FTSE Emerging incl. China Overseas
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1 FTSE Emerging incl. China Overseas non-r/qfii GDP Weighted Index Do you weight for the China A-shares inclusion? As the opening up of the Chinese equities market continues, international market participants are considering the effects of the re-classification of China s market status and the inclusion of China A-shares in global benchmark indexes. About the Index The FTSE Emerging incl. China Overseas non-r/qfii GDP Weighted Index has been created to prepare market participants for the future inclusion of China A-shares in FTSE s standard indexes and reflect the economic importance of China as opposed to the size of its equity market. Index Name FTSE Emerging incl China Overseas non-r/qfii GDP Weighted Index Underlying Universe FTSE Emerging Index FTSE China A Index FTSE China Overseas Index China s share of global GDP Compared to the traditionally used market capitalisationweighted indexes this index provides an alternative way to weight companies. The China A-share component is adjusted by GDP factor rather than market capitalisation to reflect the economic importance of China as opposed to its equity market size, thereby overcoming the perceived concentration risks in capitalisation-weighted indexes. The other emerging market countries are also weighted by GDP and subsequently the constituent companies make up those allocations based on their free float adjusted weights. Technical details Methodology The five year GDP forecasts at Purchasing Power Parity (PPP) published by the International Monetary Fund (IMF) in September prior to the annual review date determine the GDP weighting Objective The indexes have been designed for use as performance benchmarks or for the use in the creation of index tracking products Available currencies USD, EUR, GBP, JPY and AUD Classification The indexes are calculated in accordance with the Industry Classification Benchmark (ICB), the global standard for industry sector analysis Review dates Quota weights are adjusted quarterly during periodic reviews in March, June, September and December Transparent The indexes use a transparent, rulesbased construction process. Index rules are freely available on the FTSE website History History available from 16 March 2001 ftserussell.com 1
2 FTSE Emerging incl. China Overseas non-r/qfii GDP Weighted Index structure FTSE Emerging Index FTSE China A Index (A-shares) Weight by GDP FTSE China Overseas Index (N-shares) FTSE Emerging incl. China Overseas non-r/qfii GDP Weighted Index The GDP Weighted Index consists of the FTSE Emerging Index, FTSE China A Index and FTSE China Overseas Index (N-Shares). With the inclusion of the main overseas Chinese share classes, the index captures the performance of Chinese companies which may be excluded by standard index methodologies. This innovative approach also means that important Chinese internet companies with U.S. listings such as Alibaba and Baidu are represented in the index, providing users with an accurate representation of the global China opportunity set. Index uses As the index is constructed of companies in emerging markets, China A-shares and N-shares, each weighted by GDP, it may be used by participants interested in the breadth of emerging markets and incrementally increasing exposure to Chinese companies over time. Accessibility of the China A-shares market Under the current regulations in the People s Republic of China (PRC), foreign investors and institutions are only allowed access to the local Chinese market via the two official quota schemes called, Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII). QFII refers to a number of large financial institutions known as Qualified Foreign Institutional Investors who have obtained a QFII licence and approved quota to directly invest in A-share equities listed on the Shanghai and Shenzhen exchanges using offshore currency accounts. After obtaining the licence, the investors would need their investment quota approved by the State Administration of Foreign Exchange (SAFE) before they can invest in the local Chinese market. RQFII refers to the Renminbi Qualified Foreign Institutional Investors program which launched at the end of It is a modified version of QFII that facilitates foreign investment in the mainland via offshore Renminbi (RMB) accounts. RQFII participants can invest in the same range of investment products as QFIIs. London, Singapore and Paris have joined Hong Kong as the offshore markets allowed to use Renminbi to invest in Chinese securities under the RQFII scheme. About FTSE in China FTSE is the leading international provider of Chinese indexes With over 13 years of experience developing China market indexes, FTSE s China benchmarks have become globally recognised by investors and ETF issuers The leading measures of the China equity market and the natural choice for creating China-themed investment products In 2014, FTSE expanded its range of China benchmarks with the launch of the FTSE China Global R/QFII Index Series, a series of benchmarks providing market participants with choice of how to include China A-Shares in global benchmarks FTSE operates from 14 global offices, including two locations in China (Shanghai and Beijing) and our Asia-Pacific regional hub in Hong Kong Voted Best Beta Index Provider in the Asset Asian Awards Private Banking, Wealth Management and Investment Awards
3 GDP weighting of emerging markets From time to time the weighting of certain countries within capitalisation-weighted equity indexes may diverge significantly from those countries share of global GDP. GDP-weighted equity indexes break the link between country weightings and market size by setting country weightings in proportion to GDP, rather than the aggregate of individual companies (and therefore countries ) market capitalisations. There is a tendency for growth markets to be underweight in traditional indexes when their capital markets are less developed or less open to foreign investors compared with developed markets. There is also a potential for capital market catch up in large emerging economies, which can be seen when comparing market capitalisation of a market or country by percentage of GDP. Developed markets often trade at a multiple to their respective GDP while emerging markets are at a fraction of their GDP. As emerging markets, such as China and India, implement policies and reform, and further develop trading infrastructure their capital markets have potential to represent to their actual economic size. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Market Cap as a % of GDP Developed Emerging Frontier 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% United States Japan Germany United Kingdom Market Cap as a % of GDP Australia Switzerland China India Indonesia Mexico Turkey Source: World Bank, data as at December 31, 2012 Chinese equities definitions Share Type Definition Included in Index? A-Shares Chinese companies incorporated in mainland China and listed on the Shanghai or Shenzhen exchanges. Denominated in RMB. Available to foreign institutional Yes investors through quota schemes B-Shares Chinese companies incorporated in mainland China and listed on the Shanghai or Shenzhen exchanges. Denominated in HKD or USD and available to foreign investors Yes H-Shares Chinese companies incorporated in mainland China and listed on the Hong Kong Stock Exchange Yes N-Shares Chinese companies listed on the New York Stock Exchange or NASDAQ Exchange Yes Red Chips State owned Chinese companies incorporated in mainland China and listed on the Hong Kong Stock Exchange Yes P-Chips Chinese companies listed in Hong Kong and incorporated in Bermuda, Cayman Islands or British Virgin Islands Yes S-Chips Chinese companies listed on the Singapore Stock Exchange Yes 3
4 For more information about our indexes, please visit ftserussell.com London Stock Exchange Group companies. London Stock Exchange Group companies includes FTSE International Limited ( FTSE ), Frank Russell Company ( Russell ), MTS Next Limited ( MTS ), and FTSE TMX Global Debt Capital Markets Inc ( FTSE TMX ). All rights reserved. FTSE, Russell, MTS, FTSE TMX and and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence. 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 the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their 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 Indexes or the fitness or suitability of the Indexes for any particular purpose to which they might be put. The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no 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 London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies index values and the use of their indexes to create financial products require a licence with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors. The Industry Classification Benchmark ( ICB ) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB. Past performance is no guarantee of future results. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual trading of investable assets. Certain returns shown may reflect backtested performance. All performance presented prior to the index inception date is back-tested performance. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index was officially launched. However, back-tested data may reflect the application of the index methodology with the benefit of hindsight, and the historic calculations of an index may change from month to month based on revisions to the underlying economic data used in the calculation of the index. 4
5 About is a leading global provider of benchmarking, analytics and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles or strategies. index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing to continually enhance the breadth, depth and reach of its offering. is wholly owned by London Stock Exchange Group. For more information, visit To learn more, visit index@russell.com, info@ftse.com; or call your regional Client Service Team office: EMEA +44 (0) North America Asia-Pacific Hong Kong Tokyo Sydney +61 (0)
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