FTSE Renaissance Global IPO Index Series Ground Rules v1.4x

Version 1.4 April 2013 

GROUND RULES FOR THE 

MANAGEMENT OF THE 

FTSE RENAISSANCE 

GLOBAL IPO INDEX SERIES

TABLE OF CONTENTS 

FTSE Renaissance Global IPO Index Series 

1.0 Introduction 

2.0 Status of Indices 

3.0 Index Management 

4.0 Eligible Securities 

5.0 Index Qualification Criteria & Periodic Review of Constituents 

6.0 Free Float Determination 

7.0 Changes to Constituent Companies 

8.0 Changes to Shares in Issue 

9.0 Index Calculation 

10.0 Capping Methodology 

FTSE Renaissance US IPO Investable Index 


FTSE Renaissance Hong Kong/China Top IPO Index 


APPENDICES 

Appendix A – Opening and Closing Times 

Appendix B – Eligible Markets 

Appendix C – Eligible Securities 

Appendix D – Classification of Constituent Companies 

Appendix E – Closing Prices Used for Calculation 

Appendix F – Further Information 

Ground Rules for the Management of the FTSE Renaissance Global IPO Index Series 2 

Version 1.4 April 2013

SECTION 1 

1.0 INTRODUCTION 

1.1 This paper sets out the Ground Rules for the management of the FTSE Renaissance Global 

IPO Index Series. Copies of the Ground Rules are available from FTSE on the website 

www.ftse.com. 

1.2 The FTSE Renaissance Global IPO Index Series was created jointly by FTSE Group (“FTSE”), a 

global index provider and calculator of indices, and Renaissance Capital International LLC 

(“Renaissance”), a Greenwich, CT based leading provider of independent research on newly 

public companies. 

1.3 The FTSE Renaissance Global IPO Index Series currently contains the following indices: 

GLOBAL 

FTSE Renaissance Global IPO Index (IPOSG) 

The FTSE Renaissance Global IPO Index is designed to capture the essence of IPO activity 

and performance. Qualified IPOs are added to the Index at the end of their first trading day 

and removed from the Index after approximately two years when they become seasoned 

equities. The Index reflects the investability of its constituents by using a free float-adjusted 

weighting approach and includes all institutionally-investable IPOs in developed and emerging 

markets (as defined in Appendix B) of operating companies that list with an initial investable 

market capitalization of at least USD 100 million. 

FTSE Renaissance Global IPO Capped Index (IPOSGC) 

The FTSE Renaissance Global IPO Capped Index is a capped version of the FTSE Renaissance 

Global IPO Index, in which stocks are capped at 5% in conjunction with each quarterly 

review, at the time a new IPO is added to the Index, or when a corporate event causes the 

investable market capitalization of a constituent to exceed 5% of the total index investable 

market capitalization. The index follows the capping methodology set forth in Section 10. 

FTSE Renaissance Global ex US IPO Index (IPOSXU) 

The FTSE Renaissance Global ex US IPO Index is designed to mirror the FTSE Renaissance 

Global IPO Index with the exception that IPOs whose primary trading market is in the United 

States are excluded. 

FTSE Renaissance Global ex Japan IPO Index (IPOSXJ) 

The FTSE Renaissance Global ex Japan IPO Index is designed to mirror the FTSE Renaissance 

Global IPO Index with the exception that IPOs whose primary trading market is in Japan are 

excluded. 



SECTION 1 

AMERICAS 

FTSE Renaissance US IPO Index (IPOS) 

The FTSE Renaissance US IPO Index is designed to capture the essence of IPO activity and 

performance for new issues whose primary trading market is the United States. 

FTSE Renaissance US IPO Investable Index (IPOST) 

The FTSE Renaissance US IPO Investable Index is designed to mirror the FTSE Renaissance 

US IPO Index while avoiding turnover associated with constituents that have a minimal impact 

on Index performance. The FTSE Renaissance US IPO Investable Index reflects 

approximately the top 80% of the FTSE Renaissance US IPO Index in full market capitalization 

terms, and it follows the same methodology as the FTSE Renaissance US IPO Index, except as 

set forth in Section 11. 

FTSE Renaissance US IPO Capped Index (IPOSC) 

The FTSE Renaissance US IPO Capped Index is a capped version of the FTSE Renaissance US 

IPO Index, in which stocks are capped at 5% in conjunction with each quarterly review, at the 

time a new IPO is added to the Index, or when a corporate event causes the investable 

market capitalization of a constituent to exceed 5% of the total index investable market 

capitalization. The index follows the capping methodology set forth in Section 10. 

FTSE Renaissance North America IPO Index (IPOSNA) 

The FTSE Renaissance North America IPO Index is designed to capture the essence of IPO 

activity and performance for new issues whose primary trading market is in Canada or the US. 

FTSE Renaissance Americas ex US IPO Index (IPOSAMXU) 

The FTSE Renaissance Americas ex US IPO Index is designed to capture the essence of IPO 

activity and performance for new issues whose primary trading market is in North America 

and Latin America with the exception that IPOs whose primary trading market is in US are 

excluded. 

FTSE Renaissance Latin America IPO Index (IPOSLM) 

The FTSE Renaissance Latin America IPO Index is designed to capture the essence of IPO 

activity and performance for new issues whose primary trading market is in Latin America. 

FTSE Renaissance IPO Country Indices 

The following country indices are designed to measure the essence of IPO activity and 

performance in each eligible market in the Americas region, and are a subset of the FTSE 

Renaissance Global IPO Index: 

• FTSE Renaissance Brazil IPO Index (IPOSBR) 

• FTSE Renaissance Canada IPO Index (IPOSCN) 

• FTSE Renaissance Chile IPO Index (IPOSCH) 

• FTSE Renaissance Colombia IPO Index (IPOSCO) 

• FTSE Renaissance Mexico IPO Index (IPOSMX) 

• FTSE Renaissance Peru IPO Index (IPOSPU) 



SECTION 1 

ASIA PACIFIC 

FTSE Renaissance Asia Pacific ex Japan IPO Index (IPOSAP) 

The FTSE Renaissance Asia Pacific ex Japan IPO Index is designed to capture the essence of 

IPO activity and performance in the Asia Pacific ex Japan region. 

FTSE Renaissance Hong Kong/China Top IPO Index (IPOSHKT) 

The FTSE Renaissance Hong Kong/China Top IPO Index is comprised of the largest Hong 

Kong listed companies, including Chinese Red Chips, P Chips and H-Shares, selected from the 

FTSE Renaissance Asia Pacific ex Japan IPO Index and follows the methodology of the FTSE 

Renaissance Asia Pacific ex Japan IPO Index, except as set forth in Section 12. 

FTSE Renaissance Asia ex HK/China ex Japan IPO Index (IPOSA) 

The FTSE Renaissance Asia ex HK/China ex Japan IPO Index is a subset of the FTSE 

Renaissance Asia Pacific ex Japan IPO Index, and includes only stocks from the following 

countries: India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan 

and Thailand. Stocks are capped at 20%. The index follows the capping methodology set 

forth in Section 10. 



performance in each eligible market in the Asia Pacific region, and are a subset of the FTSE 


• FTSE Renaissance Australia IPO Index (IPOSAU) 

• FTSE Renaissance China IPO Index (IPOSCI) 

• FTSE Renaissance Hong Kong IPO Index (IPOSHK) 

• FTSE Renaissance Indonesia IPO Index (IPOSIN) 

• FTSE Renaissance India IPO Index (IPOSID) 

• FTSE Renaissance Japan IPO Index (IPOSJP) 

• FTSE Renaissance Korea IPO Index (IPOSKR) 

• FTSE Renaissance Malaysia IPO Index (IPOSMA) 

• FTSE Renaissance New Zealand IPO Index (IPOSNZ) 

• FTSE Renaissance Pakistan IPO Index (IPOSPA) 

• FTSE Renaissance Philippines IPO Index (IPOSPH) 

• FTSE Renaissance Singapore IPO Index (IPOSSI) 

• FTSE Renaissance Taiwan IPO Index (IPOSTW) 

• FTSE Renaissance Thailand IPO Index (IPOSTH) 



SECTION 1 

EUROPE, MIDDLE EAST AND AFRICA (EMEA) 

FTSE Renaissance EMEA IPO Index (IPOSE) 

The FTSE Renaissance EMEA IPO Index is designed to capture the essence of IPO activity and 

performance in Europe, the Middle East and Africa. 

FTSE Renaissance EMEA IPO Capped Index (IPOSEC) 

The FTSE Renaissance EMEA IPO Capped Index is a capped version of the FTSE Renaissance 

EMEA IPO Index, in which stocks are capped at 5% in conjunction with each quarterly review, 

at the time a new IPO is added to the Index, or when a corporate event causes the investable 

market capitalization of a constituent to exceed 5% of the total index investable market 

capitalization. The index follows the capping methodology set forth in Section 10. 



performance in each eligible market in the EMEA region, and are a subset of the FTSE 


• FTSE Renaissance Austria IPO Index (IPOSAA) 

• FTSE Renaissance Belgium/Luxembourg IPO Index (IPOSBL) 

• FTSE Renaissance Czech Republic IPO Index (IPOSCZ) 

• FTSE Renaissance Denmark IPO Index (IPOSDK) 

• FTSE Renaissance Egypt IPO Index (IPOSEY) 

• FTSE Renaissance Finland IPO Index (IPOSFL) 

• FTSE Renaissance France IPO Index (IPOSFR) 

• FTSE Renaissance Germany IPO Index (IPOSGR) 

• FTSE Renaissance Greece IPO Index (IPOSGE) 

• FTSE Renaissance Hungary IPO Index (IPOSHU) 

• FTSE Renaissance Ireland IPO Index (IPOSIR) 

• FTSE Renaissance Israel IPO Index (IPOSIS) 

• FTSE Renaissance Italy IPO Index (IPOSIT) 

• FTSE Renaissance Morocco IPO Index (IPOSMC) 

• FTSE Renaissance Netherlands IPO Index (IPOSNL) 

• FTSE Renaissance Norway IPO Index (IPOSNO) 

• FTSE Renaissance Poland IPO Index (IPOSPO) 

• FTSE Renaissance Portugal IPO Index (IPOSPG) 

• FTSE Renaissance Russia IPO Index (IPOSRU) 

• FTSE Renaissance South Africa IPO Index (IPOSSA) 

• FTSE Renaissance Spain IPO Index (IPOSSP) 

• FTSE Renaissance Sweden IPO Index (IPOSSN) 

• FTSE Renaissance Switzerland IPO Index (IPOSSW) 

• FTSE Renaissance Turkey IPO Index (IPOSTU) 

• FTSE Renaissance UK IPO Index (IPOSUK) 

• FTSE Renaissance UAE IPO Index (IPOSUA) 



SECTION 1 

EMERGING MARKETS 

FTSE Renaissance Emerging Markets IPO Index (IPOSEM) 

The FTSE Renaissance Emerging Markets IPO Index is designed to capture the essence of IPO 

activity and performance in emerging markets. The Index is a subset of the FTSE 

Renaissance Global IPO Index and includes stocks from the following countries: Brazil, Chile, 

China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, 

Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey 

and the UAE. 

1.4 The Index Series is constructed to provide investors with an accurate and comprehensive IPO 

performance measurement. The key considerations in constructing the Index Series include: 

a) A transparent and rules-based process for security selection, constituent weightings, and 

corporate actions 

b) A balance between total market coverage and investability 

c) Minimization of index turnover 

1.5 The FTSE Renaissance Global IPO Index Series is calculated in USD on a real time basis. 

1.6 The FTSE Renaissance Global IPO Index Series is calculated in US Dollar, Euro, UK Pound 

Sterling and Japanese Yen and will be provided on an end of day basis. 

1.7 Price Index Values are calculated on a real time basis every 15 seconds. Price and Total 

Return Indices are published at the end of each working day. The Total Return Indices are 

based on ex-dividend adjustments. 



SECTION 2 

2.0 STATUS OF INDICES 

2.1 The FTSE Renaissance Global IPO Index Series is calculated in US Dollars on a real time basis 

and may exist in the following states. 

a) Firm 

i. The indices are being calculated during Official Market Hours (see Appendix A). No 

message will be displayed against the index value. 

ii. Official Closing Prices for the FTSE Renaissance Global IPO Index Series will be 

based on the Exchange Official Closing Prices for each country as set forth in 

Appendix E. 

b) Closed 

The indices have ceased all calculations for the day. The message 'CLOSE' will be 

displayed against the index value calculated by FTSE. 

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. 

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 an 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. 

e) Part 

If the index is being calculated during the normal Official Index Period hours, but there 

are less than 75% of the constituents by capitalization available with firm prices, then the 

index will be displayed with the message 'PART' to indicate that only a proportion of the 

securities prices are included. With the exception of the message 'PART', the index will 

continue to be calculated and displayed as if it were firm. 

2.2 The official opening and closing hours of the FTSE Renaissance Global IPO Index Series are 

set out in Appendix A. Variations to the official hours of the indices will be published by FTSE. 

2.3 US Dollar, Euro, UK Pound Sterling and Japanese Yen values will be calculated on an end-ofday 

basis. 



SECTION 3 

3.0 INDEX MANAGEMENT 

3.1 Management Responsibilities 

3.1.1 FTSE is responsible for the calculation and dissemination of the FTSE Renaissance Global IPO 

Index Series. 

3.1.2 Renaissance is responsible for assessing the eligibility of new Index constituents based on 

predetermined index qualification criteria. 

3.2 Index Committee 

3.2.1 The FTSE Renaissance Global IPO Index Series is overseen by the Index Committee. The role 

of the Index Committee is to ensure transparency and maintain rules-based processes for 

security selection, constituent weightings and corporate actions. The Index Committee is 

responsible for undertaking the periodic review of constituents, approving constituent changes 

and maintaining these Ground Rules. 



SECTION 4 

4.0 TREATMENT OF ELIGIBLE SECURITIES 

4.1 Determining Nationality 

4.1.1 A company will be allocated a single country. 

4.1.2 If a company is incorporated in one country and has its sole listing in the same country, FTSE 

will allocate the company to that country. 

4.1.3 If a company is incorporated in a country, however, is not listed on an eligible exchange 

within the country of incorporation FTSE may assign a Nationality based on alternative 

listings. FTSE will normally assign the company to the country which exhibits the greatest 

liquidity. 

4.1.4 The country of Nationality can be assessed at any time subject to the company listing on 

other eligible exchanges or where the liquidity in the company moves from the country of 

Nationality to an alternative eligible exchange. 

4.1.5 The Nationality of a company may be changed subject to the company being assigned a 

country by the FTSE Nationality Committee. 

4.2 Eligible Securities 

A) Companies included 

Most equities are eligible for the Index. For a full list of eligible securities, please see 

Appendix C. 

B) Companies excluded 

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. Certain non-operating REITs, trusts, blank check 

companies/special purpose acquisition companies (SPACs) and non-operating limited/general 

partnerships are also not eligible for inclusion in the FTSE Renaissance IPO Index. 

C) Securities included 

Shares listed on a stock exchange or recognised markets are eligible for inclusion. 

For a list of regions and their component countries please see Appendix B. 

D) Securities excluded 

Convertible preference shares and loan stocks are excluded - until converted. 

Where a company does not list all its shares in an eligible class, or does not list an entire 

class, the unlisted shares are not eligible for the Index. 



SECTION 4 

4.3 Stapled Units 

4.3.1 For details of the treatment of stapled units within the indices, please see Appendix J of the 

FTSE Global Equity Index Series Ground Rules. 

4.4 Treatment of Tracking Stocks 

4.4.1 For details of the treatment of Tracking Stocks within the indices, please see Appendix K of 

the FTSE Global Equity Index Series Ground Rules. 



SECTION 5 

5.0 INDEX QUALIFICATION CRITERIA & PERIODIC REVIEW OF 

CONSTITUENTS (FTSE RENAISSANCE GLOBAL IPO INDEX) 

5.1 All companies that satisfy Section 4 are eligible for inclusion in the FTSE Renaissance Global 

IPO Index, providing they pass the size and free float screens detailed below. IPOs are added 

to the Index at the end of their first trading day. 

5.2 Index constituents are removed from the FTSE Renaissance Global IPO Index after 

approximately two years, unless a corporate action or failure to satisfy the three screens 

detailed below in Rule 5.5 triggers an earlier elimination. All Index constituents that exceed 

500 trading days are removed at the next quarterly review (after the close on the third Friday 

of March, June, September or December). 

5.2.1 Existing constituents that fail to satisfy the Index Qualification Criteria are permanently 

deleted from the FTSE Renaissance Global IPO Index. 

5.2.2 In any event, the FTSE Renaissance US IPO Investable Index and the FTSE Renaissance Hong 

Kong/China Top IPO Index will maintain a minimum of 20 constituents. If the number of 

Index constituents were to decline to the minimum level of 20 constituents, the following 

steps would be taken: 

a) IPO deletions would be suspended until the next IPO addition. Deletions would 

recommence when a new eligible IPO is added to the Index. 

b) If two or more stocks had the same IPO addition date and, after approximately 500 

trading days, their dual deletion would result in the number of Index constituents falling 

below 20, then the Index would retain the constituent with the largest free-float adjusted 

market capitalization. 

c) In the event a constituent’s elimination due to a merger, acquisition, delisting or 

bankruptcy were to cause the number of Index constituents to decline below the 

minimum level of 20, then the stock to be added to the Index in place of the eliminated 

constituent would be determined by the Index Committee. The elimination and addition 

of such constituents would occur in one simultaneous transaction. 

5.3 Periodic Review Dates 

5.3.1 The FTSE Renaissance Global IPO Index will be reviewed quarterly in March, June, September 

and December using data as at the close of business on the last day in February, May, August 

and November respectively. 

5.3.2 The quarterly review will be implemented on the next working day after the close of business 

on the third Friday in March, June, September and December. 

5.3.3 Details of the outcome of each review will be announced as soon as possible in March, June, 

September and December. 

5.4 Review Process 

5.4.1 Index constituents are screened for size, liquidity and free float on a quarterly basis. 



SECTION 5 

5.5 Screening Process 

5.5.1 Screen One – Size Rule 

IPOs are required to have an initial investable market capitalization of at least USD 100 

million, based on an initial IPO price, total shares in issue and free float as of 2 trading days 

prior to the first day of trading. Existing constituents, whose investable market capitalization 

is below USD 75 million at the close of business on the last day in February, May, August and 

November, are permanently removed from the Index in conjunction with the quarterly review. 

5.5.2 Screen Two – Liquidity 

FTSE will screen for liquidity on a quarterly basis in March, June, September and December. 

Each security will be tested for liquidity by calculation of its median daily trading per month. 

The median trade is calculated by ranking each daily trade total and selecting the middle 

ranking day. 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 trade. 

a) Existing constituent securities which do not turnover at least 0.04% of their free-float 

adjusted shares in issue based on their median daily trade per month in eight of the 

twelve months prior to the index review, will be permanently removed from the FTSE 

Renaissance Global IPO Index. 

b) Existing constituents that have been trading for three months or less must turnover at 

least 0.04% for every month. 

c) Existing constituents that have been trading for more than three months and less than 

twelve months are tested on a pro-rata basis. 

5.5.3 Screen Three – Free Float 

Free float reflects only those shares that are publicly available for trading. Each constituent’s 

free float is calculated as a percentage of its total shares in issue. Further details on free float 

are outlined in Section 6. 

a) A constituent that has a free float of less than 5% will be ineligible for the index. 

b) If a constituent’s free float falls below the minimum threshold required during scheduled 

quarterly reviews, it will be permanently removed from the FTSE Renaissance Global IPO 

Index at the close of business on the third Friday in March, June, September and 

December. 



SECTION 6 

6.0 FREE FLOAT DETERMINATION 

6.1 All Index constituents are evaluated and weighted based on free float-adjusted market 

capitalization. Eligible companies may be subject to adjustment for free float and multiple 

lines. 

6.2 Free Float - Investability Weightings 

Constituents of the FTSE Renaissance Global IPO Index are adjusted for free float and foreign 

ownership limits. 

6.3 Free float restrictions include: 

• Shares directly owned by State, Regional, Municipal and Local governments (excluding 

shares held by independently managed pension schemes for governments). 

• Shares held by Sovereign Wealth Funds where each holding is 10% or greater. If the 

holding subsequently decreases below 10%, the shares will remain restricted until the 

holding falls below 7%. 

• Shares held by directors, senior executives and managers of the company, and by their 

family and direct relations, and by companies with which they are affiliated. 

• Shares held within employee share plans. 

• Shares held by public companies or by non-listed subsidiaries of public companies. 

• Shares held by founders, promoters, former directors, founding venture capital and 

private equity firms, private companies and individuals (including employees) where the 

holding is 10% or greater. If the holding subsequently decreases below 10%, the shares 

will remain restricted until the holding falls below 7%. 

• All shares where the holder is subject to a lock-in clause (for the duration of that 

clause)*. 

• Shares held for publicly announced strategic reasons, including shares held by several 

holders acting in concert. 

• Shares that are subject to on-going contractual agreements (such as swaps) where they 

would ordinarily be treated as restricted. 

* Free Float changes resulting from the expiry of a lock-in will be implemented at the next 

quarterly review subsequent to there being a minimum of 20 business days between the lockin 

expiry date and the index review date. 

6.3.1 The following are not considered as restricted free float: 

• Portfolio holdings (such as pension and insurance funds) ** 

• Nominee holdings (unless they represent restricted free float as defined by Rule 6.3) 

• Holdings by investment companies ** 

• ETFs 

** Where any single portfolio holding is 30% or greater it will be regarded as strategic and 

therefore restricted. The shares will remain restricted until the holding falls below 27%. 

6.4 Initial Weighting 

Free float restrictions will be calculated using available published information. For Equity 

Shares of companies which have been admitted to the Index that have a free float greater 

than 5%, the actual free float will be rounded up to the next highest whole percentage 

number. Companies with a free float of 5% or below are not eligible for inclusion in the 

Index. 



SECTION 6 

6.5 Changes in Free Float 

The FTSE Renaissance Global IPO Index is periodically reviewed for changes in free float. 

Changes are implemented at the close of business on the third Friday in March, June, 

September and December, unless a corporate event, such as a secondary offering or share 

conversion, causes a significant change in free float which would trigger movement to a new 

percentage, in which case the changes are implemented with a minimum of 4 days notice. 

If a corporate event includes a corporate action which affects the index, any change in free 

float will be implemented at the same time as the corporate action. If there is no corporate 

action, the change in free float will be applied as soon as possible after the corporate event, 

subject to Rule 6.6. 

6.6 Percentage Point Thresholds 

Following the application of an initial free float restriction, a constituent’s free float will only be 

changed if its rounded free float moves to more than 3 percentage points above or below the 

existing rounded free float. Where a company’s actual free float moves to above 99%, it will 

not be subject to the 3 percentage points threshold and will be rounded to 100%. 

A constituent with a free float of 15% or below will not be subject to the 3 percentage points 

threshold. 

6.7 Foreign Ownership Restrictions 

Foreign ownership restrictions, if any, will be applied after calculating the actual free float 

restriction as detailed in Section 6. 

If the foreign ownership restriction is more restrictive than the free float restriction, the 

precise foreign ownership restriction is applied. 

If the foreign ownership restriction is less restrictive or equal to the free float restriction, the 

free float restriction is applied, subject to Rule 6.4. 



SECTION 7 

7.0 CHANGES TO CONSTITUENT COMPANIES 

7.1 Impact of Changes to Constituents 

7.1.1 The composition of the FTSE Renaissance Global IPO Index may change as a result of 

decisions or events which affect one or more of the constituent securities. 

7.2 Additions Outside of a Review 

7.2.1 The FTSE Renaissance Global IPO Index is a dynamic index that includes IPOs, which qualify 

under Sections 4 and 5, after the close of business on their first trading day. 

7.2.2 In the case of a constituent company that is split and forms two or more companies by issuing 

new equity to existing shareholders, then the resulting companies will be eligible to continue 

as constituents in the FTSE Renaissance Global IPO Index as their predecessor company if 

they continue to pass the size, liquidity and free float screens set forth in Section 5. The two 

resultant companies will remain in the Index for the same number of days as the predecessor 

would have before the split occurred. 

7.3 Deletions Outside of a Review 

7.3.1 Index constituents are removed from the FTSE Renaissance Global IPO Index when they 

exceed 500 trading days. This action occurs after the close on the third Friday at the next 

quarterly review after the 500 trading days have alapsed. 

7.3.2 A stock will be deleted from the FTSE Renaissance Global IPO Index in the event the 

constituent is delisted from its stock exchange, enters bankruptcy, becomes insolvent or is 

liquidated. 

7.3.3 Deletion on the effective date 

If an existing constituent is acquired for cash or ineligible paper or by a non-quoted company 

in its own or another country, then the existing constituent is deleted on the effective date of 

the acquisition from the FTSE Renaissance Global IPO Index. 

7.3.4 Deletion after confirmation 

Constituents will be deleted from the Index when confirmation is received that acceptance 

levels have reached a minimum of 85% and that any new shares of the bidding company (if 

applicable) are listed. A company deleted following a takeover, with a remaining free float of 

15% or less, will be permanently removed from the FTSE Renaissance Global IPO Index. 

7.4 Mergers and Take-overs 

7.4.1 If a constituent is acquired by a non-constituent, the company will be removed from the FTSE 

Renaissance Global IPO Index. 

7.4.2 Where two Index constituents merge, or one Index constituent is acquired by another 

constituent, the resulting new company will be eligible for inclusion in the FTSE Renaissance 

Global IPO Index. The resultant constituent will take the predecessors (least remaining) days 

for the calculation of the 500 th business day. 



SECTION 7 

7.4.3 In the case of a constituent that has been taken over by a non-constituent, the resultant 

entity will be permanently removed from the FTSE Renaissance Global IPO Index. 

7.5 Spin-offs 

7.5.1 In the event that a company included in the FTSE Renaissance Global IPO Index is spun off, 

the securities resulting from the spin off, including the original security where appropriate, will 

continue to be included in the Index as long as they both continue to meet the criteria set 

forth in Section 5. 

7.6 Suspension of Dealing 

7.6.1 If a constituent is the subject of a suspension, it may remain in the index at the price at which 

it is suspended, for up to 20 business days. During this time FTSE may delete the constituent 

immediately at zero value in cases where it is expected that the constituent will not 

recommence trading. 

7.6.2 Where a suspension of a constituent lasts beyond noon on the twentieth business day (and 

the option to remove the constituent has not been exercised), the constituent will normally be 

deleted from the index on the twenty-first trading day at zero value. Where suspension is for 

a reason not to the detriment of the constituent and its suspension is expected to be shortterm, 

it may be retained at its suspension price. 

7.6.3 Securities relisted after suspension will not be eligible to be included in the FTSE Renaissance 

Global IPO Index. 



SECTION 8 

8.0 SHARES IN ISSUE 

8.1 For the purposes of computing the FTSE Renaissance Global IPO Index Series, the number of 

shares in issue for each constituent security is expressed to the nearest share and, to prevent 

a large number of insignificant weighting changes, the number of shares in issue for each 

constituent security is amended only when the total shares in issue held within the index 

system changes by more than 1% on a cumulative basis. Changes will be made quarterly 

after the close of business on the third Friday of March, June, September and December 

(subject to Rules 8.2. and 8.3.). 

8.2 If a corporate action is applied to an index constituent which involves a change in the number 

of shares in issue, the change in shares will be applied simultaneously with the corporate 

action. 

8.3 If accumulated changes in the number of shares in issue add up to 10% or more, or when an 

accumulated share change represents USD 2bn of a company’s total market capitalization, 

they are implemented between quarters. A minimum of 4 days notice will be given to users of 

the index. WM/Reuters Spot Rates will be used to convert the market capitalization into USD. 

The USD 2bn threshold may be adjusted annually in December, by the FTSE Policy Group. 

8.4 All adjustments are made before the start of the Index calculation on the day concerned, 

unless market conditions prevent adjustments from being applied. 



SECTION 9 

9.0 FTSE RENAISSANCE GLOBAL IPO INDEX SERIES CALCULATION 

9.1 Prices 

9.1.1 The FTSE Renaissance Global IPO Index Series will use actual last trade prices, where 

available, for securities. Reuters real time exchange rates are used in the real-time index 

calculations. 

9.2 Calculation Frequency 

9.2.1 The FTSE Renaissance Global IPO Index Series will be calculated in real-time and published 

every 15 seconds. 

9.3 Index Calculation 

9.3.1 The FTSE Renaissance Global IPO Index Series will be displayed to two decimal points. 

9.3.2 The FTSE Renaissance Global IPO Index Series is calculated using the following formula: 

Where, 

• i 1, 2, … , N 

N 

∑ 

i= 

1 

( p × e × s × f ) 

• N is the number of securities in the Index. 

i 



i 

d 

• p is the latest trade price of the component security (or the price at the close of the 

Index on the previous day). 

• e is the exchange rate required to convert the security’s currency into the Index’s base 

currency. 

• s is the number of shares in issue used by FTSE for the security, as defined in these 

Ground Rules. 

i 

• f 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 for each security in the underlying 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. 

i

SECTION 10 

10.0 CAPPING METHODOLOGY 

10.1 The index capping process aims to reduce any concentration levels that may exist. The 

capping process is applied after the close of business on the third Friday in March, June, 

September and December based on the starting constituents of the next working day and 

prices as of the close on the second Friday of the review month. The capping process is also 

applied when a new company is added to the index intra-review, or when a corporate event 

causes the investable market capitalization of a constituent to exceed the maximum weight 

permitted in that particular index. 

10.2 When the capping process is applied, any constituents whose weights are greater than the 

maximum weight permitted are capped at the maximum weight permitted. The weights of all 

lower ranking constituents are increased as a consequence of reducing the weights of the 

bigger constituents. The remaining lower ranking constituents are then checked and if they 

exceed the maximum weight permitted they are also capped, as further described below. 

10.3 Quarterly review capping process 

10.3.1 At review, companies that have a weight of more than the maximum weight permitted are 

capped. The index is capped after the close of business on the third Friday of the month 

using prices from close of business on the second Friday of that month. The following data is 

used in the capping algorithm: 

a) a security’s closing price adjusted for corporate events 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. 

10.4 Interim capping outside a review process but within the review month 

10.4.1 Companies added to a capped index intra-review that would have a weighting of more than 

the maximum weight permitted are capped; concurrently, any existing constituents whose 

weights are greater than the maximum weight permitted are capped at the maximum weight 

permitted. When there is an interim addition within the review month that requires capping, 

it will be capped based on the price and free float as at close of business on the first day of 

trading. It will be added to the index after the close of its first trading day. The following 

data is used in the capping algorithm: 

a) a security’s price and free float are used as at the close of business on the first day of 

trading. 

b) a security’s shares in issue and its investability weight adjusted for corporate events are 

used as at the close of business on the first day of trading. 

As it is the review month, the index will be capped again after the close of business on the 

third Friday of the review month. 



SECTION 10 

10.4.2 When a corporate event causes the investable market capitalization of a constituent to exceed 

the maximum weight permitted of the total index market capitalization intra-review, it is 

capped at the maximum weight permitted; concurrently, any existing constituents whose 

weights are greater than the maximum weight permitted are capped at the maximum weight 

permitted. The following data is used in the capping algorithm: 

a) a security’s price and free float are used as at the close of business on the date the 

corporate action takes effect in the index. 


used as at the close of business on the date the corporate action takes effect in the 

index. 

If it is the review month, the index will be capped again after the close of business on the 

third Friday of the review month. 

10.5 Interim capping outside of the review process 

10.5.1 Companies added to the Index intra-review that would have a weighting of more than the 

maximum weight permitted are capped; concurrently, any existing constituents whose 

weights are greater than the maximum weight permitted are also capped at the maximum 

weight permitted. When there is an interim addition outside of the review process that 

requires capping, it will be capped based on the price and free float as at the close of business 

on the first day of trading. It will be added to the index after the close of its first trading day. 

If the interim addition does not require capping, the capping factor of the existing index 

constituents (if any) will remain the same. The following data is used in the capping 

algorithm: 

a) a security’s price and free float are used as at the close of business on the first day of 

trading. 


used as at the close of business on the first day of trading. 

10.5.2 When a corporate event causes the investable market capitalization of a constituent to exceed 

the maximum weight permitted intra-review, it is capped at the maximum weight permitted; 

concurrently, any existing constituents whose weights are greater than the maximum weight 

permitted are also capped at the maximum weight permitted. If the interim corporate action 

does not require capping, the capping factor of the existing index constituents (if any) will 

remain the same. The following data is used in the capping algorithm: 

a) a security’s price and free float are used as at the close of business on the date the 

corporate action takes effect in the index. 


used as at the close of business on the date the corporate action takes effect in the 

index. 



SECTION 10 

10.5.3 The algorithm is applied to each constituent of the indices listed below that requires capping, 

i.e. any constituent whose uncapped weight is greater than the maximum respective weight 

permitted by each index: 

• FTSE Renaissance Global IPO Capped Index (IPOSGC) 

• FTSE Renaissance US IPO Investable Index (IPOST) 

• FTSE Renaissance US IPO Capped Index (IPOSC) 

• FTSE Renaissance Hong Kong/China Top IPO Index (IPOSHKT) 

• FTSE Renaissance Asia ex HK/China ex Japan IPO Index (IPOSA) 

• FTSE Renaissance EMEA IPO Capped Index (IPOSEC) 

The Constituent Capping Factor c is given by: 

Where, 

= 

I × 

( p × s × f ) 

• i denotes the security to be capped. 

• j denotes an uncapped security. 

c 

i 

i 

Z 

i 

( p × s × f ) 



i 

∑ 

j∈J 

• J is the subset of securities that are uncapped. 

• p is the official closing price of the k security. 

• s is the number of shares in issue of the k security. 

• f is the free float factor of the k security. 

• I is the percentage of the index represented by all uncapped constituents. 

• Z is the percentage capping level. 

j 

j 

j

SECTION 10 

STAGE ONE 

STAGE TWO 

In Stage One, any constituents whose weights are greater than the maximum weight 

permitted are capped at the maximum weight permitted. 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 the maximum 

weight permitted they are also capped at the maximum weight permitted. This process is 

repeated until no constituent weight exceeds the maximum weight permitted. 

Indices that impose a 20% cap on their constituents move on to stage two below: 

a) If it is necessary to apply the provisions of Stage Two, only one constituent will have a 

20% weight in the index. If more than one stock is capped at 20%, then weights of all 

subsequent constituents previously capped at 20% are changed in accordance with the 

rules detailed below. For example, if the second largest stock is capped at 20% its 

weight will be reduced to 15% as given in (c) below. The process is then continued from 

the relevant point in the steps below. 

b) If the weight of the largest constituent is greater than 20% the constituent’s weight is 

capped at 20% and the weights of the lower ranking constituents are increased 

correspondingly. 

c) If the weight of the second largest constituent is greater than 15% the constituent’s 

weight is capped at 15% and the weights of the lower ranking constituents are increased 


d) If the weight of the third largest constituent is greater than 10% the constituent’s weight 

is capped at 10% and the weights of the lower ranking constituents are increased 


e) If the weight of the fourth largest constituent is greater than 5% the constituent’s weight 

is capped at 5% and the weights of the lower ranking constituents are increased 


f) If the weights of the fifth largest constituent and any lower ranking constituents are 

greater than 4% those constituents’ weights are capped at 4% and the weights of lower 

ranking constituents are increased correspondingly. 

g) Following the application of Stage Two, the weights of each constituent are checked and 

Stage Two is repeated until no threshold is breached. The process is repeated until the 

total index weight of those constituents whose individual weights exceed 5% is not 

greater than 50% in aggregate. 



SECTION 11 


CONSTITUENTS (FTSE RENAISSANCE US IPO INVESTABLE INDEX) 

11.1 The FTSE Renaissance US IPO Investable Index is designed to mirror the FTSE Renaissance 

US IPO Index while avoiding turnover associated with constituents that have a minimal impact 

on Index performance. The FTSE Renaissance US IPO Investable Index reflects 

approximately the top 80% full market capitalization of, and follows the same methodology as 

the FTSE Renaissance US IPO Index, except as set forth herein. 

11.2 The selection of constituents is completed at each quarterly review in March, June, September 

and December. 

11.3 The FTSE Renaissance US IPO Investable Index will not contain a fixed number of 

constituents. However, in any event, the Index will maintain a minimum of 20 constituents. 

If the elimination of a constituent would cause the number of constituents to fall below the 

minimum level of 20 stocks, then the constituent with the largest full market capitalization of 

the FTSE Renaissance US IPO Index that is not included in the FTSE Renaissance US IPO 

Investable Index at that time, would be added in place of the eliminated constituent in a 

simultaneous transaction. 

11.4 Constituents that are removed from the FTSE Renaissance US IPO Index are simultaneously 

removed from the FTSE Renaissance US IPO Investable Index. 

11.5 Index Qualification Criteria & Periodic Review 

11.5.1 After ranking the constituents of the FTSE Renaissance US IPO Index by full market 

capitalization, constituents that fall within the top 75% are selected for inclusion in the FTSE 

Renaissance US IPO Investable Index at the periodic review. The weight of these 

constituents in the FTSE Renaissance US IPO Investable Index is determined based upon their 

individual free float-adjusted market capitalization. 

11.5.2 After ranking the constituents of the FTSE Renaissance US IPO Index by full market 

capitalization, a constituent that falls outside the top 85% will be deleted from the FTSE 

Renaissance US IPO Investable Index at the periodic review. 


11.6.1 Additions outside of a Review 

At the time a new constituent is entered into the FTSE Renaissance US IPO Index, it is 

simultaneously entered into the FTSE Renaissance US IPO Investable Index if its full market 

capitalization is within the top 60% cut-off level of the composite index determined at the last 

periodic review. The weight of the new constituent in the FTSE Renaissance US IPO 

Investable Index is determined based on its free float-adjusted market capitalization. 

11.7 Capping Methodology for the FTSE Renaissance US IPO Investable Index 

11.7.1 Constituents of the FTSE Renaissance US IPO Investable Index are capped at 20%. The 

capping process is applied at the quarterly reviews, when a new company is added to the 

index intra-review, and/or when a corporate event causes the investable market capitalization 

of a constituent to exceed 20% of the total index investable market capitalization, as further 

described in Section 10. 



SECTION 12 


CONSTITUENTS (FTSE RENAISSANCE HONG KONG/CHINA TOP IPO INDEX) 

12.1 The FTSE Renaissance Hong Kong/China Top IPO Index comprises the largest Hong Kong 

listed companies, including Chinese Red Chips, P Chips and H-Shares, selected from the FTSE 

Renaissance Asia Pacific ex Japan IPO Index. The index follows the same methodology as the 

FTSE Renaissance Asia Pacific ex Japan IPO Index, except as set forth herein. 

12.2 The selection of constituents is completed at each quarterly review in March, June, September 

and December. 

12.3 The FTSE Renaissance Hong Kong/China Top IPO Index will not contain a fixed number of 

constituents. However, in any event, the Index will maintain a minimum of 20 constituents. 

If the number of index constituents were to decline to the minimum level of 20 constituents, 

the following steps would be taken: 

a) Deletions in the index would be suspended until the next eligible IPO addition. Both 

events would be applied to the index at the same time. Deletions would recommence 

when a new eligible IPO is added to the Index. 

b) If two or more constituents had the same IPO addition date and, after 500 trading days, 

their combined deletion would result in the number of index constituents falling below 

20, then the index would retain the constituent with the largest investable market 

capitalization. 

c) In the event a constituent’s deletion due to a merger, acquisition, delisting or bankruptcy 

were to cause the number of index constituents to fall below the minimum level of 20, 

then the company to be added to the index in place of the deleted constituent would be 

the largest non-constituent by investable market capitalization in the eligible universe. 

The deletion and addition of constituents would be applied to the index at the same time. 

Where the eligible universe does not have any further companies to be added to the 

index, the replacement would be the last deleted constituent which was removed after 

500 trading days from the index. 

12.4 Constituents that are removed from the FTSE Renaissance Asia Pacific ex Japan IPO Index are 

simultaneously removed from the FTSE Renaissance Hong Kong/China Top IPO Index. 

12.5 Index Qualification Criteria & Periodic Review 

12.5.1 The FTSE Renaissance Hong Kong/China Top IPO Index comprises the largest Hong Kong 

listed companies, including Chinese Red Chips, P Chips and H-Shares, selected from the FTSE 

Renaissance Asia Pacific ex Japan IPO Index. 

12.5.2 For the FTSE Renaissance Hong Kong/China Top IPO Index, non-constituents that are 

members of the FTSE Renaissance Asia Pacific ex Japan IPO Index will be added at the 

periodic review if their investable market capitalization is at least 1.0% of the FTSE 

Renaissance Hong Kong/China Top IPO Index at the review cut-off date (see Rule 5.3.1). 

12.5.3 For the FTSE Renaissance Hong Kong/China Top IPO Index, index constituents will be deleted 

at the periodic review if their investable market capitalization weighting is less than 0.5% of 

the index at the review cut-off date (see Rule 5.3.1). 



SECTION 12 

12.5.4 Constituents of the FTSE Renaissance Asia Pacific ex Japan IPO Index are eligible to be 

included in the FTSE Renaissance Hong Kong/China Top IPO Index at review provided that 

they have been listed for less than 1 year. 


12.6.1 Additions Outside of a Review 

If the investable market capitalization of an IPO company listing in Hong Kong is at least 1.0% 

of the total investable market capitalization of the FTSE Renaissance Hong Kong/China Top 

IPO Index at the close of business on the IPO’s first day of trading, it will be eligible for 

addition to the index after the close of business of the fifth day of trading. The share price 

after the close of business on the first trading day will be used to determine the company’s 

size. 

12.6.2 Capping Methodology for the FTSE Renaissance Hong Kong/China Top IPO Index 

Constituents of the FTSE Renaissance Hong Kong/China Top IPO Index are capped at 10%. 

The capping process is applied at the quarterly reviews, when a new company is added to the 

index intra-review, and/or when a corporate event causes the investable market capitalization 

of a constituent to exceed 10% of the total index investable market capitalization, as further 

described in Section 10 above. 



APPENDIX A 

INDEX OPENING AND CLOSING HOURS 

Index Open Close 

FTSE Renaissance Global IPO Index (IPOSG) 00:30 21:10 

FTSE Renaissance Global IPO Capped Index (IPOSGC) 00:30 21:10 

FTSE Renaissance Global ex US IPO Index (IPOSXU) 00:30 21:10 

FTSE Renaissance Global ex Japan IPO Index (IPOSXJ) 00:30 21:10 

FTSE Renaissance US IPO Index (IPOS) 14:30 21:10 

FTSE Renaissance US IPO Investable Index (IPOST) 14:30 21:10 

FTSE Renaissance US IPO Capped Index (IPOSC) 14:30 21:10 

FTSE Renaissance North America IPO Index (IPOSNA) 14:30 21:10 

FTSE Renaissance Americas ex US IPO Index (IPOSAMXU) 14:30 21:10 

FTSE Renaissance Latin America IPO Index (IPOSLM) 14:30 21:10 

FTSE Renaissance IPO Country Indices (Americas) 14:30 21:10 

FTSE Renaissance Asia Pacific ex Japan IPO Index (IPOSAP) 00:30 13:30 

FTSE Renaissance Hong Kong/China Top IPO Index (IPOSHKT) 00:30 13:30 

FTSE Renaissance Asia ex HK/China ex Japan IPO Index (IPOSA) 00:30 13:30 

FTSE Renaissance IPO Country Indices (Asia Pacific) 00:30 13:30 

FTSE Renaissance EMEA IPO Index (IPOSE) 08:00 16:30 

FTSE Renaissance EMEA IPO Capped Index (IPOSEC) 08:00 16:30 

FTSE Renaissance IPO Country Indices (EMEA region) 08:00 16:30 

FTSE Renaissance Emerging Markets IPO Index (IPOSEM) 00:30 21:10 

Notes: 

1. All times are UK time. 

2. Indices disseminate until 21:10 with the closing value being disseminated at 21:30. 



APPENDIX B 

ELIGIBLE MARKETS 

Asia Pacific ex Japan 

Country Exchange Location Market Section(s) 

Australia Sydney Australian Stock Exchange (ASX) 

China (the People’s Republic of China) Shanghai 

Main Board 

Official Market 

Shenzhen 

Official Market 

Hong Kong Special Administrative Region of the 

People’s Republic of China (Hong Kong) 

Hong Kong Main Market 

India (the Republic of India) Mumbai Official Market 

National Stock Exchange 

Indonesia (the Republic of) and East Timor Jakarta Main Board 

Malaysia Kuala Lumpur Main Board 

New Zealand Wellington New Zealand Stock Exchange (NZSX) 

Main Board 

Pakistan (the Islamic Republic of Pakistan) Karachi Official Market 

Philippines (the Republic of the Philippines) Manila Main Board 

Singapore (the Republic of Singapore) Singapore Main Board 

South Korea (the Republic of Korea) Seoul Official Market 

KOSDAQ 

Taiwan (the Republic of China) Taipei Official Market 

OTC Market 

Thailand (the Kingdom of Thailand) Bangkok Main Board 

Foreign Board 

Developed Europe 


Austria (the Republic of Austria) Vienna Official Market (Amtliche Notierung) 

Belgium/Luxembourg Brussels 

Luxembourg 

Eurolist Brussels 

Official Stock Exchange (Marché Officiel de 

la Bourse de Luxembourg) 

Denmark (the Kingdom of Denmark) Copenhagen Official List 

Finland Helsinki Main List 

France (the French Republic) Paris Eurolist Paris 

Germany (the Federal Republic of Germany) Deutsche Börse (all 

exchanges) 

Official Market (Amtlicher Handel) 

Regulated Market (Geregelter Market) 

Greece (the Hellenic Republic) Athens Main Market 

Parallel Market 

Ireland (the Republic of Ireland) Dublin Full List 

Italy (the Italian Republic) Milan Official List (Listino della Borsa) 

Netherlands Amsterdam Eurolist Amsterdam 

Norway Oslo Main List 

Portugal (the Portuguese Republic) Lisbon Market with Official Quotations 

Spain (the Kingdom of Spain) Madrid First Market (Primer Mercado) 

Sweden Stockholm A List 

Switzerland (the Swiss Confederation) Swiss Exchange 

O List 

Main Market 

United Kingdom (of Great Britain and Northern 

Ireland) 

London Official List 



APPENDIX B 

Emerging Europe 


Czech Republic Prague Main Market 

Secondary Market 

Hungary (the Republic of Hungary) Budapest Official Market 

Poland Warsaw Official Market 

Russia (the Russian Federation) Moscow Moscow Exchange MICEX-RTS 

International Order Book 

Turkey (the Republic of Turkey) Istanbul Official Market 

Japan 


Japan Tokyo 

Main Board 

Osaka 

Second Section 

First Section 

Latin America 


Brazil (the Federative Republic of Brazil) São Paulo 

Official List 

Rio de Janeiro 

Official List 

Chile (the Republic of Chile) Santiago Official Market 

Colombia (the Republic of Colombia) Bogota & Medellin Official Market 

Mexico Mexico City Capital Market 

Peru (the Republic of Peru) Lima Official Market 

Middle East & Africa 


Egypt (the Arab Republic of Egypt) Cairo Main Market 

Israel Tel-Aviv Official Market 

Morocco (the Kingdom of Morocco) Casablanca Official Market 

South Africa Johannesburg JSE 

UAE (the United Arab Emirates) Dubai NASDAQ Dubai Stock Exchange 

Abu Dhabi Securities Exchange 

Dubai Financial Market 

North America 


Canada Toronto Official List 

United States of America (the United States) New York NYSE (New York Stock Exchange) 

NYSE Amex (NYSE Amex Equities) 

NASDAQ National Market System 



APPENDIX C 

ELIGIBLE SECURITIES 


Country Class Translation 

Australia Ordinary 

Ordinary 

Preferred 

Preferred 

China B Shares 

B Shares 

H Shares 

H Shares (traded in Hong Kong) 

Red Chips 

Red Chips (traded in Hong Kong) 

P Chips 

P Chips (traded in Hong Kong) 

Hong Kong Ordinary Ordinary 

India Equity Equity 

Indonesia Ordinary Ordinary 

Malaysia Ordinary Ordinary 

New Zealand Ordinary 

Ordinary 

Preferred 

Preferred 

Pakistan Ordinary Ordinary 

Philippines Ordinary Ordinary 

Singapore Ordinary Ordinary 

South Korea Ordinary 

Ordinary 

Preference 

Preference 

Taiwan Ordinary Ordinary 

Thailand Ordinary 

Ordinary 

Preferred 

Preferred 



Austria Namensaktie 

Ord Registered 

Inhaberaktie 

Ord Bearer 

Partizipationsschein 

Participation Cert. 

Vorzugsaktie 

Preferred 

Belgium/ 

Ordinaire 

Ordinary 

Luxembourg Action AFV 

Fiscal Advantage Share 

Denmark “A” aktie 

“B” aktie 

Ordinary Voting Limited Voting or Non- Voting 

Finland Vapaat Osakkeet 

Etuoikeutetut 

Ordinary Voting 

Vapaat Osakkeet 

Limited Voting or Non-Voting 

France Action 

Ordinary 

Action a’dividende prioritaire 

Preferred 

Certificat d’Investissement 

Cert of Investment 

Titre participatif 

Cert of Participation 

Germany Stammaktie 

Ordinary 

Vorzugsaktie 

Preferred 

Inhaberaktie 

Bearer 

Namensaktie 


Greece Κοινη 

Common 

Ονομασπκη 

Registered 

Κοινη Ονομασπκη 

Common Registered 

Κοινη Ανωνυμη 

Common Bearer 

ΠρονομιουχοζΟνομασπικη 

Preference Registered 

Προνομιουχοζ Ανωνυμη 

Preference Bearer 

Προνομιουχοζ Ανευ Ψηψον Ονομασπικη 

Preferred Non-Voting Right Registered 

Προνομιουχοζ Μετα Ψηψον Ονομασπικη 

Preferred With Voting Right Registered 

Ireland Ordinary 

Ordinary 

Preference 

Preference 

Italy Azione 

Ordinary 

Azione di Risparmio 

Savings (CNV/Non-CNV) 

Azione privilegiate 

Preferred 

Netherlands Aandeel op naam 

Registered 

Aandeelaantoonder 

Bearer 

Norway “A” aksje 


“B” aksje 

Limited Voting or Non-Voting 



APPENDIX C 

Developed Europe continued 


Portugal Acções ordinárias 

Bearer 

Acções preferenciais 

Preferred 

Acções registadas 

Registered 

Spain Acciones nominativas 


Acciones al portador 

Ord Bearer 

Acciones Preferentes 

Preferred 

Sweden “A” aktie 


“B” aktie 

“C” aktie 

Limited Voting or Non- Voting 

Switzerland Namensaktie 

Registered 

Inhaberaktie 

Bearer 

Partizipationsschein 

Participation Cert. 

Genusschein 

Profit sharing Cert. 

United Kingdom Ordinary Ordinary 



Czech Republic Shares Shares 

Hungary Ordinary Ordinary 

Poland Ordinary Ordinary 

Russia Ordinary Stocks 

Preferred 

IOB Depositary Receipts 

Turkey Shares 

Bearer 

Ordinary Stocks 

Preferred 

IOB Depositary Receipts 

Shares 

Bearer 

Japan 


Japan Common Common 

Latin America 


Brazil Ordinary 

Ordinary 

Preferred 

Preferred 

Chile Shares Shares 

Colombia Ordinary 

Ordinary 

Preferred 

Preferred 

Mexico Ordinary Ordinary 

Peru Ordinary Ordinary 



Egypt Ordinary Ordinary 

Israel Shares Shares 

Morocco Ordinary Ordinary 

South Africa Ordinary Ordinary 

UAE Ordinary Ordinary 

North America 


Canada Common Common 

United States of 

America 

Common 

American Depositary Shares 

Common 

American Depositary Shares 



APPENDIX D 

CHANGES TO THE CLASSIFICATION OF CONSTITUENT COMPANIES 

a) Classification Structure 

i) The FTSE Renaissance Global IPO Index Series constituents are classified into Industries, 

Supersectors, Sectors and Subsectors, as defined by the Industry Classification 

Benchmark (ICB). 

ii) Details of the Industry Classification Benchmark are available from FTSE (see Appendix F) 

and published on the FTSE website (www.ftse.com). 

b) Classification Changes 

i) Changes to the classification of a company within the FTSE Renaissance Global IPO Index 

Series will be advised by the ICB and the necessary adjustments will be made to the 

relevant industry sectors at the same time that the constituent changes are implemented. 

ii) Where a constituent is the subject of a merger, restructure or complex takeover which 

results in a constituent (or part of a constituent) being absorbed by another, the industry 

classification of the resulting constituent(s) will be reviewed by the ICB. 

iii) Any adjustment resulting from a change in a company’s classification under Rule a) i) will 

be implemented at the same time that any relevant constituent changes are implemented 

in the Index. 

iv) Periodic changes to the industry classification of a company are agreed and announced 

by the ICB. Such changes will be implemented after the close of the index calculation on 

the next working day following the third Friday of each month. 



APPENDIX E 

CLOSING PRICES USED FOR CALCULATION 

All exchange closing prices are sourced from Thomson Reuters. 

All times detailed are local except where otherwise stated. 


Country Price Used 

Australia Australian Securities Exchange – Official Closing Price (Auction) 

China Shanghai Stock Exchange - Official Closing Price (VWAP) 

Shenzhen Stock Exchange - Official Closing Price (VWAP) 

Hong Kong HKEx (Hong Kong Stock Exchange) – Official Closing Price (Median Price) 

India National Stock Exchange – Official Closing Price (VWAP) 

Existing constituents without a National Stock Exchange of India quote will continue to be 

priced from the Bombay Stock Exchange (Mumbai) – Official Closing Price (VWAP). 

Indonesia Indonesia Stock Exchange (IDX) – Official Closing Price (Auction) 

Malaysia Bursa Malaysia – Official Closing Price (Auction) 

New Zealand NZX (New Zealand Stock Exchange) – Official Closing Price (Auction) 

Pakistan Karachi Stock Exchange Ltd – Last Trade Price 

Philippines Philippine Stock Exchange – Official Closing Price (Auction) 

Singapore Singapore Exchange – Official Closing Price (Auction) 

South Korea South Korea Exchange – Official Closing Price (Auction) 

KOSDAQ – Official Closing Price (Auction) 

Taiwan Taiwan Stock Exchange (TSEC) – Official Closing Price (Auction) 

Thailand Stock Exchange of Thailand – Official Closing Price (Auction) 



Austria Wiener Boerse AG – Official Closing Price (Auction) 

Belgium/Luxembourg NYSE Euronext – Official Closing Price (Auction) 

Denmark The Copenhagen Stock Exchange (OMX Exchange) – Official Closing Price (Auction) 

Finland OMX Helsinki (OMX Exchange) – Official Closing Price (Auction) 

France NYSE Euronext – Official Closing Price (Auction) 

Germany Deutsche Boerse (XETRA) – Official Closing Price (Auction) 

Greece Athens Exchange SE – Official Closing Price (Auction) 

Ireland Irish Stock Exchange – Official Closing Price (Auction) 

Italy Borsa Italiana SpA – Closing Price (Auction) 

Netherlands NYSE Euronext – Official Closing Price (Auction) 

Norway Oslo Bors ASA – Official Closing Price (Auction) 

Portugal NYSE Euronext – Official Closing Price (Auction) 

Spain Latibex – Official Closing Price (Auction) 

Bolsa de Madrid – Official Closing Price (Auction) 

Sweden Stockholm Stock Exchange (OMX Exchange) – Official Closing Price (Auction) 

Switzerland SWX Swiss Exchange – Official Closing Price (Auction) 

Virt-X Exchange – Official Closing Price (Auction) 

United Kingdom London Stock Exchange – Official Closing Price (Auction) 



Czech Republic Prague Stock Exchange (PSX) – Official Closing Price (Auction) 

Hungary Budapest Stock Exchange – Last Trade Price 

Poland Warsaw Stock Exchange – Official Closing Price (Auction) 

Russia Moscow Exchange MICEX-RTS – Last Trade Price 

Turkey Istanbul Stock Exchange – Official Closing Price (Auction) 

Japan 


Japan Tokyo Stock Exchange – Official Closing Price (Auction) 

Osaka Securities Exchange – Official Closing Price (Auction) 



APPENDIX E 

Latin America 


Brazil Sao Paolo Stock Exchange (BOVESPA) – Official Closing Price (Auction) 

Chile Santiago Stock Exchange – Last Trade Price 

Colombia Bolsa De Valores De Colombia – Last Trade Price 

Mexico Bolsa Mexicana De Valores (BMV) – Official Closing Price (VWAP) 

Peru Bolsa De Valores De Lima (BVL) – Last Trade Price 



Egypt Cairo and Alexandria Stock Exchange – Official Closing Price (VWAP) 

Israel Tel Aviv Stock Exchange – Official Closing Price (Auction) 

Morocco Casablanca Stock Exchange – Last Trade Price 

South Africa JSE – Official Closing Price (VWAP) 

UAE NASDAQ Dubai Stock Exchange – Last Trade Price 

Abu Dhabi Securities Exchange – Official Closing Price (Auction) 

Dubai Financial Market – Last Trade Price 

North America 


Canada Toronto Stock Exchange (TSX) – Official Closing Price (Market on Close) 

United States of America NYSE, NYSE Amex and NASDAQ – Prices are downloaded from Reuters at 21:20hrs (UK Time). 

NYSE (New York Stock Exchange) - Official Closing Price (Auction) 

NYSE Amex (NYSE Amex Equities) - Official Closing Price (Auction) 

NASDAQ National Market System - Official Closing Price (Closing Cross) 

As NYSE, NYSE Amex and NASDAQ do not release their official closing prices until later, the 

price used in the index may not match this official close. If the downloaded price is 

subsequently cancelled, the cancelled price is retained in the index calculation. 



APPENDIX F 

FURTHER INFORMATION 

For further information and enquiries, please visit www.ftse.com or e-mail FTSE at info@ftse.com. 

Renaissance Capital can be contacted at: 

Renaissance Capital International LLC 

165 Mason Street 

Greenwich, Connecticut 06830 

USA 

+1 203 622 2978 

www.renaissancecapital.com 

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© FTSE International Limited ("FTSE") 2013. All rights reserved. 

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FTSE Renaissance Global IPO Index Series Ground Rules v1.4x

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