may also affect the number of INDEX COMPONENTS and/or the weighting of certain INDEX COMPONENTS and will
be made in compliance with the SOLACTIVE Equity Index Methodology, which is incorporated by reference andavailable on the SOLACTIVE website: https://www.solactive.com/documents/equity-index-methodology/.
SOLACTIVE will announce the INDEX adjustment giving a notice period of at least two TRADING DAYS (withrespect to the affected INDEX COMPONENT) on the SOLACTIVE website under the Section “Announcements”,
which is available at https://www.solactive.com/news/announcements/. The INDEX adjustments will be
implemented on the effective day specified in the respective notice.

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4.4. CORPORATE ACTIONS
As part of the INDEX maintenance SOLACTIVE will consider various events – also referred to as corporate
actions – which result in an adjustment to the INDEX between two regular REBALANCE DAYS. Such events havea material impact on the price, weighting or overall integrity of INDEX COMPONENTS. Therefore, they need tobe accounted for in the calculation of the INDEX. Corporate actions will be implemented from the cum-day
to the ex-day of the corporate action, so that the adjustment to the INDEX coincides with the occurrence ofthe price effect of the respective corporate action.
Adjustments to the INDEX to account for corporate actions will be made in compliance with the Equity Index
Methodology with the exception of section 2.1.4 (Rights Issue) and section 2.1.5 (Capital Decrease), which isavailable on the SOLACTIVE website: https://www.solactive.com/documents/equity-index-methodology/.
This document contains for each corporate action a brief definition and specifies the relevant adjustment
to the INDEX variables. For RIGHTS ISSUES and CAPITAL DECREASES the treatment described in sections 4.4.1 and4.4.2 applies.
While SOLACTIVE aims at creating and maintaining its methodology for the treatment of corporate actions
as generic and transparent as possible and in line with regulatory requirements, it retains the right inaccordance with the Equity Index Methodology to deviate from these standard procedures in case of any
unusual or complex corporate action or if such a deviation is made to preserve the comparability andrepresentativeness of the INDEX over time.
SOLACTIVE considers the following, but not conclusive, list of corporate actions as relevant for the INDEX
maintenance:
Cash Distributions (e.g. payment of a dividend)
Stock distributions (e.g. payment of a dividend in form of additional shares)
Stock distributions of another company (e.g. payment of a dividend in form of additional shares ofanother company (e.g. of a subsidiary))
Share splits (company´s present shares are divided and therefore multiplied by a given factor)
Reverse splits (company´s present shares are effectively merged)
Capital increases (such as issuing additional shares)
Share repurchases (a company offer its shareholders the option to sell their shares to a fixed price)
Spin-offs (the company splits its business activities into two or more entities and distributes newequity shares in the created entities to the shareholders of the former entity)
Mergers & Acquisitions (transaction in which the ownership of a company (or other businessorganizations) are transferred or consolidated with other entities, e.g. fusion of two or more
separate companies into one entity)
Delistings (company´s shares are no longer publicly traded at a stock exchange)
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Nationalization of a company (effective control of a legal entity is taken over by a state)
Insolvency

4.4.1 RIGHTS ISSUE (CAPITAL INCREASE)A RIGHTS ISSUE raises the MARKET CAPITALIZATION of a company, shareholders receive the right to prepurchase newly issued shares for a pre-defined subscription price (“SP”) on a pro rata basis, i.e., in
accordance with their existing number of the company’s shares.
The price adjustment factor (“PAF”) for a RIGHTS ISSUE is calculated as follows:

𝑃𝐴𝐹𝑖,𝑡+1 =𝑝𝑖,𝑡1 ∗ 𝑝𝑖,𝑡 + 𝑇 ∗ 𝑆𝑃
(
)
1+𝑇

with:
𝑃𝐴𝐹

price adjustment factor

𝑃𝑖,𝑡Price of INDEX COMPONENT i on TRADING DAY t

𝑇

issue terms

𝑆𝑃subscription price

The theoretical close price after a RIGHTS ISSUE is calculated as follows:

𝑎𝑝𝑖,𝑡+1 =𝑝𝑖,𝑡𝑃𝐴𝐹𝑖,𝑡+1

with:𝑎𝑝

adjusted priceThe number of shares prior to the ex-date is increased with the PAF. Following that, a RIGHTS ISSUE does notaffect the INDEX market capitalization and no divisor change is implemented.
𝑎𝑥𝑖,𝑡+1 = 𝑥𝑖,𝑡 ∗ 𝑃𝐴𝐹𝑖,𝑡+1
With:
𝑎𝑥

adjusted fraction of shares

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4.4.2 CAPITAL DECREASE
The opposite procedure to a RIGHTS ISSUE which increases capital is a CAPITAL DECREASE. A company may
offer its shareholders the option to sell their shares at an agreed price.
The price adjustment factor (“PAF”) for a CAPITAL DECREASE is calculated as follows:

𝑃𝐴𝐹𝑖,𝑡+1 =𝑝𝑖,𝑡1 ∗ 𝑝𝑖,𝑡 − 𝑇 ∗ 𝑆𝑃
(
)
1−𝑇

with:
𝑃𝐴𝐹

price adjustment factor

𝑃𝑖,𝑡price of INDEX COMPONENT i on TRADING DAY t

𝑇

issue terms

𝑆𝑃subscription price

The theoretical close price after a CAPITAL DECREASE is calculated as follows:

𝑎𝑝𝑖,𝑡+1 =𝑝𝑖,𝑡𝑃𝐴𝐹𝑖,𝑡+1

with:𝑎𝑝

adjusted priceThe number of shares prior to the ex-date is decreased with the PAF. Following that, a CAPITAL DECREASE
does not affect the INDEX market capitalization and no divisor change is implemented.

𝑎𝑥𝑖,𝑡+1 = 𝑥𝑖,𝑡 ∗ 𝑃𝐴𝐹𝑖,𝑡+1
𝑎𝑥

adjusted fraction of shares

4.5. RECALCULATIONSOLACTIVE makes the greatest possible efforts to accurately calculate and maintain its indices. However,errors in the determination process may occur from time to time for variety reasons (internal or external)
and therefore, cannot be completely ruled out. SOLACTIVE endeavors to correct all errors that have been
identified within a reasonable period of time. The understanding of “a reasonable period of time” as well as
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the general measures to be taken are generally depending on the underlying and is specified in the
SOLACTIVE Correction Policy, which is incorporated by reference and available on the SOLACTIVE website:
https://www.solactive.com/documents/correction-policy/.

4.6. MARKET DISRUPTION
In periods of market stress SOLACTIVE calculates its indices following predefined and exhaustive
arrangements as described in the SOLACTIVE Disruption Policy, which is incorporated by reference andavailable on the SOLACTIVE website: https://www.solactive.com/documents/disruption-policy/. Suchmarket stress can arise due to a variety of reasons, but generally results in inaccurate or delayed prices forone or more INDEX COMPONENTS. The determination of the INDEX may be limited or impaired at times of illiquid
or fragmented markets and market stress.

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MISCELLANEOUS

5.1. DISCRETION
Any discretion which may need to be exercised in relation to the determination of the INDEX (for example
the determination of the INDEX UNIVERSE (if applicable), the selection of the INDEX COMPONENTS (if applicable)or any other relevant decisions in relation to the INDEX) shall be made in accordance with strict rules
regarding the exercise of discretion or expert judgement.

5.2. METHODOLOGY REVIEWThe methodology of the INDEX is subject to regular review, at least annually. In case a need of a change ofthe methodology has been identified within such review (e.g. if the underlying market or economic reality
has changed since the launch of the INDEX, i.e. if the present methodology is based on obsolete
assumptions and factors and no longer reflects the reality as accurately, reliably and appropriately as
before), such change will be made in accordance with the SOLACTIVE Methodology Policy, which isincorporated
byreference
andavailable
on
the
SOLACTIVE
website:https://www.solactive.com/documents/methodology-policy/.
Such change in the methodology will be announced on the SOLACTIVE website under the Section “Error!
Hyperlink reference not valid., which is available at https://www.solactive.com/news/announcements/.
The date of the last amendment of this INDEX is contained in this GUIDELINE.

5.3. CHANGES IN CALCULATION METHOD
The application by the INDEX ADMINISTRATOR of the method described in this document is final and binding.
The INDEX ADMINISTRATOR shall apply the method described above for the composition and calculation of the
INDEX. However, it cannot be excluded that the market environment, supervisory, legal and financial or tax
reasons may require changes to be made to this method. The INDEX ADMINISTRATOR may also make changes
to the terms and conditions of the INDEX and the method applied to calculate the INDEX that it deems to benecessary and desirable in order to prevent obvious or demonstrable error or to remedy, correct or
supplement incorrect terms and conditions. The INDEX ADMINISTRATOR is not obliged to provide information
on any such modifications or changes. Despite the modifications and changes, the INDEX ADMINISTRATOR willtake the appropriate steps to ensure a calculation method is applied that is consistent with the method
described above.

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5.4. TERMINATIONSOLACTIVE makes the greatest possible efforts to ensure the resilience and continued integrity of its indicesover time. Where necessary, SOLACTIVE follows a clearly defined and transparent procedure to adapt Index
methodologies to changing underlying markets (see Section 5.2 “Methodology Review”) in order to maintaincontinued reliability and comparability of the indices. Nevertheless, if no other options are available theorderly cessation of the INDEX may be indicated. This is usually the case when the underlying market or
economic reality, which an index is set to measure or to reflect, changes substantially and in a way notforeseeable at the time of inception of the index, the index rules, and particularly the selection criteria, canno longer be applied coherently or the index is no longer used as the underlying value for financial
instruments, investment funds and financial contracts.
SOLACTIVE has established and maintains clear guidelines on how to identify situations in which the
cessation of an index is unavoidable, how stakeholders are to be informed and consulted and theprocedures to be followed for a termination or the transition to an alternative index. Details are specified
in the SOLACTIVE Termination Policy, which is incorporated by reference and available on the SOLACTIVE
website: https://www.solactive.com/documents/termination-policy/.

5.5. OVERSIGHT
An oversight committee composed of staff from SOLACTIVE and its subsidiaries (the “OVERSIGHT COMMITTEE”)
is responsible for decisions regarding any amendments to the rules of the INDEX. Any such amendment,
which may result in an amendment of the GUIDELINE, must be submitted to the OVERSIGHT COMMITTEE for priorapproval and will be made in compliance with the Methodology Policy, which is available on the SOLACTIVE
website: https://www.solactive.com/documents/methodology-policy/.

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6.

DEFINITIONS“ADJUSTMENT DAY” means each day that occurs on the 3rd Friday of each calendar month other than Marchand September. If that day is not a BUSINESS DAY the ADJUSTMENT DAY will be the immediately following
BUSINESS DAY.
“AVERAGE DAILY VALUE TRADED” means, in respect of an INDEX COMPONENT, the sum of DAILY VALUE TRADED
over the specified period divided by the number of TRADING DAYS that fall in the specified period.
“BENCHMARK REGULATION” shall have the meaning as defined in Section “Introduction”.
“BMR” shall have the meaning as defined in Section “Introduction”.
“BUSINESS DAY” is a day on which New York Stock Exchange (NYSE), the London Stock Exchange, the Tokyo
Stock Exchange and Deutsche Boerse Xetra are open for general business.
“CALCULATION DAY” is every weekday from Monday to Friday.
“CAPITAL DECREASE” shall have the meaning as defined in Section 3 of the Equity Index Methodology, whichis available on the Solactive website: https://www.solactive.com/documents/equity-index-methodology/“CLOSE OF BUSINESS” is the calculation time of the closing level of the INDEX as outlined in Section 1.4.
The “CLOSING PRICE” in respect of an INDEX COMPONENT and a TRADING DAY is a security's final regular-hours
TRADING PRICE published by the EXCHANGE and determined in accordance with the EXCHANGE regulations. If
the EXCHANGE has no or has not published a CLOSING PRICE in accordance with the EXCHANGE rules for an INDEXCOMPONENT, the last TRADING PRICE will be used.
“DATA PROVIDER I” is Global Data. For more information, please visit: https://www.globaldata.com/.
“DATA PROVIDER II” is Sustainalytics. For more information, please visit: https://www.sustainalytics.com/.
“ELIGIBLE EXCHANGE” is any exchange as defined in the Annex of this guideline.
“ESG EXCLUSIONS INDEX” is the ESG Exclusions Index. For more information on the methodology, please
visit:
https://solactive.com/downloads/Guideline-Solactive-ESG-Exclusions-Index.pdf
For more information on the current composition, please visit: https://www.solactive.com/wpcontent/uploads/solactiveip/en/Factsheet_ESGEXCLUSIDX.pdf“EXCHANGE” is with respect to the INDEX and every INDEX COMPONENT, the respective exchange where the
INDEX COMPONENT has its listing as determined in accordance with the rules in Section 2.
The “FREE FLOAT MARKET CAPITALIZATION” is with regard to each of the securities in the INDEX UNIVERSE on a
SELECTION DAY the share class-specific free float market capitalization. It is calculated as the multiplicationof the shares outstanding in FREE FLOAT (as sourced from data vendors) with the CLOSING PRICE of the shareclass as of the respective SELECTION DAY.
“GUIDELINE” shall have the meaning as defined in Section “Introduction”.
“INDEX” shall have the meaning as defined in Section “Introduction”.
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INDEX GUIDELINE“INDEX ADMINISTRATOR” shall have the meaning as defined in Section “Introduction”.
“INDEX COMPONENT” is each security reflected in the INDEX.
“INDEX COMPONENT REQUIREMENTS” shall have the meaning as defined in Section 2.2.
“INDEX CURRENCY” is the currency specified in the column “Currency” in the table in Section 1.2.
“INDEX UNIVERSE REQUIREMENTS” shall have the meaning as defined in Section 2.1.
“INDEX UNIVERSE” is the sum of all financial instruments which fulfill the INDEX UNIVERSE REQUIREMENTS.
“LIVE DATE” shall have the meaning as defined in Section 1.3.
“OVERSIGHT COMMITTEE” shall have the meaning as defined in Section 5.5.
“REBALANCE DAY” is the third Friday in March and September. If that day is not a BUSINESS DAY the REBALANCE
DAY will be the immediately following BUSINESS DAY.
“REVIEW DAY” means any first Friday of each month other than March and September.
“RIGHTS ISSUE” shall have the meaning as defined in Section 3 of the Equity Index Methodology, which isavailable on the Solactive website: https://www.solactive.com/documents/equity-index-methodology/“SELECTION DAy” is the first Friday in March and September.
“SOLACTIVE” shall have the meaning as defined in Section “Introduction”.
“START DATE” shall have the meaning as defined in Section 1.3.
“TRADING DAY” is with respect to an INDEX COMPONENT included in the INDEX at the REBALANCE DAY and every
INDEX COMPONENT included in the INDEX at the CALCULATION DAY immediately following the REBALANCE DAY (forclarification: this provision is intended to capture the TRADING DAYS for the securities to be included in the
INDEX as new INDEX COMPONENTS with close of trading on the relevant EXCHANGE on the REBALANCE DAY) a dayon which the relevant EXCHANGE is open for trading (or a day that would have been such a day if a market
disruption had not occurred), excluding days on which trading may be ceased prior to the scheduled
EXCHANGE closing time and days on which the EXCHANGE is open for a scheduled shortened period. The INDEXADMINISTRATOR is ultimately responsible as to whether a certain day is a TRADING DAY.
The “TRADING PRICE” in respect of an INDEX COMPONENT and a TRADING DAY is the most recent published priceat which the INDEX COMPONENT was traded on the respective EXCHANGE.

DATA RELATED DEFINITIONS“CLEAN ENERGY CAPACITY SHARE” means, in respect of an Eligible Security, the ratio of the most recently
available total capacity derived from CLEAN TECHNOLOGY divided by the most recently available total
capacity derived from all technologies, as inferred from the list of power plant developers and owners asprovided by the DATA PROVIDER I.
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INDEX GUIDELINE“CLEAN TECHNOLOGY” means, any technology related to solar, wind, biopower and geothermal sources ofenergy.
“COMPONENT SUPPLIER” means a company that has an Equipment Type specified other than “Solar PV
Modules”, “Wind Turbine”, “Wind Turbine; Solar PV Modules”, “Electrolyser”, “Fuel Cells” ” only and/or thecompany is not an “ENERGY STORAGE PROVIDER”.
“CUMULATIVE CAPACITY”, means, in respect of a Security and an INDEX BUSINESS DAY, the cumulative sum of
QUARTERLY TOTAL CAPACITY (UNITS) over 20 quarters prior to and including the immediately preceding quarter.
However, if the cumulative sum of QUARTERLY TOTAL CAPACITY (UNITS) of such Security over 12 quarters prior
to and including the immediately preceding quarter is equal to zero, then the CUMULATIVE CAPACITY in
respect of such INDEX BUSINESS DAY shall be deemed to be equal to zero.
“ELECTROLYSER MANUFACTURER” means any company whose Equipment Type is “Electrolyser”.
“ENERGY STORAGE PROVIDER”, means any company whose Equipment type is “Energy Storage System” andthe company’s Segment is “Energy Storage”.
“ENGINEERING PROCUREMENT CONSTRUCTION”, means the company’s Sub-Category shall not be “EPC”.
“EQUIPMENT TYPE”, means, in respect of a company, all types of equipment that such company hashistorically manufactured or provided, as inferred from the relevant field in the TENDERS & CONTRACTS
database published by the relevant DATA PROVIDER I.
“FOUNDATION CONSTRUCTION COMPANY” means any company whose Equipment Type contains ‘FoundationWind’ and/or ‘Vessel-Wind’.
“FUEL CELL MANUFACTURER” means any company whose Equipment Type is “Fuel Cells”.
“NUMBER OF TENDERS”, means, in respect of a Security and an INDEX BUSINESS DAY, the cumulative sum of
number of QUARTERLY TENDERS/CONTRACTS over 20 quarters prior to and including the immediately
preceding quarter. However, if the cumulative sum of number of QUARTERLY TENDERS/CONTRACTS of such
Security over 12 quarters prior to and including the immediately preceding quarter is not greater than one,then the NUMBER OF TENDERS in respect of such INDEX BUSINESS DAY shall be deemed to be equal to zero.
“PURE EPC PROVIDER” means a company whose Sub-Category is ‘Engineering Procurement Construction’(also referred to as ‘EPC’) only, unless it is a Component Supplier whose EQUIPMENT TYPE a) includes‘Inverter’, ‘Switchgear’, “Steam Turbine” or “Steam Generator” or b) is ‘Electric Cable & Conductor’ or‘Others’.
“QUARTERLY TENDERS/CONTRACTS” means, in respect of a Security and quarter, the cumulative sum of
Tenders/Contracts in relation to wind, solar, biomass, hydro, ocean and/or geothermal sources of energy
over such quarter.
“QUARTERLY TOTAL CAPACITY (UNITS)” means, in respect of a Security and quarter, the cumulative sum of
TOTAL CAPACITY (UNITS) across all Tenders/Contracts in relation to wind, solar, biopower, hydro, ocean power
and/or geothermal sources of energy over such quarter.
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INDEX GUIDELINE“SEGMENT”, means, in respect of a company, all segments that such company has been historicallyengaged in, as inferred from the relevant field in the TENDERS & CONTRACTS database published by therelevant DATA PROVIDER I.
“SEMICONDUCTOR COMPANY”, means any company whose EQUIPMENT TYPE contains “Solar Cells”, “Solar
Wafers” and/or “Polysilicon-Solar”.
“SOLAR OEM” means any company engaged in the manufacturing of solar PV modules and is identified assuch if the EQUIPMENT TYPE contains ‘Solar PV Modules’.
“SUB-CATEGORY”, means, in respect of a company, all sub-categories that such company has been
historically engaged in, as inferred from the relevant field in the TENDERS & CONTRACTS database publishedby the relevant DATA PROVIDER I.
“T&D COMPANY” means any company engaged in the transmission & distribution segment of the powerindustry and is identified as such if the field ‘Segment’ in the TENDERS & CONTRACTS database published by
the DATA PROVIDER I is “T&D Equipment”, “T&D Project” and/or “T&D Project;T&D Equipment”.
“TECHNOLOGY”, means, in respect of a company, all technology types that such company has been
historically engaged in, as inferred from the relevant field in the TENDERS & CONTRACTS database publishedby the relevant DATA PROVIDER I.
“TENDERS & CONTRACTS” refers to all CLEAN TECHNOLOGY projects over the last 40 quarters prior to andincluding the immediately preceding quarter.
“THERMAL”, means the company’s TECHNOLOGY does not include “THERMAL”.
“UTILITIES”, means the FactSet Economy Level “Utilities” in FactSet’s standard classification system.
“WIND OEM” means any company engaged in the manufacturing of wind turbines and is identified as such
if the EQUIPMENT TYPE contains ‘Wind Turbines’.

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INDEX GUIDELINEANNEX A
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

Exchange Code
NA
FP
FH
HK
KP
KQ
LN
UQ
UW
UN
NO
SE
SS
SF
TT
JT
CT
GY
LI
AT
AV
NZ
ID
DC
SM
SQ
IM
PL
SP
BB
UR

Exchange
Equity Euronext Amsterdam Netherlands
Equity Euronext Paris France
Equity Helsinki Stock Exchange Finland
Equity Hong Kong Stock Exchange China
Equity Korea Stock Exchange Korea
Equity Kosdaq Stock Exchange Korea
Equity London Stock Exchange United Kingdom
Equity Nasdaq Global Market United States
Equity Nasdaq Global Select Market United States
Equity New York Stock Exchange United States
Equity Oslo Norway
Equity SIX Swiss Exchange Switzerland
Equity Stockholm Stock Exchange Sweden
Equity First North Stockholm Sweden
Equity Taiwan Stock Exchange Taiwan
Equity Tokyo Stock Exchange Japan
Equity Toronto Stock Exchange Canada
Equity Xetra Germany
Equity London International Exchange
Equity Australian Securities Exchange Australia
Equity Vienna Stock Exchange Austria
Equity New Zealand Exchange
Equity Irish Stock Exchange Ireland
Equity NASDAQ OMX Copenhagen Denmark
Equity Madrid Stock Exchange Spain
Equity Sociedad de Bolsas Spain
Equity Borsa Italiana Italy
Equity Euronext Lisbon Portugal
Equity Singapore Exchange Singapore
Equity Euronext Brussels Belgium
Equity Nasdaq Capital Market

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INDEX GUIDELINEANNEX BAs of May 2022 the following inclusion criteria for the categories below were applicable.
Please refer to the most recent document available under the URL as specified in section ‘2.2. Selectionof the Index Components’ above for the most recent applicable categories and inclusion criteria.

Categories
Established norms around Environment,
Human Rights, Corruption and Labour Rights
Controversy
TobaccoDefense – Weapons

Defense – Controversial Weapons
Coal

Inclusion Criterion
Non-Compliance with the UNGC
Controversies with the Level 5(5% Production <OR> 5% Retail <OR> 5%
Related Products/Services)*(10% Military Contracting Weapons <OR> 10%
Military Contracting Weapons – Related
Products/Services)*
Any direct Involvement or any indirect
Involvement through corporate ownership(30% Thermal Coal Extraction <OR> 30%
Power Generation <OR> 30% Supporting
Products/Services)*
25% Production*

Conventional Oil & Gas
Note:• % figures refer to revenue threshold (for degree of involvement). The criterion is fulfilled
if involvement is equal to or above such threshold.
• The terminology used in the table above is specific to the DATA PROVIDER II and maychange from time to time.
*this includes significant corporate ownership (were a company holds a stake greater than 50%
in an involved company, the revenues of the involved company are attributed to the company).
Any company included in the INDEX UNIVERSE which fulfills any of the criteria set out above shall be acomponent of the ESG Exclusions Index. The primary listing for each company is selected as INDEXCOMPONENT.
For the avoidance of doubt, any company for which an evaluation of the criteria is not possible due to the
non-availability of relevant data with the DATA PROVIDER II, shall not be a component of the ESG Exclusions
Index.
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INDEX GUIDELINEANNEX C
List of ETFs used to determine the total asset under management tracking the INDEX:
No.
1

ISIN

Name of the ETF

IE00BK5BCH80

L&G Clean Energy UCITS ETF

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INDEX GUIDELINECONTACT
Solactive AG
German Index Engineering
Platz der Einheit 1
60327 Frankfurt am Main
Germany
Tel.:
Fax:
Email:
Website:+49 (0) 69 719 160 00+49 (0) 69 719 160 25
info@solactive.com
www.solactive.com© Solactive AG
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