Rule Changes Q1 2025

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Changes will be implemented and based on the closing prices as of the third Thursday of March, June, September, and December. If the third Thursday is not a business day, the review will take place on the last business day before the third Thursday. If a security does not trade on the third Thursday of March, June, September, and December, then the last available price for this security will be used. Changes become effective on the next index dissemination day.

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Changes will be implemented and based on the closing prices as of the third Friday of March, June, September, and December. If the third Friday is not a business day, the review will take place on the last business day before the third Friday. If a security does not trade on the third Friday of March, June, September, and December, then the last available price for this security will be used. Changes become effective on the next index dissemination day.

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Upon an index reconstitution, securities included in the eligible universe are selected to the index based on the following procedure. The index targets 10 components. 

1. All securities in the eligible universe are sorted in terms of free-float market capitalization in descending order. 

2. (a) Initially, securities ranking in the top 10 are selected to the index. 

(b) On an ongoing basis, securities ranking in the top 8 are selected and the remaining components are selected from the highest ranking current index components ranked between 9 and 15. 

3. If the number of selected securities is still below 10, then the highest ranked remaining securities are selected until 10 components are selected. 

4. In case the number of eligible securities is below the minimum of 10, additional securities are added by the Index Owner’s decision until the number of securities selected to the index reaches the minimum of 10 components.

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Upon an index reconstitution, securities included in the eligible universe are selected to the index based on the following procedure. The index targets 10 components. 

1. For all securities in the eligible universe related securities are identified and together are referred to as related entity groups. Related entities include subsidiaries, former spin-offs, or joint ventures. The eligible universe is then adjusted as follows: 

• For each related entity group that does not include a current index component, only the largest security by free-float market capitalization will remain eligible for selection. 

• For each related entity group that does include a current index component, only the current component will remain eligible for selection, except for if another security in the group has a float-adjusted market capitalization that is at least 25% greater than the float-adjusted market capitalization of the current component, in which case the larger security will be the only eligible security from that entity group. 

2. All remaining securities in the eligible universe are sorted in terms of free-float market capitalization in descending order. 

3. (a) Initially, securities ranking in the top 10 are selected to the index. 

(b) On an ongoing basis, securities ranking in the top 8 are selected and the remaining components are selected from the highest ranking current index components ranked between 9 and 15. 

4. If the number of selected securities is still below 10, then the highest ranked remaining securities are selected until 10 components are selected. 

5. In case the number of eligible securities is below the minimum of 10, additional securities are added by the Index Owner’s decision until the number of securities selected to the index reaches the minimum of 10 components.

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The spun-off company will be added to the index where the parent company is an index constituent according to the transaction terms, with a price of zero, on the ex-date. If the spun-off does not start trading on the ex-date a fixed indicative price will be used until the first trading day. If an indicative price is not possible to be calculated the spun-off company will be added with a price of zero to the index. If the spun-off does not qualify for the index it will be deleted after two trading days based on its respective closing price.

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The spun-off company will be added to the index where the parent company is an index constituent according to the transaction terms, with a price of zero, on the ex-date. If the spun-off company does not start trading on the ex-date a fixed indicative price will be used until the first trading day. If an indicative price is not possible to be calculated the spun-off company will be added with a price of zero to the index. In case the free-float market capitalization of the spun-off company exceeds the free-float market capitalization of the parent company by at least 25% (at the close of the first trading day of the spun-off company), the parent company will be replaced by the spun-off company after three trading days of the spun-off. Otherwise, the spun-off company will be deleted after two trading days based on its respective closing price.

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Modified investability rules are applied for recent Initial Public Offerings (IPOs). Such companies qualify for fast-track addition to the index after the closing of third Friday of the month following the month of their IPO date. In order to qualify for the index, they should fulfill the requirements below based on the country assigned:

• the IPO must have a free-float factor of at least 10%, and

• the IPO must have an average-daily-trading volume of the basis level used in the most recent index review as defined in Section 1.2. 

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Modified investability rules are applied for recent Initial Public Offerings (IPOs). Such companies qualify for fast track addition to the investable universe once; either at the next regularly scheduled review if it has been trading since at least the last trading day of the month two months prior to the review month or else at the following regularly scheduled review. In order to be added to the index the IPO security has to meet all of the following size and liquidity requirements:

• the IPO must have a free-float factor of at least 10%, and 
• the IPO must have an average-daily-trading volume of the basis level used in the ongoing index review as defined in Section 1.2.