Ground Rules

September 2024

FTSE Global Equity
Index Series
v13.2

lseg.com/en/ftse-russell

FTSE Global Equity Index Series, v13.2, September 2024

Contents

Section 1 Introduction ......................................................................................................................................................... 3
Section 2 Management responsibilities .............................................................................................................................. 5
Section 3 FTSE Russell index policies ............................................................................................................................... 7
Section 4 Equity country inclusion criteria .......................................................................................................................... 9
Section 5 Inclusion criteria ................................................................................................................................................ 11
Section 6 Screens applied to eligible securities ............................................................................................................... 12
Section 7 Periodic review of constituents ......................................................................................................................... 17
Section 8 Additions outside of a review ............................................................................................................................ 22
Section 9 Corporate actions and events ........................................................................................................................... 25
Section 10 Treatment of dividends ................................................................................................................................... 27
Section 11 Industry classification benchmark (ICB) ......................................................................................................... 28
Section 12 Algorithm and calculation method................................................................................................................... 29
Appendix A Eligible exchanges and market segments ..................................................................................................... 30
Appendix B Eligible classes of securities .......................................................................................................................... 35
Appendix C Calculation schedule ..................................................................................................................................... 40
Appendix D Country additions and deletions .................................................................................................................... 42
Appendix E Country classification .................................................................................................................................... 44
Appendix F Country indices .............................................................................................................................................. 45
Appendix G FTSE Russell China share descriptions ....................................................................................................... 46
Appendix H Status of indices ............................................................................................................................................ 47
Appendix I Further information ......................................................................................................................................... 48

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Section 1

Introduction

1.

Introduction

1.1

The FTSE Global Equity Index Series

1.1.1

The FTSE Global Equity Index Series covers securities in 49 different countries and is divided intodeveloped, advanced emerging and secondary emerging segments. For the purpose of these Ground
Rules, reference to the FTSE Global Equity Index Series incorporates the:– FTSE Global All Cap Index Series (large, mid and small cap);– FTSE All-World Index Series (large and mid cap);– FTSE World Index Series (large and mid cap – developed and advanced emerging only);– FTSE Global Small Cap Index Series (small cap);– FTSE Global Micro Cap Index Series (micro cap);– FTSE Global Small/Micro Index Series (small and micro cap); and– FTSE Global Total Cap Index Series (large, mid, small and micro).

1.1.2

Indices are calculated at the following levels:– geographic (global, regional, country);– country classification (developed, advanced emerging, secondary emerging);– ICB industry;– ICB sector; and– additional sector indices based on a combination of ICB classifications (available for select regions
and countries).
The following variants are calculated for certain indices within the index series:– capital and total return indices;– net total return indices based on specified withholding tax rates (see section 10);– indices calculated in currencies other than the base currency (USD);– currency hedged indices;– capped indicies – for full details see the FTSE Russell Capping Methodology Guide;– constituent size bands – large, mid, small and micro capitalisation indices. For full details of the
breakdown between large, mid, small and micro capitalisation indices see section 7;– global, regional and single country indices;– sector indices;

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– value and growth indices are calculated. Separate Ground Rules are available for these indices;– domestic indices with no foreign ownership restrictions are also available;– additional customised variants can be calculated on request including indices with industry, country andsector exclusions. Selected indices are calculated and disseminated on a real-time basis; and– all indices are calculated in US Dollars and local currency. The index values are also published in Euros,
UK Pounds Sterling and Japanese Yen.
Full technical details of calculations and statistical procedures are contained in the appendices to theseGround Rules and the FTSE Global Equity Index Series Guide to Calculation Methods and Corporate
Actions and Events Guide for Market Capitalisation Weighted Indices available from FTSE Russell.
1.2

The FTSE Global Equity Index Series does not take account of ESG factors in its index design.

1.3

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

1.4

Index objective and intended use

1.4.1

The indices and index statistics are intended to reflect the investment markets included in the index
definitions and to facilitate the detailed analysis of such markets.

1.4.2

FTSE Russell hereby notifies users of the index series that it is possible that circumstances, including
external events beyond the control of FTSE Russell, may necessitate changes to, or the cessation of, theindex series and therefore, any financial contracts or other financial instruments that reference the index
series or investment funds which use the index series to measure their performance should be able towithstand, or otherwise address the possibility of changes to, or cessation of, the index.

1.4.3

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 or any constituent data.

1.5

IOSCO

1.5.1

FTSE considers that the FTSE Global Equity Index Series meets the IOSCO Principles for Financial
Benchmarks as published in July 2013.
Full details can be accessed at www.iosco.org.
Details of FTSE Russell’s Statement of Compliance with respect to the IOSCO Principles can be accessedusing the following link:
IOSCO Statement of Compliance

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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 series1.

2.1.2

FTSE is responsible for the daily calculation, production and operation of the index series 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; and– disseminate the indices.

2.2

FTSE Russell external advisory committees

2.2.1

To provide FTSE Russell with advice and guidance, FTSE Russell has established the following external
advisory committees:– FTSE Russell Asia Pacific Regional Equity Advisory Committee;– FTSE Russell Europe, Middle East and Africa Regional Equity Advisory Committee;– FTSE Russell Americas Regional Equity Advisory Committee;– FTSE Russell Equity Country Classification Advisory Committee;– FTSE Russell Industry Classification Advisory Committee; and– FTSE Russell Policy Advisory Board

2.2.2

The Terms of Reference of the FTSE Russell external advisory committees are set out on the FTSE Russell
website and can be accessed using the following link:
Terms of Reference

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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2.3

Amendments to these Ground Rules

2.3.1

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.

2.3.2

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 rules should subsequently be
updated to provide greater clarity.

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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

FTSE Global Equity Index Guide to Calculation Methods
The aim of the guide is to describe how the indices are calculated, to facilitate users, replication of theindices in order to support their investment and trading activities and to assist users in understanding thefactors which influence the performance of the indices.
FTSE_Global_Equity_Index_Series_Guide_to_Calc.pdf

3.2

Corporate Actions and Events Guide

3.2.1

Full details of changes to constituent companies due to corporate actions and events can be accessed in
the Corporate Actions and Events Guide using the following link:
Corporate_Actions_and_Events_Guide.pdf

3.3

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 FTSE Russell’s Index Governance Board.
The Statement of Principles can be accessed using the following link:
Statement_of_Principles.pdf

3.4

Queries, Complaints and Appeals
A constituent or prospective constituent company (or professional adviser acting on behalf of the company),a national organisation or a group of no fewer than 10 users of the indices from different organisations
acting in their professional capacity may appeal against decisions taken by FTSE Russell.
FTSE Russell’s complaints procedure can be accessed using the following link:
Benchmark_Determination_Complaints_Handling_Policy.pdf
FTSE Russell’s appeal process can be accessed using the following link:Appeals_Against_Decisions.pdf

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3.5

Index Policy for Trading Halts and Market Closures

3.5.1

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

3.6

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

3.6.1

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

3.7

FTSE Russell Treatment of Sanctioned Index ConstituentsThe document lists the FTSE Russell index constituents that have either been subject to sanctions or
are currently subject to sanctions that either restrict or prohibit the trading or holding of the named listed
securities. Index constituents that are subject to sanctions are treated in accordance with the FTSE Russell
Index Policy Guide, “In the Event Clients are Unable to Trade a Market or a Security”, section 2.3,
“Sanctions are imposed which restrict investment into foreign jurisdictions”.
FTSE_Russell_Treatment_of_Sanctioned_Index_Constituents.pdf

3.8

Recalculation Policy and Guidelines

3.8.1

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 Global Equity 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

3.9

Policy for Benchmark Methodology Changes

3.9.1

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

3.10

FTSE Russell Governance Framework

3.10.1

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

3.11

Real Time Status Definitions

3.11.1

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

Equity country inclusion criteria

4.

Equity country inclusion criteria

4.1

Classification categories

4.1.1

FTSE classifies countries included in its global indices into one of three categories: developed, advanced
emerging and secondary emerging. FTSE maintains a set of criteria to assess market status and minimum
standards for each category for countries and markets to achieve in order to be eligible for that category.
The minimum standards increase from secondary emerging to advanced emerging and from advanced
emerging to developed. A country will be classified under the category with the highest standards which itmeets. FTSE conducts an annual review of all countries included in its global indices and those being
considered for inclusion. See Appendix E for a current list of countries included in each category.
Also refer to the following link: FTSE Equity Country Classification

4.1.2

In order for a country to be classified as developed, advanced emerging or secondary emerging, it mustmeet the criteria for those categories as set out in the FTSE quality of markets matrix and meet theminimum investable market capitalisation and securities count requirement for securities, which meet theFTSE Global Equity Index Series eligibility thresholds. Further details available in the following document:
FTSE Equity Country Classification Process

4.2Country review process

4.2.1

FTSE conducts an annual review of all countries included in its global indices and those being considered
for possible inclusion. Countries already in the indices will be assessed against the minimum standards foreach category and prior to any reclassification or removal from the index will be placed on a watch list.
Countries not in the index will be assessed against the minimum standards for each category and, if
appropriate, will be added to the watch list for possible future inclusion to one of the categories. In
conducting the annual review, FTSE will consult the FTSE Russell Equity Country Classification Advisory
Committee. In March and September of each year, FTSE will publish a watch list of countries being
monitored for possible promotion or demotion.
This process is detailed in the following document: FTSE Equity Country Classification Process

4.2.2

FTSE releases the results of its annual review in September of each year. FTSE will normally give at least
six months’ notice before changing the classification of any country.

4.2.3

Countries may be added to the indices at any time after a prior announcement.

4.2.4

New regional indices may be added at any time after a prior announcement.

4.2.5

Companies in the newly added countries will be reviewed in line with the relevant semi-annual regional
review and any changes implemented after a prior announcement.

4.2.6

Countries and markets currently eligible for the FTSE Global Equity Index Series can be seen in
Appendix A.

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4.3

Criteria for index inclusion

4.3.1

Once a country has met the required standards, it will be eligible for inclusion in the FTSE Global Equity
Index Series and a country index constructed and included in the FTSE Global Equity Index Series.

4.3.2

An existing country index will remain in the FTSE Global Equity Index Series while any eligible constituents
representing the country remain within the index or until the market is reclassified to Frontier market status.

4.3.3

Country indices currently calculated for the FTSE Global Equity Index Series can be seen in Appendix F.

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Section 5

Inclusion criteria

5.

Inclusion criteria

5.1

Company inclusion criteria

5.1.1

The following are regarded as ineligible for inclusion:– companies whose business is that of holding equity and other investments (e.g. investment trusts), which
are classified by the industry classification benchmark as closed end investments (30204000) and open
end and miscellaneous investment vehicles (30205000); and– limited liability partnerships (LLP), limited partnerships (LP), master limited partnerships (MLP), limited
liability companies (LLC) and business development companies (BDC).
Where a stapled unit comprises an eligible security and a non-eligible security (such as non-equity or aninvestment trust structure), the unit will not be eligible for inclusion.

5.2

Security inclusion criteria

5.2.1

FTSE Russell periodically reviews the classes of securities to be included in each country.
Appendix B shows the current list of eligible classes for eligible countries.

5.2.2

Convertible preference shares and loan stocks are excluded – until converted.

5.2.3

Where a company has both Depository Receipts (DR) and underlying shares listed, the underlying share will
be considered for index inclusion subject to passing all eligibility criteria. The DR will only be considered forindex inclusion if the underlying share fails the liquidity test, and the DR passes the liquidity test in its own
right and is traded on an exchange within a similar regional time-zone as the underlying shares. For the
avoidance of doubt, where a company only has DRs listed, the DR (non-China N share) will not be eligible
for index inclusion.

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Section 6

Screens applied to eligible securities

6.

Eligible security screens
Eligible securities are required to pass the following screens before being added to the FTSE Global Equity
Index Series.

6.1

Minimum voting rights

6.1.1

Companies assigned a developed market nationality (please see Appendix E for a list of developed
markets) are required to have greater than 5% of the company’s voting rights (aggregated across allof its equity securities, including, where identifiable, those that are not listed or trading) in the hands ofunrestricted shareholders or they will be deemed ineligible for index inclusion. Shares referenced as“non-voting” or provide legally minimum rights only will be viewed as having no voting power as it relates
to the minimum voting rights review. Emerging market securities are not subject to this requirement.
The minimum voting rights hurdle FAQ can be access using the following link:
Minimum Voting Rights Hurdle FAQ

6.1.2

The percentage of a company’s voting rights in public hands is calculated as:(The number of votes in the hands of shareholders that are unrestricted as determinedby the application of FTSE Russell free float definitions.)(The total number of votes conferred by the shares outstanding of all the company’s
voting securities including those that have not been admitted to trading on a regulated venue.)

For example, company A has 100m listed class A shares each conferring one vote, free float is 65%. It also
has 300m unlisted class B shares each conferring 10 votes.
The test to assess whether the listed class A line has the required greater than 5% of the company’s voting
rights is as follows:
65m (i.e. 100m class A voting rights*65% float)
3.1bn (i.e. 100m class A + 3bn class B)= 2.097% of the company' s voting rights in public hands

Please note: for the avoidance of doubt, where a UK company with a dual class share structure (DCSS)
has specified weighted voting rights shares (SWVRs), the SWVRs will generally be deemed to confer one
vote per share for the purposes of the minimum voting rights test. However, if FTSE Russell becomes awarethat a change in control has occurred which has triggered the enhanced voting power on all matters, in

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accordance with the SWVR guidelines as defined by the FCA, the enhanced voting ratio will be used for the
purposes of the test.
6.2

Investability weightings screen
Constituents of the FTSE Global Equity Index Series are adjusted for free float and foreign ownership limits.
A. Initial weighting
Free float is calculated using available published information rounded to 12 decimal places.
Except where the investable market capitalisation of the security exceeds 10 times the regional inclusion
percentage level (see rule 7.6.2), securities with a free float of 5% or below are excluded from the index.
Details on free float restrictions can be accessed using the following link:
Free_Float_Restrictions.pdf
B. Foreign ownership restrictions
FTSE Russell’s index methodology takes account of the restrictions placed on the equity holdings of foreign
investors in a company where these have been imposed by a government, regulatory authority or thecompany’s constitution.
Further details of the foreign ownership restrictions can be accessed using the following link:
Foreign Ownership Restrictions and Minimum Foreign Headroom Requirement.pdf
C. Minimum foreign headroom requirement
FTSE Russell defines “foreign headroom” as the percentage of shares available to foreign investors as aproportion of the company’s foreign ownership limit (FOL), i.e. (FOL - foreign holdings)/FOL.
For example, if a company has a foreign ownership limit of 49%, of which 39% is held by foreign investors,
the foreign headroom will be calculated as 20.41% i.e. (49% - 39%)/49%.
Further details of the minimum foreign headroom Requirement can be accessed using the following link:
Foreign Ownership Restrictions and Minimum Foreign Headroom Requirement.pdf

6.3

Liquidity screen

6.3.1

Each security will be tested for liquidity semi-annually in March and September by calculation of its monthly
median of daily trading volume.
For further details please refer to the FTSE Global Equity Index Series – Guide to Calculation Method for
the Median Liquidity Test, which can be accessed using the following link:
Guide_to_Calculation_Methods_for_GEIS_Liquidity.pdf

6.3.2

As a result of a very high stock price an existing constituent may fail the liquidity screen. Hence, if anexisting index constituent of the FTSE Global All Cap Index with an eligible multiple line fails the semiannual liquidity screen, it will be retained as an index constituent if, at the semi-annual review cut-off date:– the price of the failing multiple line is greater than USD 20,000 per share or if its investable market
capitalisation is greater than USD 200,000 million;– the failing line is convertible into the eligible line without restrictions; and– the multiple lines continue to pass all other index eligibility screens.

6.4

Surveillance stocks screen

6.4.1

Securities that are subject to surveillance by the stock exchanges and have been assigned to any of thefollowing segments will not be eligible for index inclusion. Where an existing constituent is assigned to an
ineligible surveillance segment, it will normally be deleted from the index at the next quarterly review and it
will only be reconsidered for index inclusion after a period of 12 months from its deletion subject to it nolonger being under surveillance. For the purposes of the index eligibility, it will be treated as a new issue.

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Country

Exchange

Segment

China

Shanghai Stock Exchange

Special treatment (ST)

Shenzhen Stock Exchange
GreeceAthens Stock Exchange

Under surveillance special segment

India

Bombay Stock Exchange

Graded surveillance measure (GSM)

National Stock Exchange of
India
Indonesia

Indonesia Stock Exchange

Watchlist Board

Malaysia

Bursa Malaysia

PN17

PolandWarsaw Stock Exchange

Alert list

Singapore

Singapore Exchange

Watch list

South Korea

Korea Exchange

Administrative issues

TaiwanTaiwan Stock Exchange

Altered trading method (ATM)

Taipei Exchange
Thailand

Stock Exchange of Thailand

Companies facing possible delisting according to No. 9(6) of SET’s Regulations
on Delisting of Securities

TürkiyeBorsa Istanbul

Watch list

UAE

Abu Dhabi Securities Exchange

Second category screen

Dubai Financial Market

Category B screen

For constituent securities, surveillance is tested based on data as of the quarterly shares in issue and free
float cut-off date in March, June, September and December.
For non-constituent securities, surveillance is tested based on data as of the review cut-off date in March,June, September, December.
Securities that are assigned to the above segments after the review announcement date but before theindex review effective date are assessed on a case-by-case basis, which may generally result in scheduled
index review additions, investability weight and shares in issue changes no longer being implemented at theforthcoming review.
6.4.2

At the periodic index reviews, where a proposed or an exisiting consituent falls under the following catagoryof an ineligible surveillance segment, the guidelines of the suspension policy will apply, therefore its
schduled review changes will normally be postponed as outline in section 4.2 of the FTSE Russell Index
Policy for Trading Halts and Market Closures:•

Criteria 10 under the Indonesia Stock Exchange Watchlist Board•

Disposition securities under the Taiwan Stock Exchange•

Level 2 or 3 securities on the Market Surveillance Measure List under the Stock Exchange ofThailandFor illustrative purposes, if a company, scheduled to be added to the index as part of the periodic review, is
included on the Indonesia Stock Exchange Watchlist Board under Criteria 10 on the Thursday before thethird Friday of the review month, its addition will be postponed until it is removed from the Indonesia Stock
Exchange Watchlist Board under Criteria 10. Assuming it continues to qualify in other aspects, its addition
will be implemented after the review effective datewith the provision of a T+5 advanced notification.
For a list of securities deleted for failing specific eligibility screens please use the following link:
ftse-russell-Index-constituents-deleted-for-failing-specific-eligibility-screens.pdf

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6.5

US Securities and Exchange Holding Foreign Companies Accountable Act (HFCAA)

6.5.1

Effective from December 2021, the US Securities and Exchange Commission (SEC) adopted the HFCAAThe HFCAA requires that the Public Company Accounting Oversight Board (PCAOB) have the ability to
conduct an independent audit of companies that are listing on US Stock Exchanges. Failure to comply with
the HFCAA for two consecutive years (based on annual filings) will result in a delisting of the non-compliant
security from US Stock Exchanges. The two consecutive years timeframe was introduced from December
2022; originally it was three consecutive years. Securities that fail to comply with the HFCAA will be listed by
the SEC within the “Conclusive list of issuers identified under the HFCAA” (“Conclusive” list) table.
The following treatment will be applied if a security is listed by the SEC within the “Conclusive” list:

6.5.2

Treatment of index constituents with a local listing– Where the US-listed index constituent has a local listing, subject to a minimum of four weeks advanced
notification being provided, the security will be switched from the US listing to the local listing in
conjunction with the next FTSE GEIS quarterly review. The local listing will not be required to pass theindex eligibility liquidity screen.
A local listing is defined as a listing on the following stock exchanges:– The Stock Exchange of Hong Kong (HKEX) – designated a China P Chip
– The Singapore Exchange (SGX) – designated as China S Chip
– Shanghai Stock Exchange (SSEC) – designated as China A Shares
Eligible for FTSE GEIS if available via Stock Connect– Shenzhen Stock Exchange (SZSE) – designated as China A Shares
Eligible for FTSE GEIS if available via Stock Connect

6.5.3

Treatment of index constituents without a local listing– Where a US-listed index constituent does not have a local listing but a local stock exchange has publicly
announced a confirmed listing date for a local listing, the US listing will be retained until the local listinghas commenced trading, after which and subject to a minimum of four weeks’ notice being provided, theUS listing will switch to the local listing in conjunction with the subsequent quarterly review. The local
listing will not be required to pass the index eligibility liquidity screen.
To avoid the US listing being deleted from FTSE Russell indices, the local listing must commence tradingat least four weeks before the second year of non-compliance. For the avoidance of doubt, if the SEC is
expected to report the second year of non-compliance by 1 March 2025, the local listing must havecommenced trading by 1 February 2025, with the US listing switched to the local listing in advance of the
SEC expected reporting date with a minimum of T+5 notification.
– Where a US-listed index constituent does not have a local listing, the index constituent will be retainedin FTSE Russell indices for a period of three months from when the security is added to the HFCAA“Conclusive” list to allow a local stock exchange to publicly announce a confirmed listing of a local line.
If after three months, no public announcement has been issued by a local stock exchange confirming alisting date for a local line, then subject to a minimum of four weeks advanced notification being provided,
the US-listed index constituent will be deleted at the next quarterly review.
During the period between when the US-listed index constituent without a local listing is identified on the
HFCAA “Conclusive” list and its deletion after a period of three months, any voluntary corporate actions
resulting in an increase of the index shares of the index constituent, plus any size segment changes
resulting from an index review will not be reflected in FTSE Russell indices.
If the local listing commences trading after the US listed index constituent has been deleted from FTSE
Russell indices, for the purposes of index eligibility the local listing will be treated as a new issue.
– Where a US-listed index constituent has been deleted from FTSE Russell indices because of the
HFCAA, however it retains its US listing due to compliance with HFCAA at the second testing period it

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will be re-considered for inclusion after a period of twelve months from when the security has been
removed from the SEC “Conclusive” list. For the purposes of index eligibility, it will be treated as a
new issue.
– Any non-constituent US listing that is identified on the SEC “Conclusive” list will not be eligible for FTSE
Russell indices until after a period of 12 months from when the security has been removed from the SEC“Conclusive” list.
Please refer to the Holding Foreign Companies Accountable Act (HFCAA) – Update FAQ for additional
information on the implementation of the HFCAA within FTSE Russell indices.
6.6

Trading screen

6.6.1

Existing and non-constituent securities that have not traded on 60 or more trading days during the past year
(up to and including the review cut-off date) will not be eligible for index inclusion. Regular/ad-hoc market
holidays and unscheduled market closures will not count towards the total; otherwise, the reason(s) for asecurity’s non-trading will not be considered. If a security does not have a full year of trading, the 60-day
period will be pro-rated according to the number of available trading days passed since its listing.
Please note:– all standard trading days will be incorporated within the calculation (Fridays and Sundays as
appropriate);– ad-hoc non-standard trading days will not be incorporated within the calculation (e.g. ad-hoc Saturday
trading will not be considered);– where a pro-rata calculation is necessary, the number of available trading days on the underlying market
during the previous year up to and including the review cut-off date will be used as the basis of thecalculation. For example. Market ABC has 253 available trading days for the annual period to the review
cut-off date; therefore the security would not be eligible if for 23.7% (60/253) or more of its available
trading days since listing, it did not trade; and– a security that has been removed from an index as a result of this screen will only be re-considered forinclusion after a period of 12 months from its deletion. For the purposes of index eligibility, it will betreated as a new issue.

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Section 7

Periodic review of constituents

7.

Periodic review of constituents

7.1

Index regions and reviews

7.1.1

Countries are grouped into regions (detailed below) for the purpose of reviews. The review of each region
takes place semi-annually as detailed below.
Regions to be reviewed
5

Asia Pacific ex China ex Japan
2

China

Date of review

Data taken as ofMarch semi-annual

Last business day in December

September semi-annual

Last business day in June

Developed Europe
Emerging Europe
Japan
Latin America
Middle East and Africa
North America

Note: advanced emerging and secondary emerging markets are treated as emerging for the purposes of sections 7 and 8.

7.2

Index reviews

7.2.1

The regional reviews are conducted semi-annually in March and September, based on data as at the closeof business on the last business day of December and June (where the last business day of the month falls
on a Saturday or Sunday for any individual countries, data will be taken as at close of the last business day
before Saturday). Any constituent changes resulting from the periodic review will be implemented after theclose of business on the third Friday (i.e. effective the following Monday) of March and September.

7.2.2

The review process is designed to reflect market movements since the previous review and to minimise turnover.

5

Effective from the March 2019 semi-annual review, the different China share classes will be reviewed as a standalone region.
China A shares that pass the March 2019 semi-annual index eligibility criteria will be added to the FTSE Global Equity Index Series from June 2019, subject to them continuing to beavailable on the Northbound China Stock Connect Scheme Buy-and-Sell List

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7.3

Review process
Regional universe

7.3.1

Define the regional universe by selecting all eligible companies (as per Appendices A and B) assigned thenationality of countries that are included in the global indices.
All securities included in FTSE global indices are assigned a nationality in accordance with the rules as set
out in the nationality statement. Details can be accessed using the following link:
Determining_Nationality.pdf

7.3.2

Value companies by full market capitalisation (shares in issue * price), group multiple lines and rankcompanies (not securities) by full market capitalisation (companies that are capped will be ranked based on
their full capped market capitalisation (see rule 7.3.4).
– A company’s full market capitalisation will consist of any equity shares that are listed* and in issue at theindex review cut-off date in accordance with FTSE Russell’s shares in issue rules as set out in the
Corporate Actions and Events Guide, which can be accessed using the following link:
Corporate_Actions_and_Events_Guide.pdf*Please note that in determining the total A shares to be used in calculating the full market capitalisationof a Chinese company, Tradeable A shares + non-tradeable A shares + non-negotiable shares (whereapplicable) will be combined to calculate the total A shares.
– Shares that have been listed but do not form part of a company’s current issued share capital, such astreasury shares and shares pending issuance to an employee scheme, will be excluded from the fullmarket capitalisation calculation.

7.3.3

Calculate the total market capitalisation of the regional universe by aggregating the full capitalisation of alleligible companies in the region.

7.3.4

Any company that has a full market capitalisation greater than 10% based on the total capitalisation of theregional universe will be capped at 10%. If no company requires capping, the 100% regional universe will bedefined as per rule 7.3.1, otherwise the 100% regional universe will be recalculated by aggregating thecapped total market capitalisation of all eligible companies in the region.

7.3.5

Throughout the review process, all of a company’s eligible securities will remain grouped and companies asa whole, rather than individual securities, are assigned to large, mid or small cap (see rule 7.6).
Index universe

7.3.6

Define the index universe by ranking all companies in each regional universe by their full market
capitalisation (companies that are capped will be ranked based on their capped market capitalisation)
in descending order. The top 98% by weight of the regional universe is selected and forms theindex universe.

7.4

Screens applied to eligible securities
Eligible securities are subject to the screens detailed in section 6.

7.4.1

All China shares classes outlined in Appendix B will be reviewed as part of the China regional review. China
A shares that pass the index inclusion screens will be selected as constituents of the FTSE China A Indices.

7.4.2

Northbound Stock Connect Screen: on a quarterly basis in March, June, September and December,constituents of the FTSE China A Indices that are eligible under the Northbound China Stock Connect
Scheme Buy-and-Sell List will be included in the FTSE Global Equity Index Series and constitute the FTSE
China A Stock Connect Indices. The cut-off date for this screening is the close of business on the Thursday
four weeks prior to the third Friday of the review month. For illustration purposes, the cut-off was Thursday
21 November 2019 for the December 2019 review.
Please note: the cut-off date for ranking remains in line with the FTSE Global Equity Index Series review.

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7.5

Multiple lines
Where there are multiple lines of equity capital in a company, all are included and priced separately,
provided that they pass index eligibility screens in their own right.
All partly paid classes of equity are priced on a fully paid basis if the calls are fixed and are payable partly
paid basis.

7.6

Reviewing constituents for the indices

7.6.1

To reduce turnover, existing and potential constituents are subject to a series of “buffer zones” to determine
the cut-off points between large, mid and small cap – the buffers are detailed in the table below. In addition
to the percentage cut-offs, new constituents are required to pass basis points inclusion and exclusion levels
allocated to each specific region and index segment (FTSE All-World Index and FTSE Global Small Cap
Index). These inclusion and exclusion levels are detailed in rule 7.6.2.
Turnover bands (based on the index universe)
Eligible for inclusion

Eligible for exclusion

Large cap

68%

72%

Mid cap

86%

92%

Small cap

98%

101%

Note: 101% of the index universe is approximately 99% of the regional universe.

The thresholds above are calculated for the March and September semi-annual reviews, based on the index
review market capitalisation cut-off date (i.e. on the last business day in December and June). For the Juneand December quarterly reviews, the thresholds calculated at the previous semi-annual review are index
adjusted to reflect the performance of the regional index since its previous semi-annual review up to the IPO
cut-off date (i.e. the last business day in April and October, respectively).
7.6.2

Inclusion and exclusion percentage levels by investable market capitalisation for all the regions in the FTSE
Global Equity Index Series to determine additions and deletions and other changes in the index, calculated
every quarter on the market capitalisation/IPO cut-off dates (i.e. the last business day in December andJune for the March and September semi-annual reviews, and the last business day in April and October for
the June and December reviews, respectively), are shown below. These percentages are based on therespective regional Small Cap Index. Individual securities will be tested against the relevant regional levels.
For inclusion*(new stocks)

For exclusion*(current stocks)

0.020%

0.0050%0.050%

0.010%

China (A, B, H, N share, P, Red and S chip)

0.10%

0.020%

Latin America

0.50%

0.20%

1.00%

0.20%

RegionDeveloped Europe
North America
Asia Pacific ex China ex Japan
Japan

Middle East and Africa
Emerging Europe

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Effective in conjunction with the March 2023 semi-annual review, minimum investable market capitalisation
inclusion and exclusion levels of USD 150 million and USD 30 million, respectively, will be introduced for all
regional reviews. For example, if an inclusion threshold is calculated as USD 90 million using the above
percentages, the respective inclusion level will be set at USD 150 million. Similarly, if an exclusion level iscalculated as USD 25 million using the above percentages, the respective exclusion level will be set at
USD 30 million.
*Note: where a market is having a country classification status change or an existing market, such as China
A, is having an increase in its inclusion factor and that change is being implemented in tranches, theinvestability weight for that market upon the completion of that change will be used to calculate theaggregated regional investable market capitalisation at the quarterly and semi-annual reviews.
7.6.3

Companies currently not in the Global Equity Index Series– Companies at or above 68% of the index universe by full market capitalisation with a weight greater than
0.04% of the current respective regional All-World Index by full market capitalisation, and with a weightgreater than the inclusion percentage levels stated in rule 7.6.2 for the respective region by investable
market capitalisation, will be included in the Large Cap Index for the region under review.
– Companies ranked below 68%, but within the top 86% of the index universe by full market capitalisation
with a weight greater than 0.04% of the current respective regional All-World Index by full market
capitalisation, and with a weight greater than the inclusion percentage levels stated in rule 7.6.2 for therespective region by investable market capitalisation, will be included in the Mid Cap Index for the region
under review.
– Companies ranked below the top 86%, but within the top 98% of the index universe by full market
capitalisation or have a weight less than 0.04% of the current respective regional All World Index by fullmarket capitalisation, and with a weight greater than the inclusion percentage levels stated in rule 7.6.2
for the respective region by investable market capitalisation will be included in the Small Cap Index forthe region under review.
– A security will be included in the Micro Cap Index if it has an investable market cap of greater than
USD 25 million* and one of the following is true:– if rule 7.6.1 has been applied to the index review, the company sits outside of the top 98% of theindex universe by full market capitalisation; or– if rule 7.6.2 has been applied to the index review, the security is less than the small cap inclusionlevel by investable market cap and the company sits outside the top 92% of the index universe by
full market capitalisation.
* Index adjusted by the global Micro Cap price index.

7.6.4

Existing constituents– Large cap constituents will remain in the Large Cap Index if they fall within the top 72% of the ranking
described in rule 7.3. If they are ranked between 72% and 92% of the index universe they will move tothe mid cap. If they are ranked below 92% of the index universe but within the top 101% of the index
universe, they will move to the small cap. If they are ranked below 101% of the index universe by fullmarket capitalisation or have a weight less than the exclusion percentage levels stated in rule 7.6.2 forthe respective region by investable market capitalisation, they will be excluded from the index.
– Mid cap constituents will move to the large cap if they fall within the top 68% of the ranking described inrule 7.3. If they are ranked between 68% and 92% of the index universe they will remain in the mid cap.
If they are ranked below 92% of the index universe but within the top 101% of the index universe, they
will move to the small cap. If they are ranked below 101% of the index universe by full market
capitalisation or have a weight less than the exclusion percentage levels stated in rule 7.6.2 for therespective region by investable market capitalisation, they will be excluded from the index.

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– Small cap constituents will move to the large cap if they fall within the top 68% of the ranking describedin rule 7.3. If they are ranked between 68% and 86% of the index universe by full market capitalisationand have a weight greater than 0.04% of the current respective regional All-World Index by full market
capitalisation they will move to the mid cap. If they are ranked below 86% of the index universe or have aweight less than 0.04% of the current respective regional All-World Index by full market capitalisation, but
within the top 101% of the index universe, they will remain in the Small Cap. If they are ranked below
101% of the index universe by full market capitalisation or have a weight less than the exclusion
percentage levels stated in rule 7.6.2 for the respective region by investable market capitalisation, they
will be excluded from the index.
– Micro cap constituents will move to the large cap if they fall within the top 68% of the ranking describedin rule 7.3. If they are ranked between 68% and 86% of the index universe by full market capitalisationand have a weight greater than 0.04% of the current respective regional All-World Index by full market
capitalisation they will move to the mid cap. If they are ranked below 86% of the index universe or have aweight less than 0.04% of the current respective regional All-World Index by full market capitalisation, but
within the top 98% of the index universe, they will move to the small cap. Micro cap securities will be
excluded from the index if they have an investable market cap of less than USD 20 million* or one of thefollowing is true:– if rule 7.6.1 has been applied to the index review, the company sits inside the top 98% of the Index
universe by full market capitalisation; or– if rule 7.6.2 has been applied to the index review, the security is greater than the small cap inclusionlevel by investable market cap or the company sits inside the top 92% of the index universe by fullmarket capitalisation.
* Index adjusted by the global Micro Cap price index.

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Section 8

Additions outside of a review

8.

Additions outside of a review

8.1

Definition of fast-entry thresholds
a. Large cap inclusion level – full market capitalisation of the smallest company that falls wholly within the
top 68% of the index universe by full market capitalisation of the respective region when ranked
according to rule 7.3.
b. Mid cap inclusion level – full market capitalisation of the smallest company that falls wholly within the
top 86% of the index universe by full market capitalisation of the respective region when ranked
according to rule 7.3.

8.1.1

A security with a free float 5% or below must have an investable market capitalisation that exceeds 10 times
the regional inclusion percentage level (see rule 7.6.2) to be eligible for fast entry. Such securities will beassigned to the Large Cap Index.
A security with a free float exceeding 5% must meet both a full market capitalisation threshold at company
level and an investable market capitalisation threshold at security level in order to be eligible for fast entry.
– The full market capitalisation threshold is defined as 1.5 times the mid cap inclusion level (see rule 8.1b).
For example, if the 86% mid cap inclusion level is 10bn USD, the full market capitalisation fast entry
threshold at company level will be 10bn * 1.5 = 15bn USD.
– The investable market capitalisation threshold is defined as 0.5 times the mid cap inclusion level.
For example, if the 86% mid cap inclusion level is 10bn USD, the investable market capitalisation fastentry threshold at security level will be 10bn * 0.5 = 5bn USD.
Where a security passes both the full market capitalisation and investable market capitalisation test, it
will be assigned to the large cap index subject to its full market capitalisation breaching the large cap
inclusion level (see rule 8.1a), otherwise it will be assigned to the mid cap index.
Notes:
a. Only shares offered at the time of the IPO will be included within the investable market capitalisation
calculation for the purposes of evaluating fast entry eligibility and if eligible, the offering shares only will
be included within the index calculation.
b. When evaluating the investability weight of a potential IPO fast entry, FTSE Russell will restrict all sharesthat are only available to domestic retail investors. The shares that are only available to domestic retailinvestors will be evaluated for free float at a subsequent review. Additionally, any incentives to hold theoffered shares will render those shares restricted from free float until the incentives have expired.

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c. Where an IPO prospectus explicitly states that foreign investors are prohibited from participating in the
IPO, the IPO will not be assessed for fast entry. For example, China A IPOs via the Stock Connect
access route. Such IPOs will be assessed for index eligibility at the next index review, subjecting tomeeting the requirements detailed in rule 8.1.3 B.
d. Shares being offered as a greenshoe (over-allotment option) and locked-up shares will be excluded fromthe investable market capitalisation calculation and excluded from the index calculation at the time offast entry.
8.1.2

The fast entry level will be set at the time of the semi-annual reviews in March and September using data asat the last trading day in December and June, and index adjusted to the last business days in January andJuly respectively to reflect the performance of the regional FTSE Global All Cap Index Series, and will be
published by FTSE Russell.
In June and December, the fast entry levels will be adjusted up to the IPO cut-off date, i.e. the last businessdays in April and October respectively to reflect the performance of the regional FTSE Global All Cap IndexSeries, and an updated figure will be published by FTSE Russell.
Please note: where cut-off dates are non-trading days or fall on a Saturday or Sunday then the previous
trading day’s data will be used.

8.1.3

Where a company, whether an existing constituent or not, undertakes an initial public offering of a newequity security, that security will be eligible for fast entry inclusion to the FTSE Global Equity Index Series if
it meets the following conditions:A. a new equity security (IPO), which satisfies the eligibility criteria and the screens other than the liquidity
screen, is eligible for fast entry when its full market capitalisation and its investable market capitalisation
using the closing price on the first day of trading is greater than the fast entry thresholds for the relevant
region (see rule 8.1.1). The addition of a new security to the index will be implemented after the close ofbusiness on the fifth day of trading. Trading days cover Monday to Friday and excludes Saturday and
Sunday trading. In the event of the fifth day of trading occurring during the week of the index review, aneligible fast entrant will be added to the index concurrent with the review effective date; andB. a new equity security (IPO), which does not qualify as an immediate fast entrant to the index, will be reconsidered for inclusion into the FTSE Global Equity Index Series at the next review. However, for
inclusion at a quarterly review outside the March and September semi-annual reviews, its full company
market capitalisation at close on the IPO cut-off, must be:– equal to or greater than the entry levels under rules 7.6.1 and 7.6.2;– greater than the FTSE Global Micro Cap Entry Level shown in rule 8.1.2; and– it must qualify under rules 6.2 and 6.3 (including the minimum requirement of a three-month trading
record).
China A shares are not eligible for fast entry to the index and will be considered for inclusion into the
FTSE Global Equity Index Series at the next review providing they trade under the Northbound China
Stock Connect Scheme Buy-and-Sell List and satisfy the eligibility criteria and screens.
C. SPAC IPOs
If an unlisted special purpose acquisition company (“SPAC”) acquires a target company, becomes aneligible company structure and files an IPO registration statement and lists, then the company will beconsidered an IPO for the purposes of index inclusion.
D. Demutualisation
In the case of a demutualisation where upon listing the entire free float of a new eligible security isimmediately transferred to private shareholders, the addition of the security will be deferred for one
month after trading has commenced – provided that adequate liquidity over the intervening period (asdefined under rule 6.3) is demonstrated.

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E. Newly eligible securities, for example a non-constituent moving to an eligible market, will be reviewed forinclusion at the next semi-annual review.
F. Variable, best effort and direct listing IPOs* are not considered for fast entry inclusion since FTSE
Russell is:– unable to confirm if the minimum free float requirement has been met; and– unable to assign an accurate free float for the purposes of the index calculation.
G. Variable, best effort and direct listing IPOs will be considered for index inclusion at the next quarterly
review if, by the review cut-off date, a public disclosure* (which has been published post IPO) is available
confirming the IPO updated shareholder structure. Index inclusion remains subject to meeting all othereligibility criteria. If the post IPO shareholder structure has not been disclosed by the review cut-off date,the evaluation of the company will be deferred to the subsequent quarterly review. If no disclosure ispublished prior to the cut-off date of the following quarter, the company will be evaluated during the semiannual review process only (and inclusion will remain contingent on the above disclosures)**.
*A public disclosure is typically by way of a company filing, stock exchange notice or shareholding
regulatory announcement.
**For illustration purposes:
For the March review, a variable, best effort or direct listing IPO which listed within the IPO review period will
be required to disclose, post IPO, its updated shareholder structure by the March review IPO market cap
cut-off (i.e. 31 December).
If there is no disclosure prior to this date, the company will not be eligible for inclusion at the March review
and will be reassessed at the next review in June.
If a published post IPO shareholder structure is not published prior to the June review IPO cut-off, thecompany will no longer be considered as a potential IPO addition and will instead be evaluated during thesemi-annual review process.

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Section 9

Corporate actions and events

9.

Corporate actions and events

9.1

Full details of changes to constituent companies due to corporate actions and events can be accessed in
the Corporate Actions and Events Guide using the following link:
Corporate_Actions_and_Events_Guide.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); and– scrip issues (capitalisation or bonus issue).
A corporate ‘event’ is a reaction to company news (event) that may impact the index depending on the index
rules. For example, 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 isrequired, FTSE Russell will provide notice advising of the timing of the change.

9.2

Shares in issue

9.2.1

Changes to the number of shares in issue for constituent securities are covered in the Corporate Actions
and Events Guide.

9.3

Investability weightings

9.3.1

Changes to free float for constituent securities are covered in the Corporate Actions and Events Guide.

9.4

Spin-offs
If a constituent company is split and forms two or more companies by issuing new equity to existing
shareholders, then the resulting companies may be eligible to continue as constituents in the same indiceswithin the FTSE Global Equity Index Series as their predecessor company. Where eligible to continue as aconstituent, the spin-off entity (entities) will remain in the same indices as the parent company until the next
quarterly review, where subject to there being a minimum three-month trading record, both child and parent
involved will be tested. The child will be tested for liquidity as a new issue and the parent will be tested for
liquidity on a pro-rata basis from the spin-off date. Both child and parent will be reranked or deleted, if below
the respective inclusion or exclusion thresholds.
For further details please refer to the Corporate Actions and Events Guide.

9.5

Suspension of dealing
Suspension of dealing rules can be found within the Corporate Actions and Events Guide.

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9.6

Takeovers, mergers and demergers
The treatment of takeovers, mergers and demergers can be found within the Corporate Actions andEvents Guide.

9.7

Trading under the Northbound China Stock Connect Scheme Buy-and-Sell List
China A shares will be removed from FTSE Global Equity Index Series if they are removed from theNorthbound China Stock Connect Scheme Buy-and-Sell List. The deletion will be concurrent with theNorthbound China Stock Connect Scheme Buy-and-Sell List. Where limited notification has been provided
of a change to the Northbound China Stock Connect Scheme Buy-and-Sell List, FTSE Russell will provide
notice advising of the timing of the change.

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Section 10

Treatment of dividends

10.

Treatment of dividends

10.1

Declared dividends are used to calculate the Standard Total Return Indices in the FTSE Global Equity IndexSeries. All dividends are applied as at the ex-div date.

10.2

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 thefollowing link:
FTSE_Russell_Withholding_Tax_Guide.pdf

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Section 11

Industry classification benchmark (ICB)

11.

Industry Classification Benchmark (ICB)6

11.1

Classification structure

11.1.1The FTSE Global Equity Index Series constituents are classified into industries, supersectors, sectors andsubsectors, as defined by the Industry Classification Benchmark (ICB).

11.1.2

Details of the Industry Classification Benchmark are available from FTSE Russell and published on the
FTSE Russell website (www.lseg.com/en/ftse-russell/) and can be accessed using the following link:
Industry_Classification_Benchmark

6

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

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Section 12

Algorithm and calculation method

12.

Algorithm and calculation method

12.1

Prices

12.1.1The FTSE Global Equity 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

12.1.2WMR FX Benchmarks real-time exchange rates are used in the index calculations, which are disseminatedin real time. Exchange rates used in the end-of-day calculations are WMR Closing Spot Rates™, collected
at 16:00 London time.

12.2

Calculation frequency

12.2.1See Appendix C for the calculation schedule for the FTSE Global Equity Index Series.

12.3

Algorithm

12.3.1For details on the algorithm and calculation methods used for the FTSE Global Equity Index Series, see the
Guide to Calculation Methods.

12.3.2The performance of an index in the FTSE Global Equity Index Series on a given day is determined by
calculating the percentage difference between:– the index’s market capitalisation as at the close of that day; and– the market capitalisation at the start of that day.
“Start of the day” is defined as the previous day’s close adjusted for capital changes, investability weightchanges, additions and deletions.

12.3.3Adjustments are applied whenever capital changes take place, so that the performance of the FTSE Global
Equity Index Series reflects the experience of investors (for further details see the Corporate Actions andEvents Guide).

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Appendix A

Eligible exchanges and market
segments

Note: any security listed solely on a venue that is deemed to be an over-the-counter (OTC), alternative trading systemor a multi-lateral trading facility (MTF) will not be considered for index inclusion.
In evaluating the eligibility of exchanges within an already eligible country, FTSE Russell will review the following factors.

1.

Materiality
FTSE Russell will determine materiality based on whether a secondary exchange, an exchange segment or
trading venue (in a country that already meets the relevant criteria within the FTSE Country Classification
framework) has listed equities that are eligible for the FTSE Global Equity Index Series (GEIS).
Materiality is interpreted as follows:– a secondary exchange, exchange segment or trading venue, in an eligible developed country, must
equate to at least 0.010% of the investable market capitalisation of GEIS; and– a secondary exchange, exchange segment or trading venue in an eligible emerging country, must equate
to at least 0.0050% of the investable market capitalisation of GEIS.
Should a secondary exchange, exchange segment or trading venue fulfil all criteria other than “materiality”,
this latter requirement will be subject to an annual test each September, provided it continues to meet allother prerequisites and at least one year has passed since it was last tested.

2.

Regulatory environment and exchange segment/trading venue
governance
FTSE Russell will consider:– whether the exchange segment/trading venue is recognised by the relevant governing regulatory bodyand how it is capitalised;– whether appropriate market integrity standards are in place;– is supervision of and compliance with the policies of the secondary exchange, exchange segment or
trading venue evident, and are participants held accountable for their actions in a consistent and fittingmanner; and– does the secondary exchange, exchange segment or trading venue sufficiently satisfy the accessibility
needs of international participants and treat them commensurately with domestic participants?

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3.

Market data and operation
FTSE Russell will consider:– is there a disclosed operating model that determines the functioning of secondary exchange, exchange
segment or trading venue evident ensuring transparency, consistency and adequate disclosure;– Are the rules governing security suspension appropriately specified, with a reasonable limit on the lengthof suspension;– is there sufficient transparency relating to security pricing, market depth and corporate actions;– are transaction costs reasonable and consistent with other market venues within the country; and– is the data provided suitable for the calculation of equity indices?

4.

Clearing, settlement and custody
FTSE Russell will consider:– whether the settlement model adheres to international standards with appropriate safeguards and tools
in place to minimise risks and ensure the integrity of its operation; and– whether the secondary exchange, exchange segment or trading venue operates a DvP settlement
model, without a requirement for prefunding by international participants.

Once considered for inclusion, eligible exchanges and market segments (listed below) are not subject to the materiality
test detailed above.
Asia Pacific ex China ex JapanCountry

Exchange

Segment name

Australia

Australian Securities Exchange

ASX official market

Hong Kong

Stock Exchange of Hong Kong

Main board

India

National Stock Exchange of India

Main board

Indonesia

Indonesia Stock Exchange

Main board
Main – new economy board

Malaysia

Bursa Malaysia

Main market

New Zealand

New Zealand Exchange

Main board

Philippines

Philippine Stock Exchange

Main board

Singapore

Singapore Exchange

Main board

South Korea

Korea Exchange

KOSPI market
KOSDAQ market

TaiwanThailandTaiwan Stock Exchange

Main board

Taipei Exchange

Main board

Stock Exchange of Thailand

Main board
Foreign board

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China
Country

Exchange

Segment name

China

Shanghai Stock Exchange

Main board, STAR board

Shenzhen Stock Exchange

Main board
ChiNext board

Japan
Country

Exchange

Segment nameJapan

Tokyo Stock Exchange

Prime market
Standard market

Developed Europe
Country

Exchange

Segment name

Austria

Wiener Boerse

Prime market
Standard market

BelgiumEuronext Brussels

Regular market only

Luxembourg

Luxembourg Stock Exchange

All listed securities

DenmarkNasdaq Copenhagen

Large cap
Mid cap
Small cap

Finland

Nasdaq Helsinki

Large cap
Mid cap
Small cap

FranceEuronext Paris

Regular market only

Germany

XETRA

Regulated market (general standard or prime
standard)

IrelandEuronext Dublin

Regular market only

Italy

Borsa Italiana

Euronext Milan
Euronext MIV Milan
Euronext STAR Milan

Netherlands

Euronext Amsterdam

Regular market only

NorwayEuronext Oslo

Oslo borsEuronext expand Oslo

PolandWarsaw Stock Exchange

Main market
Parallel market

PortugalEuronext Lisbon

Regular market only

Spain

Bolsa de Madrid

Madrid floor
Continuous market

SwedenNasdaq Stockholm

Large cap
Mid cap
Small cap

Switzerland

FTSE Russell

SIX Swiss Exchange AG

All listed securities

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Country

Exchange

Segment nameUK

London Stock Exchange*

Main market: Equity Shares (Commercial
Companies), Equity Shares (Transition), Equity
Shares (International Commercial Companies
Secondary Listing), and Closed-ended Investment
Funds* categories*Subject to not being designated as ineligible
under rule 5.1.

*Stocks traded on the SETSqx segment of the London Stock Exchange are included within the regional universe perrule 7.3.1, however these stocks are only considered for inclusion within the Micro Cap Index.
Emerging Europe
Country

Exchange

Segment name

Czech Republic

Prague Stock Exchange

PrimeStandard

GreeceAthens Exchanges S.A.

General segment (Main Market)

Hungary

Budapest Stock Exchange

Equities prime
Equities standard
Equities T

Iceland

Nasdaq Iceland

Main market

Romania

Bucharest Stock Exchange

Premium, standard

TürkiyeBorsa Istanbul

BIST STARS – FTSE large, mid and small cap
stocksBIST MAIN – FTSE small and micro cap stocks
BIST Sub-Market

Latin America
Country

Exchange

Segment name

Brazil

BM&F Bovespa

Official market

Chile

Santiago Stock Exchange

Official market

Colombia

Bolsa de Valores de Colombia

Official market

MexicoBolsa Mexicana de Valores

Official market

Bolsa Institucional de Valores

Official market

Middle East and Africa
Country

Exchange

Segment name

Egypt

Egyptian Exchange

All listed securities

IsraelTel Aviv Stock Exchange

All listed securities

KuwaitBoursa Kuwait

Premier market, main market

Qatar

Qatar Stock Exchange

All listed securities

Saudi Arabia

Tadawul Stock Exchange

Main market

South Africa

Johannesburg Stock Exchange

Main board

UAE

Abu Dhabi Securities Exchange

Main market

Dubai Financial Market

Dubai financial market

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Country

Exchange

Segment nameNasdaq Dubai

NasdaqNorth America
Country

Exchange

Segment nameCanadaToronto Stock Exchange

Official market

Cboe Canada

Official market

New York Stock Exchange

NYSE

NasdaqNYSE American

CBOE

Capital market

USA

Global selectGlobal market
Main board

Frequently asked questions on the list of eligible markets
What happens when a current index constituent communicates it is due to move its sole listing to an ineligible
market segment or exchange?
An existing constituent which moves its sole listing to an ineligible market segment or exchange will be removed at theclose of its last day of trading on an eligible exchange, provided appropriate notice can be given. If appropriate noticecannot be given prior to delisting it will be removed subsequently. In this case its removal price will be the value holders
will achieve at the time of its deletion (last traded price, company/exchange disclosed value or zero value) as
appropriate.
What happens when a current index constituent communicates it is due to move its listing to a market
segment or exchange which has not previously been tested for eligibility?
Provided appropriate due diligence can be undertaken, the new exchange or market segment will be assessed prior tothe change in listing. If the venue is deemed eligible, the existing constituent will retain its index membership and will
be priced on the new exchange. If the new exchange or market segment is not eligible or cannot be assessed prior tothe change in listing, the existing constituent will be treated as moving to an ineligible market segment or exchange.
What happens when a new market segment is created on an already eligible exchange?
If a new market segment is created on an already eligible exchange and the new segment mirrors the characteristics ofalready eligible segments on that exchange, it will be deemed eligible.
When would securities listed on a newly eligible exchange or market segment be eligible for index inclusion?
FTSE Russell will communicate its treatment and timelines for newly eligible exchanges within a public notice.
Provided securities have traded on that exchange for three months or more, and meet all other eligibility requirements,
they will usually be added at the following index review.

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Appendix B

Eligible classes of securities

Asia Pacific ex China ex JapanCountry

Class

Translation

Australia

Ordinary

Ordinary

PreferredPreferredHong Kong

Ordinary

Ordinary

India

EquityEquityIndonesia

Ordinary

Ordinary

Malaysia

Ordinary

Ordinary*Stocks listed under PN17 are ineligible for index inclusion

New ZealandOrdinary

Ordinary

PreferredPreferred

Philippines

Ordinary

Ordinary

Singapore

Ordinary

Ordinary*Stocks listed under watch list are ineligible for index
inclusionSouth Korea

Ordinary

Ordinary

Preference

Preference*Stocks listed under administrative issues are ineligible forindex inclusion

TaiwanOrdinary

Ordinary*Altered Trading Method (ATM) stocks are ineligible forindex inclusion

ThailandOrdinary

Ordinary

PreferredPreferred*Stocks listed under companies facing possible delisting
are ineligible for index inclusion

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China
Country

Class

China

Translation
7

A shares

A shares (traded in China)

B shares

B shares (traded in China)

H sharesH shares (traded in Hong Kong)

Red chip

Red chip (traded in Hong Kong)

P chipP chip (traded in Hong Kong)

S chip

S chip (traded in Singapore)

N sharesN shares (traded in USA)

Developed Europe
Country

Class

Translation

Austria

Namensaktie

Ordinary registered

Inhaberaktie

Ordinary bearer

Partizipationsschein

Participation Certificate

Vorzugsaktie

Preferred

Ordinaire

Ordinary

Action AFV

Fiscal advantage share“A” aktie

Ordinary voting“B” aktie

Limited voting or non-voting

Vapaat Osakkeet

Ordinary voting

Belgium/Luxembourg

Denmark

Finland

Etuoikeutetut

FranceGermany

Ireland

Italy

Netherlands

NorwayPolandVapaat Osakkeet

Limited Voting or Non-Voting

ActionOrdinary

Action a’dividende prioritaire

Preferred

Certificat d’Investissement

Certificate of investment

Titre participative

Certificate of participation

Fiduciary Depositary Receipts

Fiduciary depositary receipts

Stammaktie

Ordinary

Vorzugsaktie

Preferred

Inhaberaktie

BearerNamensaktie

Ordinary Registered

Ordinary

Ordinary

Preference

Preference

AzioneOrdinary

Azione di Risparmio

Savings (CNV/non-CNV)

Azione privilegiate

Preferred

Aandeel op naam

Registered

Aandeelaantoonder

BearerPreference

Preference“A” aksje

Ordinary voting“B” aksje

Limited voting or non-voting

Ordinary

Ordinary*Stocks listed under alert list are ineligible

7

China A Shares (available under the Northbound China Stock Connect Scheme): Phase 1 implementation completed June 2020 representing 25% of each security’s investability weight

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Country

Class

Translation

PortugalAcções ordinárias

BearerAcções preferenciais

PreferredAcções registadas

Registered

Acciones nominativas

Ordinary Registered

Acciones al portador

Ordinary Bearer

Acciones Preferentes

Preferred“A” aktie

Ordinary voting“B” aktie

Limited voting or non-voting“C” aktie

Preference

Spain

Sweden“D” aktie
Preference
Switzerland

United Kingdom

Namensaktie

Registered

Inhaberaktie

BearerPartizipationsschein

Participation Certificate

Genusschein

Profit sharing Certificate

Ordinary

Ordinary

Emerging Europe
Country

Class

Translation

Czech Republic

SharesSharesGreeceCommon

Registered 

Common registered 

Common bearer

Preference registered 

Preference bearer   

Preferred non-voting right registered   

Preferred with voting right registered

IcelandOrdinary

Ordinary

Hungary

Ordinary

Ordinary

Preference

Preference

Romania

Ordinary

Ordinary

Türkiye

SharesSharesBearerBearer*Stocks listed under watch list companies are ineligible

Japan
Country

Class

Translation

Japan

CommonCommonLatin America
Country

Class

Translation

BrazilOrdinary

Ordinary

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Chile

Colombia

MexicoPreferredPreferred

Ordinary

Ordinary

PreferredPreferred

Ordinary

Ordinary

PreferredPreferred

Ordinary

Ordinary

Middle East and Africa
Country

Class

Translation

Egypt

Ordinary

Ordinary

Preference

Preference

Ordinary

Ordinary

Preference

Preference

KuwaitOrdinary

Ordinary

Qatar

Ordinary

Ordinary

Saudi Arabia

Ordinary

Ordinary

South Africa

Ordinary

Ordinary

Preference

Preference

Ordinary

Ordinary

IsraelUAE

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North America
Country

Class

Translation

CanadaCommonCommonUnited States

CommonCommonFTSE Russell

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Appendix C

Calculation schedule1.

Normal schedule

1.1

The FTSE Global Equity Index Series are calculated once daily at approximately 21:30 to 22:00 London
time, shortly after the close of North American securities markets. Selected indices within the series arecalculated on a real-time basis, see below.

1.2

The Index Series are calculated every weekday when one or more of the constituent markets are open;
however on 1 January, the indices may not be disseminated. With the exception of rule 1.3 below, there isno separate calculation to accommodate the Saturday or Sunday opening of any market.
For markets which are closed during Monday to Friday, either due to a market holiday or a non-trading day,the close price from the last trading day is used within the index calculation on the day the market is closed.
For the avoidance of doubt, for Middle Eastern markets which are closed on a Friday, Thursday’s index
close price is used within the index calculation on Friday and is used as the basis for the open price on thefollowing Monday.

1.3

In cases where a market has ad-hoc weekend trading and a market holiday on the Monday following that
ad-hoc trading, FTSE Russell will use the closing prices of the weekend trading in Monday’s end-of-day
index calculation. For the avoidance of doubt, markets which routinely trade at the weekend (e.g. mostMiddle Eastern markets) will not have their weekend closing prices used in the calculation on a Monday
market holiday.

2.

Real-time indices
WMR FX Benchmarks real-time cross exchange rates are used in all calculations during the calculation
period, other than for the closing value for each index. The WMR Closing Spot Rates™ are used in
calculating the closing value for each of these indices. Corporate actions for these indices are basedon the price and exchange rates as applied within the main FTSE Global Equity Index Series.

Index

Calculation times*

FTSE Global All-Cap Index

00:30 to 21:10

FTSE Global All-Cap ex US Index

00:30 to 21:10

FTSE Global All-Cap ex UK Index

00:30 to 21:10

FTSE Global All-Cap ex Japan Index

00:30 to 21:10

FTSE Global All-Cap ex South Africa Index

00:30 to 21:10

FTSE Asia Pacific All-Cap Index

00:30 to 21:10

FTSE Asia Pacific All-Cap ex Japan Index

00:30 to 21:10

FTSE Asia Pacific All-Cap ex Japan, India and Pakistan Index

00:30 to 21:10

FTSE Asia Pacific All-Cap ex Japan, India, Pakistan, Australia and
New Zealand Index

00:30 to 21:10

FTSE Greater China All-Cap Index

00:30 to 21:10

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Index

Calculation times*

FTSE Europe All-Cap Index

08:00 to 16:30

FTSE Europe All-Cap ex UK Index

08:00 to 16:30

FTSE Europe All-Cap ex Eurozone Index

08:00 to 16:30

FTSE Eurozone All-Cap Index

08:00 to 16:30

FTSE Developed All-Cap Index

00:30 to 21:10

FTSE Developed All-Cap ex US Index

00:30 to 21:10

FTSE Developed All-Cap ex North America Index

00:30 to 16:30

FTSE Developed All-Cap ex UK Index

00:30 to 21:10

FTSE Developed All-Cap ex Japan Index

00:30 to 21:10

FTSE Developed Europe All-Cap Index

08:00 to 16:30

FTSE Developed Europe All-Cap ex UK Index

08:00 to 16:30

FTSE Japan All-Cap Index

23:50 to 06:45

FTSE Emerging All-Cap Index

00:30 to 21:10

FTSE Emerging Latin America All-Cap Index

13:00 to 21:10

FTSE Emerging Asia Pacific All-Cap Index

00:30 to 21:10

FTSE Advanced Emerging All-Cap Index

00:30 to 21:10

FTSE Secondary Emerging All-Cap Index

01:00 to 21:10*Note: timings are UK hours. Indices that disseminate until 21:10 will have the closing value disseminated at 21:30.

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Appendix D

Country additions and deletions

Countries were added or deleted from the FTSE Global Equity Index Series after the market close on thefollowing dates:
FTSE Global Equity Index Series – country classification
31 December 1986

1 July 1996

20 June 2003

21 September 2018

Original 23 countries

Indonesia

Venezuela (3)Kuwait (11)Australia

Philippines

Austria

Poland (12)19 September 2008

Belgium

1 May 1998

Hungary (4)15 March 2019

CanadaGreeceIsrael (5)Saudi Arabia (13)Denmark

Portugal

Poland (4)France21 June 2019

Germany (West)

30 June 2000

18 September 2009

China A (14)Hong Kong

Argentina

South Korea (5)Ireland

Chile

Italy

China

17 September 2010

Peru (15)Japan

Colombia

Argentina (6)Romania (16)

Malaysia

Czech Republic

UAE (7)

MexicoEgypt

Netherlands

Hungary

17 June 2011

Russia (17)New Zealand

India

Czech Republic (4)19 September 2022

NorwayIsraelMalaysia (4)Iceland (18)Singapore

Luxembourg (1)Türkiye (4)23 September 2024

South Africa

Malaysia (2)Spain

Morocco16 March 2012

SwedenPakistanThailand (4)Switzerland

Peru

United Kingdom

Poland19 June 2015

United States

RussiaMorocco (8)21 September 2020

7 March 2022

Pakistan (19)South Korea
1 January 1988

Taiwan18 March 2016

Finland

Türkiye

Greece (9)Venezuela

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FTSE Global Equity Index Series – country classification
1 November 1994

16 September 2016

Brazil2 January 2001

Thailand

Greece (5)Qatar (10)Country classification table notes
1.

Added to create Belgium/Luxembourg country index.

2.

Malaysia was deleted from the then FTSE World Index on 1 October 1998 and was re-included in the FTSE AllWorld Index Series from inception on 30 June 2000.

3.

Venezuela deleted from the FTSE Global Equity Index Series at zero value after the close of business on Friday
20 June 2003.

4.

Czech Republic, Hungary, Malaysia, Poland, Thailand and Türkiye country classification changed from secondary
emerging to advanced emerging.

5.

Greece, Israel and South Korea country classification changed from advanced emerging to developed.

6.

Argentina country classification changed from secondary emerging to frontier.

7.

UAE added to the FTSE Global Equity Index Series as secondary emerging.

8.

Morocco country classification changed from secondary emerging to frontier.

9.

Greece country classification changed from developed to advanced emerging.

10. Qatar country classification changed from frontier to secondary emerging. The classification change was
implemented in two tranches: the first tranche of 50% was implemented in conjunction with the semi-annual
review of FTSE Global Equity Index Series in September 2016 and the second 50% tranche was implemented
in conjunction with the March 2017 semi-annual review.
11. Kuwait added to the FTSE Global Equity Index Series as secondary emerging. The classification change was
implemented in two tranches: the first tranche of 50% was implemented in conjunction with the semi-annual
review of FTSE Global Equity Index Series in September 2018 and the second 50% tranche was implemented
in conjunction with the December 2018 quarterly review.
12. Poland country classification changed from advanced emerging to developed.
13. Saudi Arabia was added to the FTSE Global Equity Index Series as secondary emerging. The classification
change was implemented in six tranches – March 2019, April 2019, June 2019, September 2019, March 2020and June 2020.
14. China A was added to the FTSE Global Equity Index Series as secondary emerging. The classification change
was implemented in four tranches – June 2019, September 2019, March 2020 and June 2020 representing 25%
of each security’s investability weight.
15. Peru country classification changed from secondary emerging to frontier.
16. Romania country classification changed from frontier to secondary emerging.
17. Russia deleted from FTSE Russell indices. Country classification changed from secondary emerging to standalone.
18. Iceland country classification changed from frontier to secondary emerging. The inclusion of Iceland was
implemented in three equal tranches in September 2022, January 2023 and March 2023.
19. Pakistan classification changed from secondary emerging to frontier.

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Appendix E

Country classification

Below is a list of the current classification of each country in the FTSE Global Equity Index Series.
Developed

Advanced emerging

Secondary emerging

Australia

BrazilChile

Austria

Czech Republic

China

Belgium/Luxembourg

GreeceColombia

CanadaHungary

Egypt

Denmark

Malaysia

IcelandFinland

MexicoIndia

FranceSouth Africa

Indonesia

Germany

TaiwanKuwaitHong Kong

ThailandIreland

TürkiyePhilippines

Israel

Qatar

Italy

RomaniaJapan

Saudi Arabia

Netherlands

UAE

New Zealand
NorwayPolandPortugal
Singapore
South Korea
Spain
SwedenSwitzerland
UK
USA

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Appendix F

Country indicesCountries of the FTSE Global Equity Index Series

8

Australia

Germany

MexicoSouth Korea

Austria

GreeceNetherlands

Spain

Belgium/Luxembourg

Hong Kong

New ZealandSwedenBrazilHungary

NorwaySwitzerland

CanadaIceland

Chile

India

Philippines

ThailandChina

Indonesia

PolandTürkiyeColombia

Ireland

Portugal

UAE

Czech Republic

IsraelQatar

UK

Denmark

Italy

Romania

USA

Egypt

Japan

Saudi Arabia

Finland

KuwaitSingapore

FranceMalaysia

South Africa8

TaiwanPlease note in some circumstances an FTSE South Africa Index derived from the FTSE Global Equity Index Series may be branded as an FTSE/JSE Index

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Appendix G

FTSE Russell China share descriptions
1.

FTSE Russell China share descriptions
A shares9, B shares, H shares, red chips, P chip, S chips and N shares are eligible for the FTSE Global
Equity Index Series.

2.

Share descriptions
For a description of Chinese share classes, please see the “Guide to Chinese Share Classes” document,
which can be accessed using the following link:
Guide_to_Chinese_Share_Classes.pdf
The definitions these share classes are reviewed annually in September effective on the same day as the
Global Equity Index Series.

9

Effective June 2019.

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Appendix H

Status of indices
Indices within the FTSE Global Equity Index Series may be calculated in real time.
For further details of real time definitions please refer to the following guide:
Real_Time_Status_Definitions.pdf

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Appendix I

Further information
A Glossary of Terms used in FTSE Russell’s Ground Rule documents can be found using the following link:
Glossary.pdf
For further information on the FTSE Global Equity Index Series Ground Rules visit www.lseg.com/en/ftse-russell/ or email info@ftserussell.com. Contact details can also be found on this website.

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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 Global Equity 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
licensed by the applicable member of LSEG or their respective licensors and are owned, or used under licence, by FTSE, Russell, FTSE Canada, FTSE FI, FTSE FI Europe, WOFE,RBSL, RL or BR.
All information is provided for information purposes only. All information and data contained in this publication is obtained by LSEG, from sources believed by it to be accurate andreliable. Because of the possibility of human and mechanical inaccuracy as well as other factors, however, such information and data is provided "as is" without warranty of any kind. No
member of LSEG nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly,
either as to the accuracy, timeliness, completeness, merchantability of any information or LSEG Products, or of results to be obtained from the use of LSEG products, including but notlimited to indices, rates, data and analytics, or the fitness or suitability of the LSEG products for any particular purpose to which they might be put. The user of the information assumes
the entire risk of any use it may make or permit to be made of the information.
No responsibility or liability can be accepted by any member of LSEG nor their respective directors, officers, employees, partners or licensors for (a) any loss or damage in whole or inpart caused by, resulting from, or relating to any inaccuracy (negligent or otherwise) or other circumstance involved in procuring, collecting, compiling, interpreting, analysing, editing,transcribing, transmitting, communicating or delivering any such information or data or from use of this document or links to this document or (b) any direct, indirect, special, consequential
or incidental damages whatsoever, even if any member of LSEG is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, such information.
No member of LSEG nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing in this document should be taken as constituting
financial or investment advice. No member of LSEG nor their respective directors, officers, employees, partners, or licensors make any representation regarding the advisability ofinvesting in any asset or whether such investment creates any legal or compliance risks for the investor. A decision to invest in any such asset should not be made in reliance on any
information herein. Indices and rates cannot be invested in directly. Inclusion of an asset in an index or rate is not a recommendation to buy, sell or hold that asset nor confirmation thatany particular investor may lawfully buy, sell or hold the asset or an index or rate containing the asset. The general information contained in this publication should not be acted upon
without obtaining specific legal, tax, and investment advice from a licensed professional.
No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise,
without prior written permission of the applicable member of LSEG. Use and distribution of LSEG data requires a licence from LSEG and/or its licensors.

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