Ground Rules. FTSE Andean 40 Index v2.6

Transcription

1 Ground Rules FTSE Andean 40 Index v2.6 ftserussell.com January 2018

2 Contents 1.0 Introduction Management Responsibilities FTSE Russell Index Policies Eligible Securities Index Qualification Criteria Periodic Review of Constituent Companies Corporate Actions and Events Index Calculation Appendix A: Index Opening and Closing Hours Appendix B: Capping Methodology Appendix C: Status of Index Appendix D: Further Information FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

3 Section 1 Introduction 1.0 Introduction 1.1 This document sets out the Ground Rules for the construction and maintenance of the FTSE Andean 40 Index. 1.2 The FTSE Andean 40 Index is designed to represent the performance of the companies listed on Chile, Colombia and Peru stock exchanges, providing investors with a comprehensive and transparent way to measure the performance of the constituent companies. 1.3 The FTSE Andean 40 Index is calculated in USD. 1.4 The FTSE Andean 40 Index is calculated in real-time and published every 15 seconds. 1.5 Total Return Index values are published at the end of each working day. The Total Return Index includes income based on ex dividend adjustments. 1.6 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. 1.7 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, the index 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 to withstand, or otherwise address the possibility of changes to, or cessation of, the index series. 1.8 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 is accepted by FTSE Russell for any losses, damages, claims and expenses suffered by any person as a result of: 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 Andean 40 Index, v2.6, January of 21

4 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 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 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 the periodic reviews. 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 The maximum capping and the upper boundary of the Secondary Capping Band may be adjusted, or a capping level may be introduced at a rebalance to maintain US Regulated Investment Company (RIC) diversification compliance guidelines. RIC guidelines specify that aggregate weights of all issues with weights above 5% in the index cannot exceed 50% of the index and the weights of the top 5 constituents, in aggregate, should not exceed 60% of the index. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

5 Section 3 FTSE 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 Corporate Actions and Events Guide 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 3.2 Queries and Complaints FTSE Russell s complaints procedure can be accessed using the following link: FTSE_Russell_Benchmark_Determination_Complaints_Handling_Policy.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 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 Andean 40 Index is recalculated whenever errors or distortions occur that are deemed to be significant. Users of the FTSE Andean 40 Index are notified through appropriate media. For further information please 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. Index_Recalculation_Policy_and_Guidelines_Equity_Indexes.pdf FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

6 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 Andean 40 Index, v2.6, January of 21

7 Section 4 Eligible Securities 4.0 Eligible Securities 4.1 The universe of eligible constituents comprises of companies listed on Chile, Colombia and Peru stock exchanges Chile All classes of ordinary shares in issue, listed on the Santiago Stock Exchange are eligible for inclusion, subject to conforming to all other rules of eligibility, free float and liquidity Colombia Peru All classes of ordinary shares in issue and preference shares that have a listing on the Bolsa de Valores de Colombia (BVC) Stock Exchange are eligible for inclusion, subject to conforming to all other rules of eligibility, free float and liquidity. All classes of ordinary shares in issue listed on the Bolsa de Valores de Lima (BVL) and New York Stock Exchange. This universe may include both Peru listed depository receipts and New York listed shares, subject to conforming to all other rules of eligibility, free float and liquidity Additional Countries As equity markets develop in Bolivia and Panama, ordinary shares of companies listed on the Bolsa de Valores de Panama and the Bolsa Boliviana de Valores SA may be eligible for inclusion subject to conforming to all other rules of eligibility, free float and liquidity. 4.2 Multiple Lines Where there are multiple lines of equity capital in a company, all are included and priced separately, provided that: A. Both lines pass all screens (see Rules 5.1 to 5.3). B. The secondary line s full market capitalisation (i.e. before the application of any investability weightings) is greater than 25% of the full market capitalisation of the company s principle line. Should the market value of a secondary line that is already a constituent of the Index series fall below 20% at the next review, the secondary line is deleted from the Index. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

8 4.3 Convertible preference shares and loan stocks are excluded until converted. 4.4 Companies whose business is that of holding equity and other investments (e.g. Investment Trusts) which are assumed by the Industry Classification Benchmark as Subsector equity investment instruments (8985) and Non-equity investment instruments which are assumed by the Industry Classification Benchmark as Subsector non-equity investment instruments (8995) will not be eligible for inclusion. For further details on the Industry Classification Benchmark (ICB), please visit the FTSE Russell website. 4.5 Exchange Traded Funds (ETFs) and funds whose prices are a direct derivation of underlying holdings (e.g. Unit Trusts, Mutual Funds) are not eligible for inclusion. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

9 Section 5 Index Qualification Criteria 5.0 Index Qualification Criteria To be included in the index, a stock must pass free float, liquidity and size criteria. 5.1 Free Float A. A security that has a free float of less than or equal to 5% will be ineligible for the index. B. A security that has a free float greater than 5% but less than or equal to 15% will be eligible for the index providing the security s full market capitalisation (before the application of any investability weight) is greater than USD 2.5bn or local currency equivalent. C. The actual free float will be rounded up to the next highest whole percentage number. For further details on free float calculation please see Rule Investability Weightings Constituents of the FTSE Andean Index Series are adjusted for free float and foreign ownership limits. Further details on free float restrictions can be accessed using the following link: Free_Float_Restrictions.pdf A. Initial Weighting Free float is calculated using available published information rounded to 12 decimal places. Companies with a free float of 5% or below are excluded from the index. B. Foreign Ownership Restrictions FTSE Russell s index methodology takes account of the restrictions placed on the equity holdings of foreigners in a company where these have been imposed by a government, regulatory authority or the company's constitution. Where the presence of a foreign ownership restriction creates a limit on foreign ownership (the Foreign Ownership Limit or FOL) that is more restrictive than the calculated free float for a company, the precise Foreign Ownership Limit is used in place of the free float for the purposes of calculating the company s investability weight. If the foreign ownership restriction is less restrictive or equal to the free float restriction, the free float restriction is applied, subject to Rule A above. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

10 5.3 Liquidity Each security will be tested for liquidity on a quarterly basis by calculation of its monthly median of daily trading volume. Liquidity will be tested from the first business day of the review month of the previous year to the review cut-off date in the month prior to the review month. When calculating the median of daily trading volume of any security for a particular month, a minimum of 5 trading days in that month must exist, otherwise the month will be excluded from the test. For each month, the daily trading volume for each security is calculated as a percentage of the shares in issue for that day adjusted by the free float as at the review cut off date. These daily values are then ranked in descending order and the median is taken by selecting the value for the middle ranking day if there is an odd number of days and the mean of the middle two if there is an even number of days. Daily totals with zero trades are included in the ranking; therefore a security that fails to trade for more than half of the days in a month will have a zero median trading volume for that month. Any period of suspension will not be included in the test. The liquidity test will be applied on a pro-rata basis where the testing period is less than 12 months Share which do not turnover at least 0.035% of their shares in issue (after the application of any investability weightings) based on their median daily trading volume per month in ten of the twelve months prior to a full market review, are not eligible for inclusion in the Index An existing constituent which does not turnover at least 0.03% of its shares in issue (after the application of any investability weightings) based on their median daily trading volume per month in eight of the twelve months prior to a full market review, will not be eligible for inclusion in the Index New issues which do not have a twelve month trading record must have a minimum three month trading record when reviewed. They must turnover at least 0.035% of their shares in issue (after the application of any investability weightings*) based on their median daily trading volume each month, on a pro-rate basis since listing. *When testing liquidity the free float weight as at the last date in the testing period will be used for the calculation for the whole of that period In exceptional market conditions, if trading volumes are very low, the FTSE Russell may reduce the percentage figure stated in this Rule in order to avoid a large number of constituents being removed from the FTSE Andean 40 Index. This discretion may not be applied to individual securities. If the FTSE Russell intends to exercise this discretion, it must make a public statement to that effect at least one week prior to effective date of the quarterly review. 5.4 Size A security will be eligible for the Index providing its adjusted market capitalisation (after the application of any investability weight) is greater than or equal to 20 bps of the adjusted market capitalisation of Index at periodic review. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

11 Section 6 Periodic Review of Constituent Companies 6.0 Periodic Review of Constituent Companies 6.1 Review Dates The FTSE Andean 40 Index will be reviewed on a quarterly basis in March, June, September and December using market data as at the close of business on the last business day of the month prior to the review effective date Changes to the index will be implemented after close of business on the third Friday (i.e. effective Monday) in March, June, September and December FTSE Russell will be responsible for publicising the outcome of the periodic review. 6.2 Steps for Conducting a Review The underlying universe for the FTSE Andean 40 Index is all stocks that have a listing on Chile, Colombia and Peru stock exchanges as defined by Rules 4.1 to Screen all the stocks for free float, liquidity and size criteria. Please see Rules 5.1 to All eligible companies are ranked by each of the following: Full market capitalisation Liquidity Value companies by full market capitalisation (shares in issue * price), group secondary lines, and rank all eligible companies (not securities) by full market value All listed companies are given a rank according to their 6 months daily average value The final ranking number for each company is calculated by adding: the ranking of the full market capitalisation rank weighted at 1/3rd and the ranking of the 6 months daily average value traded weighted at 2/3rd. Example -: Stock A ranked 4 th on full market capitalisation and 1 st on 6 months daily average value traded. The number to be used for ranking stock A : 4*(1/3) + 1*(2/3) = The rules for inserting and deleting securities at the periodic review are designed to provide stability and reduce turnover in the selection of constituents of the FTSE Andean 40 Index while ensuring FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

12 that the Index continue to be representative of the market by including or excluding those securities which have risen or fallen significantly. A non-constituent will be included at the quarterly review if it rises to 35 th position or above in the Index universe. A stock will be deleted at the periodic review if it falls to 46 th position or below in the Index universe. Where a greater number of securities qualify to be included in the Index than those qualifying to be removed, the lowest ranking securities presently included in the Index will be removed to ensure that the number of securities remains constant. Likewise, where a greater number of securities qualify to be removed from the Index than those qualifying for inclusion, the highest ranking securities which are presently not in the Index will be included to match the number of securities being removed at the periodic review. 6.3 Reserve List FTSE Russell is responsible for publishing the five highest ranking non-constituents of the FTSE Andean 40 Index following each quarterly review. This Reserve List will be used in the event that one or more constituents are deleted from the FTSE Andean 40 Index during the period up to the next quarterly review of the Index. 6.4 Capping Dates The constituents of the FTSE Andean 40 Index are capped quarterly at the close of business on the third Friday in March, June, September and December using prices from close of business on the 2nd Friday of that month. The following data is used in the capping algorithm: A. a security s closing price adjusted for corporate events is used after the close of business on the second Friday of the review month. B. a security s shares in issue and its investability weight adjusted for corporate events is used on the next working day following the third Friday of the review month. 6.5 Capping Methodology Constituents Level Capping The constituents of the FTSE Andean 40 Index are capped at the time of the quarterly reviews. Any constituents whose weights are greater than 10% are capped at 10%. The weights of all lower ranking constituents are increased correspondingly. The weights of lower ranking constituents are then checked and if they range between 4.75% - 6% they will be capped at 4.75%. Please refer Appendix B for more details Country Level Capping FTSE Russell will be responsible for capping the countries in the FTSE Andean 40 Index to 50% at the time of review. Therefore for any country whose weight in the index at the time of the quarterly review if greater than 50%, the constituent in that country will be capped at 50%. This process is repeated until no country has a weight of larger than 50%. 6.6 Review of Capping Process After the capping is done, ensure that the following NYSE/RIC requirements are both satisfied: The weights of the top 5 constituents, in aggregate, should not exceed 60% of the index. Any stocks with weights that are equal or greater than 5%, in aggregate, should not exceed 50%. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

13 Section 7 Corporate Actions and Events 7.0 Corporate Actions and Events 7.1 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) 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 is required FTSE will provide notice advising of the timing of the change. 7.2 Shares in Issue Changes to the number of shares in issue for constituent securities are covered in the Corporate Actions and Events Guide. 7.3 New Issues The FTSE Andean 40 Index will not have intra-review additions New issues will be reviewed for index inclusion at the next quarterly review of the FTSE Andean 40 Index. 7.4 Investability Weightings Changes to free float for constituent securities are covered in the Corporate Actions and Events Guide. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

14 7.5 Removal and replacement When a constituent is deleted from the FTSE Andean 40 Index a vacancy will be created. This vacancy will be filled by selecting the highest average ranking company from the Reserve List (see Rule 6.3) as at the last review If the effect of a merger or takeover is that one constituent in the FTSE Andean 40 Index is absorbed by another constituent, the resulting company will remain a constituent of the FTSE Andean 40 Index, and a vacancy will be created. This vacancy will be filled by selecting the highest average ranking company from the Reserve List as at the last review If a constituent company in the FTSE Andean 40 Index is taken over by a non-constituent company, the original constituent will be removed and replaced by selecting the highest average ranking company from the Reserve List. The eligibility of the resultant entity will be assessed in full at the next quarterly review If a constituent company is split so as to form two or more companies, then the resulting companies will be eligible for inclusion as index constituents in the FTSE Andean 40 Index if they pass all Index qualification criteria. If a FTSE Andean 40 Index constituent splits into two or more companies, and where one or more of the new companies are eligible to remain in the index the FTSE Andean 40 Index will have more than 40 companies in the Index until the next review. 7.6 Suspension of Dealing Suspension of dealing rules can be found within the Corporate Actions and Events Guide If a suspended security is deleted from the indexes it will be replaced with the highest ranking company on the Reserve List. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

15 Section 8 Index Calculation 8.0 Index Calculation 8.1 Prices The FTSE Andean 40 Index uses actual trade prices for securities with local stock exchange quotations. Reuter s real-time spot currency rates are used in the index calculation. 8.2 Calculation Frequency The FTSE Andean 40 Index will be calculated in real-time and published every 15 seconds during their opening hours using real time prices. 8.3 Index Calculation The FTSE Andean 40 Index will be displayed to two decimal points The FTSE Andean 40 Index is calculated using the following formula: 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. This factor maps the investable market capitalisation of each stock to a notional market capitalisation for inclusion in the index. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

16 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 Andean 40 Index, v2.6, January of 21

17 Appendix A: Index Opening and Closing Hours Index Open Close FTSE Andean 40 Index 12:30 21:10 Notes: Closing values will be disseminated at 21:30. Timings are UK hours. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

18 Appendix B: Capping Methodology The algorithm is applied to each constituent of the FTSE Andean 40 that requires capping, i.e. any constituent whose uncapped weight is greater than 10%. The Constituent Capping Factor c i is given by: c i I Z p s i i f i p j s j f j jj Where, Stage 1 i denotes the security to be capped. j denotes an uncapped security. J is the subset of securities that are uncapped. p k is the official closing price of the k th security. s k is the number of shares in issue of the k th security. f k is the free float factor of the k th security. I is the percentage of the index represented by all uncapped constituents. Z is the percentage capping level. Step 1 The constituents in the FTSE Andean 40 Index are ranked by investible market capitalisation and the weight for each constituent in the Index is calculated. Step 2 any constituents whose weights are greater than 10% are capped at 10%. The weights of all lower ranking constituents are increased as a consequence of reducing the weights of the bigger stocks. The remaining lower ranking constituents are then checked and if they exceed 10% they are also capped at 10%. This process is repeated until no constituent weight exceeds 10%. Step 3 following the application of step 2, if there are any constituents whose individual weights range between 4.75% - 6%, the procedure moves onto stage 2 below. Otherwise no further action is required and the capping process is completed. Stage 2 Step 1 After the application of Stage 1, there are any constituents whose individual weights are greater than 4.75% and less than or equal to 6% then the constituent s weight is capped at 4.75%. The FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

19 weights of all lower ranking constituents are increased as a consequence of reducing the weights of the bigger stocks. Step 2 The weights of each constituent are checked and Stage 2 is repeated until no threshold is breached i.e. the process is repeated until the constituents whose individual weights lies between 4.75% and 6% are capped at 4.75%. Step 3 As a result of applying stage 2 there might be a case were stage one threshold is breached i.e. any constituents whose weights are greater than 10% are capped at 10%. In that case Stage 1 is repeated until no threshold is breached. Stage 3 Step 1 After the application of Stage 2 if any countries individual country weight in the index at the time of the quarterly review if greater than 50%, the constituent in that country will be capped at 50%. This process is repeated until no country has a weight of larger than 50%. Step 2 As a result of applying stage 3 there might be a case were stage one and two threshold is breached In that case Stage 1 and Stage 2 will be repeated until no threshold is breached. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

20 Appendix C: Status of Index The FTSE Andean 40 Index is calculated in real time and 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 values. The Official Closing Prices for the FTSE Andean 40 Index will be the Official Closing Price (see Appendix A). B) Closed When the index has ceased all calculations for the day, the message 'CLOSED' is displayed against the index value. C) Held During the firm period, the index has exceeded pre-set operating parameters and calculation has been suspended pending resolution of the problem. The message 'HELD' is displayed against the last index value calculated. D) Indicative If there is a system problem or a situation in the market that is judged to be affecting the quality of the constituent prices at any time when the index is being calculated, the index will be declared indicative. The message 'IND' will be displayed against the index value. The official opening and closing hours of the FTSE Andean 40 Index is set out in Appendix A. Variations to the official hours of the Index will be published by FTSE Russell. The FTSE Andean 40 Index will not be calculated on the day in which all of the constituent markets are closed for trading. FTSE Russell FTSE Andean 40 Index, v2.6, January of 21

21 Appendix D: 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 Andean 40 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 Andean 40 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 Andean 40 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 Andean 40 Index, v2.6, January of 21