Ground Rules. FTSE Beyond BRICs Index v2.4

Transcription

1 Ground Rules FTSE Beyond BRICs Index v2.4 ftserussell.com January 2018

2 Contents 1.0 Introduction Management Responsibilities FTSE Russell Index Policies Eligible Companies Periodic Review of Constituents Changes to Constituent Companies Algorithm and Calculation Method Appendix A: Index Opening and Closing Hours Appendix B: Eligible Countries Appendix C: Closing Prices Used For Calculation Appendix D: Status of Index Appendix E: Further Information FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

3 Section 1 Introduction 1.0 Introduction 1.1 This document sets out the Ground Rules for the construction and management of the FTSE Beyond BRICs Index. Copies of the Ground Rules are available from The FTSE Beyond BRICs Index is designed to represent the performance of a diversified basket of 90 liquid companies in Emerging and Frontier markets ex Brazil, Russia, India, China (BRIC) and Taiwan (as defined by FTSE s Country Classification System). 1.3 A Price Index, Total Return Index and Net of Tax Index will be calculated in real-time and published in US dollars. The Total Return and Net of Tax Indexes include income based on ex dividend adjustments. 1.4 The Net of Tax Total Return Index is calculated based on the maximum withholding tax rates applicable to dividends received by institutional investors who are not resident in the same country as the remitting company and who do not benefit from double taxation treaties. 1.5 The FTSE Beyond BRICs Index is capped quarterly as detailed in Rule These Ground Rules should be read in conjunction with the FTSE Global Equity Index Series Ground Rules which are available at Unless stated in these Ground Rules, the FTSE Beyond BRICs Index will follow the same process as the FTSE Global Equity Index Series. 1.7 FTSE Russell FTSE Russell is a trading name of FTSE International Limited, Frank Russell Company, and FTSE TMX Global Debt Capital Markets Limited and its subsidiaries (including MTSNext Limited). FTSE International Limited is the administrator of all FTSE Russell indexes. 1.8 FTSE Russell hereby notifies users of the index that it is possible that circumstances, including external events beyond the control of FTSE Russell, may necessitate changes to, or the cessation of, the index and therefore, any financial contracts or other financial instruments that reference the index or investment funds which use the index to measure their performance should be able to withstand, or otherwise address the possibility of changes to, or cessation of, the index. 1.9 Index users who choose to follow this index or to buy products that claim to follow this index 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 is accepted by FTSE Russell (or any person concerned with the preparation or publication of these Ground Rules) for any losses, damages, claims and expenses suffered by any person as a result of: FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

4 any reliance on these Ground Rules, and/or any errors or 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 errors or inaccuracies in the compilation of the Index or any constituent data. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

5 Section 2 Management Responsibilities 2.0 Management Responsibilities 2.1 FTSE International Limited (FTSE) FTSE is the benchmark administrator of the index FTSE is responsible for the daily calculation, production and operation of the FTSE Beyond BRICs Index 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 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 the periodic reviews; disseminate the index FTSE is responsible for monitoring the performance of the FTSE Beyond BRICs Index throughout the day and will determine whether the status of the Index should be Firm, Closed, Indicative or Held (see Appendix C) These Ground Rules set out the methodology and provide information about the publication of the FTSE Beyond BRICs Index. 2.2 Amendments to these Ground Rules These Ground Rules shall be subject to regular review by FTSE Russell to ensure that they continue to meet the current and future requirements of investors and other index users. Any proposals for significant amendments to these Ground 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 Product Governance Board before approval is granted. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

6 2.2.2 As provided for in the Statement of Principles for FTSE Russell Equity Indexes, 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. After making 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. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

7 Section 3 FTE Russell Index Policies 3.0 FTSE Russell Index Policies These Ground Rules should be read in conjunction with the following policy documents which can be accessed using the links below: 3.1 Statement of Principles for FTSE Russell Equity Indexes (the Statement of Principles) Indexes need to keep abreast of changing markets and the Ground Rules cannot anticipate every eventuality. Where the 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 the ethos underlying FTSE Russell s approach to index construction. The Statement of Principles is reviewed annually and any changes proposed by FTSE Russell are presented to the FTSE Russell Policy Advisory Board for discussion before approval by the FTSE Russell Product Governance Board. The Statement of Principles can be accessed using the following link: Statement_of_Principles.pdf 3.2 Queries, Complaints and Appeals A constituent or prospective constituent company (or professional advisor acting on behalf of the company), a national organisation or a group of no fewer than ten users of the Indexes 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: FTSE_Russell_Benchmark_Determination_Complaints_Handling_Policy.pdf FTSE Russell s Appeal Process can be accessed using the following link: Appeals_Against_Decisions.pdf 3.3 Index Policy for Trading Halts and Market Closures Guidance for the treatment of index changes in the event of trading halts or market closures can be found using the following link: FTSE_Russell_Index_Policy_for_Trading_Halts_and_Market_Closures.pdf FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

8 3.4 Index Policy in the Event Clients are Unable to Trade a Market Details of FTSE Russell s treatment can be accessed using the following link: FTSE_Russell_Index_Policy_in_the_Event_Clients_are_Unable_to_Trade_a_Market.pdf 3.5 Recalculation Policy and Guidelines The FTSE Beyond BRICS Index is recalculated whenever errors or distortions occur that are deemed to be significant. Users of the FTSE Beyond BRICS Index are notified through appropriate media. For further information refer to the FTSE Russell Recalculation Policy and Guidelines document which is available from the FTSE Russell website using the link below or by contacting info@ftserussell.com. Recalculation_Policy_and_Guidelines_Equity_Indexes.pdf 3.6 FTSE Russell Policy for Benchmark Methodology Changes Details of FTSE Russell s policy for making benchmark methodology changes can be accessed using the following link: FTSE_Russell_Policy_for_Benchmark_Methodology_Changes.pdf FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

9 Section 4 Eligible Companies 4.0 Eligible Companies 4.1 Eligible Universes The Index constituents are drawn from two separate eligible universes. The first consists of all constituents in the FTSE Emerging All Cap ex Brazil, Russia, India, China (BRIC) and Taiwan Index. The second is the universe of securities in Frontier markets ex Argentina monitored by FTSE (as defined by FTSE s Country Classification System). Further information regarding FTSE Frontier Markets is available at All constituents from these universes as defined by the FTSE Global Equity Index Series and FTSE Frontier Markets are eligible for inclusion in the FTSE Beyond BRICs Index. The current list of eligible countries can be found in Appendix B. The Index is adjusted for free float and foreign ownership limits. The free float rules will follow the FTSE Global Equity Index Series Ground Rules. 4.2 Selection Criteria All securities in the Eligible Universes as described in Rule 4.1 will be considered for index qualification subject to conforming to the following rules Emerging Markets A. Liquidity Screen Minimum trailing 6 month Average Daily Trading Value (ADTV): USD 5 million 6 Month ADTV is calculated by taking the average over a 6 month period of the daily value traded. Daily value traded is calculated by multiplying the USD price by daily volume. B. Stock Selection Constituents of the FTSE Emerging All Cap ex BRIC and Taiwan Index that pass the liquidity screen are ranked by Full Market Capitalisation. The top 75 securities by Full Market Capitalisation are selected. If multiple line issues of the same company are both eligible, only the larger issue by Full Market Capitalisation is selected. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

10 Multiple line buffer rule Where multiple lines of the same company are eligible at review, the existing multiple line constituent will remain a constituent, unless the Full Market Capitalisation of an eligible non-constituent line exceeds the Full Market Capitalisation of the existing constituent by at least 25%. Thai securities are only eligible for inclusion if an associated Non Voting Depository Receipt (NVDR) is listed Frontier Markets A. Size Screen Minimum Investable Market Capitalisation: USD 250 Million B. Stock Selection Securities in the FTSE Frontier universe that pass the size screen are ranked by 6 month median daily traded value (MDTV). 6 Month MDTV is calculated by taking the median of a 6 month period of the daily value traded. Daily value traded is calculated by multiplying the USD price by daily volume. The top 15 securities ranked by 6 month MDTV are selected subject to the following limitations: No more than 4 securities per Frontier Country No more than 2 securities per Frontier Country from the ICB Industry Financials (8000) If the number of eligible securities in any Country or Industry is greater than its overall index limit, as defined above, the next eligible security ranked by 6 month MDTV is selected. This process is repeated until a security that does not breach these limits is selected. If multiple line issues of the same company are both eligible, only the issue with the highest 6 month MDTV is selected. Multiple line buffer rule Where multiple lines of the same company are eligible at review, the existing multiple line constituent will remain a constituent, unless the 6 month MDTV of an eligible non-constituent line exceeds the 6 month MDTV of the existing constituent by at least 25% Foreign Ownership Availability in Frontier Companies A. In addition to foreign ownership restrictions the FTSE Beyond BRICs Index uses foreign ownership availability to determine the Frontier index constituents where foreign ownership availability is publically disclosed by the listing exchange. Foreign ownership availability is calculated by removing the current shares held by international investors from the existing company foreign ownership restriction. For example, if international investors own 32% of a company with a 49% foreign ownership restriction, then the foreign ownership availability is 17% (49% - 32%= 17%). Foreign ownership availability will be rounded up to the next highest integer. B. A Frontier security that has a foreign ownership availability of 2% or less will be ineligible for inclusion in the FTSE Beyond BRICs Index. C. Changes in foreign ownership availability will be implemented at the quarterly reviews. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

11 4.3 Investable Universes for Replacement Stocks The Investable Universes are used to determine replacement stocks required as a result of corporate actions or at the quarterly update outside the September annual review Emerging securities in the Eligible Universe as described in Rule 4.1 that pass the Liquidity screen in Rule 4.2.2A and are not current index members will form the Investable Universe for the Emerging Markets component Frontier securities in the Eligible Universe as described in Rule 4.1 that pass the Size screen in Rule 4.2.3A and are not current index members will form the Investable Universe for the Frontier Markets component. The Frontier Investable Universe includes those stocks removed from initial stock selection a result of country limitations. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

12 Section 5 Periodic Review of Constituents 5.0 Periodic Review of Constituents 5.1 Review Dates The FTSE Beyond BRICs Index is reviewed annually in September. The Index constituents will be compiled using data available after the close of business on the Monday 4 weeks prior to the review effective date. Any constituent changes resulting from the periodic review will be implemented after the close of business on the third Friday (i.e. effective Monday) of September The constituents of the FTSE Beyond BRICs Index are capped quarterly using prices adjusted for corporate actions as at the close of business on the first Friday and shares in issue and free float after the third Friday in March, June, September and December. Changes will be effective after the market close of the third Friday in March June, September and December. 5.2 Foreign Ownership Availability Screen for Frontier Companies at the Periodic Review A foreign ownership availability screen is applied to Frontier securities in the FTSE Beyond BRICs Index at the quarterly review. The FTSE Beyond BRICs Index will exclude constituents with foreign ownership availability of 2% or below. However, those securities will be considered for inclusion at the next annual review if their foreign ownership availability increases to greater than 5%. 5.3 Index Capping at Periodic Review The Emerging and Frontier components are weighted independently to ensure a 75% final weight to Emerging and 25% final weight to Frontier will be used in the FTSE Beyond BRICs Index Emerging Markets Index constituents are weighted according to their investable Market Capitalisation. However, no stock may have a weight greater than 5%¹. If a stock weight exceeds 5%¹ it is capped at 5%¹. The excess weight is distributed pro rata amongst the remaining non-capped constituents. This procedure is repeated until no stock exceeds the maximum allowable weight. Emerging Market Countries in the FTSE Beyond BRICs Index will be capped at 20%² at the time of review. Therefore for any country with a weight in the index at the time of quarterly review greater than 20%², the constituents in that Country will be capped at 20%². This process is repeated until no Country has a weight of larger than 20%² and no company has a weight greater than 5%. In the extreme case that a multi level capping solution cannot be achieved based on existing constraints, i.e. fewer than 5 countries are selected, the 20% Country constraint would be relaxed to evenly distribute the country maximum weights while keeping 5% position caps. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

13 5.3.3 Frontier Markets Index constituents are weighted according to their investable Market Capitalisation. However, no stock may have a weight greater than 8%³. If a stock weight exceeds 8%³ it is capped at 8%³. The excess weight is distributed pro rata amongst the remaining non-capped constituents. This procedure is repeated until no stock exceeds the maximum allowable weight Buffer Rule for Emerging Markets Buffers are implemented at annual review for the Emerging Markets component to provide stability and reduce turnover. A company will be added at the annual review if it rises to the 65 th position or above when ranked by Full Market Capitalisation. A company will be deleted at the annual review if it falls to the 86 th position or below when ranked by Full Market Capitalisation. ¹ Equivalent to 3.75% in the final index ² Equivalent to 15% in the final index ³ Equivalent to 2% in the final index FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

14 Section 6 Changes to Constituent Companies 6.0 Changes to Constituent Companies 6.1 New Issues Apart from replacement companies at quarterly reviews (see Rule 6.2); new issues will only be considered for inclusion in the FTSE Beyond BRICs Index at the next annual review. 6.2 Removal and Replacement A constituent will be removed from the index if it is also removed from the FTSE Emerging All Cap Index or the FTSE Frontier universe (see Rule 4.1). The deletion will be concurrent with its deletion from its respective underlying index or universe If a constituent is deleted, it will be replaced with the highest ranked replacement constituent from the Investable Universe (see Rule 4.3). The replacement company will be selected from the Investable Universe and added to the index at the next quarterly review If a Country Classification change occurs causing a breach of the country limit or goes beyond the scope of the index (i.e. Developed or Unclassified status), the respective constituents will remain in the index until the next annual review If an ICB Industry Classification change occurs causing a breach of the industry limit, the company remains in the index and will be replaced at the next quarterly review with the highest ranked replacement constituent from the Investable Universe (see Rule 4.3) If a nationality change occurs causing a breach of the country limit, the company remains in the index and will be replaced at the next quarterly review with the highest ranked replacement constituent from the Investable Universe (see Rule 4.3). If the nationality change goes beyond the scope of the index (i.e. Developed or Unclassified status) the company will be removed from the index a minimum of 2 days after the nationality change. 6.3 Mergers, Restructuring and Complex Takeovers If the effect of a merger or takeover is that one constituent company is absorbed by another, the resulting company will remain a constituent of the index and a vacancy will be created. This vacancy will be filled by the highest ranked replacement constituent from the Investable Universe (see Rule 4.3) at the next quarterly review If a constituent is acquired by a non-constituent, the company will be removed from the index and replaced by selecting the highest ranking constituent from the Investable Universe (see Rule 4.3) at the next quarterly review. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

15 6.4 Splits and Demergers If an Index constituent has a spin-off or demerger, the newly spun-off company, after the completion of the corporate action, will remain in the index until the next quarterly review. At the next quarterly review the newly spun-off company will be removed from the Index. If a newly spun-off company is listed on an exchange not covered in Appendix C, the newly spun-off company will be removed from the index a minimum of 2 days after the completion of the corporate action. 6.5 Suspended Companies FTSE Russell s treatment can be found using the following link: Suspended_Companies_Rule.pdf FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

16 Section 7 Algorithm and Calculation Method 7.0 Algorithm and Calculation Method 7.1 Prices The FTSE Beyond BRICs Index will use actual last trade prices, where available. 7.2 Calculation Frequency The FTSE Beyond BRICs Index will be calculated on a real-time basis. 7.3 Index Calculation The FTSE Beyond BRICs Index is calculated using the algorithm described below: Where, N i1 p e i i s i d f i c i i=1,2,,n N is the number of securities in the index. p i is the latest trade price of the component security (or the price at the close of the index on the previous day). e i is the exchange rate required to convert the security s currency into the index s base currency. s i is the number of shares in issue used by FTSE Russell for the security, as defined in these Ground Rules. f i is the Investability Weighting Factor to be applied to a security to allow amendments to its weighting, expressed as a number between 0 and 1, where 1 represents a 100% free float. This factor is published by FTSE Russell for each security in the underlying index. c i is the Capping Factor to be applied to a security to correctly weight that security in the index. d is the divisor, a figure that represents the total issued share capital of the index at the base date. The divisor can be adjusted to allow changes in the issued share capital of individual securities to be made without distorting the index. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

17 Appendix A: Index Opening and Closing Hours Index Open Close FTSE Beyond BRICs Index Monday to Friday 00:30 21:10 Notes: 1. Timings are UK hours. 2. Reuters real time exchange rates are used in the real-time index calculations. 3. Exchange rates used in the End of Day calculations are WM/Reuters Closing Spot Rates, collected at 16:00 UK time. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

18 Appendix B: Eligible Countries The following countries are eligible to be included to the FTSE Beyond BRICs Index: Region Country Country Code Currency Name ISO Currency Code Asia Pacific Bangladesh BGD Bangladesh Taka BDT Indonesia INDO Indonesian Rupiah IDR Malaysia MAL Malaysian Ringgit MYR Pakistan PAK Pakistani Rupee PKR Philippines PHIL Philippines Peso PHP Sri Lanka SLK Sri Lankan Rupee LKR Thailand THAI Thai Baht THB Vietnam VNM Vietnamese Dong VND EMEA Africa Botswana BWA Botswana Thebe BWT Egypt EGY Egyptian Pound EGP Ghana GHA Ghanaian New Cedi GHS Ivory Coast CIV West African Franc XOF Kenya KEN Kenyan Shilling KES Mauritius MAU Mauritius Rupee MUR Morocco MAR Moroccan Dirham MAD Nigeria NGA Nigerian Naira NGN South Africa SAF South African Rand ZAR Tunisia TUN Tunisian Dinar TND EMEA Europe Bulgaria BGR Bulgarian Lev BGN Croatia HRV Croatian Kuna HRK Cyprus CYP Euro EUR Czech Republic CZE Czech Koruna CZK Estonia EST Euro EUR FYR Macedonia MKD Macedonian Denar MKD Kazakhstan KAZ Kazakhstan Tenge KZT Hungary HUN Hungarian Forint HUF Latvia LVA Euro EUR Lithuania LTU Euro EUR Malta MLT Euro EUR Poland POL Polish Zloty PLN Romania ROU Romanian New Leu RON Serbia RSB Serbian Dinar RSD Slovakia SVK Euro EUR Slovenia SVN Euro EUR Turkey TUR New Turkish Lira TRY FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

19 Region Country Country Code Currency Name ISO Currency Code EMEA Middle East Bahrain BHR Bahraini Dinar BHD Jordan JOR Jordanian Dinar JOD Oman OMN Omani Rial OMR Palestine PSE Jordanian Dinar or USD JOD/USD Qatar QA Qatari Rial QAR UAE UAE UAE Dirham AED Latin America Chile CHL Chilean Peso CLP Colombia COL Columbian Peso COP Mexico MEX Mexican Nuevo Peso MXN Peru PER Peruvian New Sol PEN Note: Argentina is not an eligible country for the FTSE Beyond BRICs Index. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

20 Appendix C: Closing Prices Used For Calculation The FTSE Beyond BRICs Index use 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 FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

21 Appendix D: Status of Index A Price Index, Total Return Index and Net of Tax Index will be calculated on a real-time basis in US Dollars. The FTSE Beyond BRICs Index may exist in the following states. A) Firm The Index is being calculated during Official Market Hours (see Appendix A). No message will be displayed against the Index value. B) Closed The Index has ceased all calculations for the day. The message 'CLOSE' will be displayed against the Index value calculated by FTSE Russell. C) Held During Official Market Hours, an Index has exceeded pre-set operating parameters and the calculation has been suspended pending resolution of the problem. The message 'HELD' will be displayed against the last Index value calculated by FTSE Russell. D) Indicative If there is a system problem or situation in the market that is judged to affect the quality of the constituent prices at any time when the Index is being calculated, the Index will be declared indicative (e.g. normally where a 'fast market' exists in the equity market). The message 'IND' will be displayed against the Index value calculated by FTSE Russell. The official opening and closing hours of the FTSE Beyond BRICs Index are set out in Appendix A. Variations to the official hours of the Index will be published by FTSE Russell. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22

22 Appendix E: Further Information A Glossary of Terms used in FTSE Russell s Ground Rule documents can be found using the following link: Glossary.pdf Further information on the FTSE Beyond BRICs Index is available from FTSE Russell. For contact details please visit the FTSE Russell website or contact FTSE Russell client services at info@ftserussell.com. Website: London Stock Exchange Group plc and its applicable group undertakings (the LSE Group ). The LSE Group includes (1) FTSE International Limited ( FTSE ), (2) Frank Russell Company ( Russell ), (3) FTSE TMX Global Debt Capital Markets Inc. and FTSE TMX Global Debt Capital Markets Limited (together, FTSE TMX ) and (4) MTSNext Limited ( MTSNext ). All rights reserved. The FTSE Beyond BRICs Index is calculated by FTSE or its affiliate, agent or partner. FTSE Russell is a trading name of FTSE, Russell, FTSE TMX and MTS Next Limited. FTSE, Russell, FTSE Russell MTS, FTSE TMX, FTSE4Good and ICB 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 the LSE Group or their respective licensors and are owned, or used under licence, by FTSE, Russell, MTSNext, or FTSE TMX. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by any member of the LSE Group nor their respective directors, officers, employees, partners or licensors for any errors or for any loss from use of this publication or any of the information or data contained herein. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Beyond BRICs Index or the fitness or suitability of the Index for any particular purpose to which it might be put. No member of the LSE Group 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 the LSE Group nor their respective directors, officers, employees, partners or licensors make any representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that 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 the LSE Group. Use and distribution of the LSE Group index data and the use of their data to create financial products require a licence with FTSE, Russell, FTSE TMX, MTSNext and/or their respective licensors. FTSE Russell FTSE Beyond BRICs Index, v2.4, January of 22