道琼斯金砖四国50股指-详解.docx

道琼斯金砖四国50股指-详解 道琼斯金砖四国50股指(Dow Jones BRIC 50 Index)本条目包含过多不是中文的内容，欢迎协助翻译若已有相当内容译为中文，可迳自去除本模板目录 1 Introduction 2 Key Features 3 Index Construction Methodology 4 Periodic Review 5 Index Maintenance 6 Data Correction Policy 7 前十名成份股 8 资料摘要IntroductionThe Dow Jones BRIC 50 Index is designed to serve as the basis for index-linked products, particularly exchange-traded funds (ETFs) and derivatives. The index intends to represent the largest, most liquid stocks of companies in Brazil, Russia, India and the China Offshore region whose shares are available to international investors. The Dow Jones BRIC 50 Index is a composite of four subindexes covering Brazil, Russia, India, and China Offshore.The Dow Jones BRIC 50 Index is constructed by selecting companies from the Dow Jones Total Stock Market country indexes for Brazil, Russia, India and China Offshore. The China Offshore stock selection includes companies whose primary operations are in mainland China but whose stocks trade on the exchanges of Hong Kong and the U.S. Eligible stocks include H shares and ADRs/ADSes and U.S.-listed only stocks.The objective of the Dow Jones BRIC 50 Index is to optimize factors of greatest importance in an investable index; liquidity, turnover rate, transaction costs and tracking error against the broad-market benchmark.Key Features1.Base Date and ValueThe base date for The Dow Jones BRIC 50 Index is December 31, 2002, and its base value is 100.2.Index FormulaThe Dow Jones BRIC 50 Index is calculated using Laspeyres’ formula, meaning it measures price changes against a fixed-based-period quantity weight. A detailed explanation of the Laspeyres formula is provided in section 8.2 of the Guide to the Dow Jones Global Indexes.3.Dividend TreatmentThe Dow Jones BRIC 50 Index is calculated in both price-return and total-return forms in U.S. dollars and Euros. Dividend payments are not taken into account in the price index, whereas dividend payments net of taxes are reinvested in the index sample of the total-return index. Only extraordinary and special cash dividends are included in the index. Special dividends from non-operating income continue to be included in the index calculation.4.WeightingThe Dow Jones BRIC 50 Index is capitalization-weighted. The float-adjusted shares outstanding for each class of stock are used to determine the company’s market capitalization. Float adjustments are based on the rules in Section 7 of the Guide to the Dow Jones Global Indexes. The weighting of each component is capped at 10% of the index’s total market capitalization at the quarterly updates.5.DisseminationThe index is calculated and disseminated every 15 seconds whenever any of its primary exchanges are open. On exchange holidays, the previous day’s closing price for each affected stock is used for index calculation. If a corporate action becomes effective on an exchange holiday, the adjusted closing price for the previous business day is used.6.Stock PricesThe Dow Jones BRIC 50 Index is computed using the last-traded prices of its components during the official trading hours of its components’ primary exchanges. Index calculation begins when the first official opening component price is received. Until a particular stock opens, its adjusted closing price from the previous day is used in index computation. If trading in a stock is halted during a session, its last-traded price is used in all subsequent index computations until trading resumes. If trading is suspended before the opening, the stock’s adjusted closing price from the previous day is used to calculate the index.7.Input DataReal-time stock prices are provided by Reuters. The latest trading price is used for index calculation.The number of shares is determined separately for each class of stock. This information is obtained from a variety of data vendors. The data is also sourced from the companies themselves.Corporate actions are sourced from public news services, regulatory filings and data vendors. The companies themselves are used as an additional source.Float data is obtained from a variety of sources including data? vendors, exchanges, regulators and the companies themselves8.Computational PrecisionIndex values are available with six decimal precision (note: index values displayed by vendors are rounded to two decimal places). Index divisors are available with up to ten decimal places. Additional precision for index levels and divisors may be maintained internally for index adjustment purposes. Any values derived by the index calculation engine from a corporate action used for the divisor adjustments and index computations are rounded to six decimal places.Index Construction MethodologyStocks are selected within each country based on size and liquidity rankings, subject to buffers, and then are aggregated to create the index.。