Rule Changes Q2 2025

Old

Securities must meet the following size and liquidity requirements to be included in the investable universe. If composite country volume data exists, it will be used to identify the investable universe. All of the following applies for securities that are currently not included in the index: 

• free-float of at least 10%, 
• full market capitalization exceeding 150.00 million USD, 
• a three-month average daily trading volume of at least 1.00 million USD at the current quarter and at the previous two quarters, and 
• at least 0.25 million shares traded per month over the last six months at the current quarter and at the previous two quarters. 

All of the following applies for securities already in the index: 

• free-float of at least 5%, 
• a full market capitalization exceeding 75.00 million USD, and 
• a three-month average daily trading volume of at least 0.20 million USD in at least two of the latest three quarters (current quarter and at the previous two quarters). In addition, at least one of the following applies for securities already in the index: 
• a three-month average daily trading volume of at least 0.60 million USD at the current quarter or at one of the previous two quarters, or 
• at least 0.20 million shares traded per month over the last six months at the current quarter or at one of the previous two quarters.

New

Securities must meet the following size and liquidity requirements to be included in the investable universe. If composite country volume data exists, it will be used to identify the investable universe. All of the following applies for securities that are currently not included in the index: 

• free-float of at least 10%, 
• full market capitalization exceeding 150.00 million USD (100.00 million USD for securities that have at least 50% of their annual revenues or operating activity from quantum computing-related products or activities), 
• a three-month average daily trading volume of at least 1.00 million USD (0.50 million USD for securities that have at least 50% of their annual revenues or operating activity from quantum computing-related products or activities) at the current quarter and at the previous two quarters, and 
• at least 0.25 million shares traded per month over the last six months at the current quarter and at the previous two quarters.

All of the following applies for securities already in the index: 

• free-float of at least 5%, 
• a full market capitalization exceeding 75.00 million USD, and 
• a three-month average daily trading volume of at least 0.20 million USD in at least two of the latest three quarters (current quarter and at the previous two quarters). In addition, at least one of the following applies for securities already in the index: 
• a three-month average daily trading volume of at least 0.60 million USD (0.40 million USD for securities that have at least 50% of their annual revenues or operating activity from quantum computing-related products or activities) at the current quarter or at one of the previous two quarters, or 
• at least 0.20 million shares traded per month over the last six months at the current quarter or at one of the previous two quarters.

Old

Upon an index reconstitution, securities included in the eligible universe are selected to the index based on the following procedure. The index targets a coverage of 99% of the free-float market capitalization of the eligible universe with a minimum of 70 components. 

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

2. Securities covering the top 98.5% of the free-float market capitalization of the eligible universe qualify for selection. 

3. Current components between 98.5% and 99.5% of the free-float market capitalization of the eligible universe also qualify for selection. 

4. In addition, all securities that meet the eligibility criteria and have at least 50% of their annual revenues or operating activity from quantum computing-related products or activities will be selected. 

5. If the coverage is still below 99% of the free-float market capitalization of the eligible universe or the number of components in the index is still below 70, the largest remaining securities will be selected until both the target coverage and minimum number of components are reached. 

6. In case the number of eligible securities is below the minimum of 70, additional securities are added by the Index Owner’s decision until the number of securities selected to the index reaches the minimum of 70 components.

New

Upon an index reconstitution, securities included in the eligible universe are selected to the index based on the following procedure. The index targets a coverage of 99% of the free-float market capitalization of the eligible universe with a minimum of 70 components. 

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

2. Securities covering the top 98.5% of the free-float market capitalization of the eligible universe qualify for selection. 

3. Current components between 98.5% and 100% of the free-float market capitalization of the eligible universe also qualify for selection. 

4. In addition, all securities that meet the eligibility criteria and have at least 50% of their annual revenues or operating activity from quantum computing-related products or activities will be selected. 

5. If the coverage is still below 99% of the free-float market capitalization of the eligible universe or the number of components in the index is still below 70, the largest remaining securities will be selected until both the target coverage and minimum number of components are reached. 

6. In case the number of eligible securities is below the minimum of 70, additional securities are added by the Index Owner’s decision until the number of securities selected to the index reaches the minimum of 70 components. 

Old

The eligible universe and component selection is determined based on the closing data on the last business day in January, April, July, and October. If a security does not trade on the last business day in January, April, July, or October, the last available price for this security will be used.

New

The eligible universe and component selection is determined based on the closing data on the 15th in January, April, July, and October. If a security does not trade on the 15th in January, April, July, or October, the last available price prior to the 15th for this security will be used.

Old

The eligible universe and component selection is determined based on the closing data on the last business day in January, April, July, and October (Foreign room data is determined based on the closing data on the last business day in February, May, August, and November). If a security does not trade on the last business day in January, April, July, or October, the last available price for this security will be used.

New

The eligible universe and component selection is determined based on the closing data on the 15th in January, April, July, and October. If a security does not trade on the 15th in January, April, July, or October, the last available price prior to the 15th for this security will be used.