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Guide to the Ökodax Index of Deutsche Börse AG

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Guide to the Ökodax Index of Deutsche Börse AG Guide to the ÖkoDAX Index of Deutsche Börse AG Version 1.1 April 2016 Version 1.1 Deutsche Börse AG April 2016 Guide to the ÖkoDAX Index of Deutsche Börse AG Page 2006 2 General Information In order to ensure the highest quality of each of its indices, Deutsche Börse AG exercises the greatest care when compiling and calculating indices on the basis of the rules set out in this Guideline. However, Deutsche Börse AG cannot guarantee that the various indices, or the various ratios that are required for index compilation and computation purposes, as set out in this Guideline, are always calculated free of errors. Deutsche Börse AG accepts no liability for any direct or indirect losses arising from any incorrect calculation of such indices or ratios. Decisions concerning the way its indices are calculated, as well as regarding their compilation, are always taken by Deutsche Börse AG to the best of its knowledge and belief. Deutsche Börse AG monitors the execution of the index calculation rules in order to ensure the validity of the index methodology on an annual basis. Deutsche Börse AG may decide to undertake a broad market consultation. Once a decision on a significant index methodology change is made, a notification will be issued for public comment with a reasonable notice period. Deutsche Börse AG shall not be liable for any losses incurred after such decisions are made. The indices of Deutsche Börse AG in no way represent a recommendation for investment. In particular, the compilation and calculation of the various indices shall not be construed as a recommendation of Deutsche Börse AG to buy or sell individual instruments, or the basket of instruments underlying a given index. www.deutsche-boerse.com Version 1.1 Deutsche Börse AG April 2016 Guide to the ÖkoDAX Index of Deutsche Börse AG Page 2006 3 Content 1 General Index Information 5 1.1 ÖkoDAX 5 2 Calculation 6 2.1 ÖkoDAX Formula 6 2.2 Computational Accuracy 6 2.3 Index correction policies 7 2.3.1 Internal errors 7 2.3.2 External errors 7 2.3.3 Correction of index parameter values 7 2.4 Adjustments 7 2.4.1 Handling of exceptional unforseeable cases 8 2.4.2 Consideration of extreme economic situations and market disruptions 8 2.5 New Listings and Deletion 8 2.6 Chaining 8 2.7 Quarterly Chaining 9 2.8 Adjustment of Weighting Factors during the Ordinary Chaining 10 2.9 Unscheduled Chaining 10 3 General Information 11 3.1 Index Labels 11 3.2 Historical Data 11 3.3 Derivative Instruments 11 3.4 Licensing 11 3.5 Index Termination Policy 12 4 Appendix 12 4.1 ISINs and Alpha Codes 12 4.2 Your Direct Line to Deutsche Börse 12 www.deutsche-boerse.com Version 1.1 Deutsche Börse AG April 2016 Guide to the ÖkoDAX Index of Deutsche Börse AG Page 2006 4 History of Amendments to the Rules and Regulations December 2014 Version 1.1 Clarification of the rulebook according to IOSCO principles 4 June 2007 Version 1.0 Launch of ÖkoDAX CDAX®, Classic All Share®, DAX®, DivDAX®, DAXplus®, DAXglobal®, DBIX®, FWB® Frankfurter Wertpapierbörse, HDAX®, MDAX®, SDAX®, SMAX®, NEMAX50®, TecDAX®, Eurex®, X-DAX®, Xetra® and XTF® Exchange Traded Funds are registered trademarks of Deutsche Börse AG. www.deutsche-boerse.com Version 1.1 Deutsche Börse AG April 2016 Guide to the ÖkoDAX Index of Deutsche Börse AG Page 2006 5 1 General Index Information Deutsche Börse calculates and distributes more than 2,000 indices which enhance the transparency of the markets it operates, thus facilitating comparison.1 At the same time, indices are increasingly used as underlying instruments for financial products such as futures, options, warrants, as well as funds. Deutsche Börse indices are based on different weighting concepts. The indices’ constituents can be weighted equally, according to their market capitalization or their free-float market capitalization. Furthermore, all indices of Deutsche Börse can be calculated both as price- and as total return indices. Price indices measure the actual price performance, and are only adjusted for income from subscription rights and special distributions. As for performance indices, all income from dividend and bonus payments is reinvested in the index portfolio. 1.1 ÖkoDAX ÖkoDAX aims to reflect the performance of the ten most liquid companies from subsector Renewable Energy index which represents the renewable energy industry sector. Hence, ÖkoDAX is a selection index of Deutsche Börse. The companies are selected from the sector of renewable energy based on their free float-market capitalization2 and included in the index portfolio with equal weighting factors (cp. chapter 2.8) In case of not satisfying the necessary requirements (cp. selection criteria for subsector Renewable Energy index in “Guide to the Equity Indices of Deutsche Börse”) to remain in ÖkoDAX, a successor with the next largest market capitalization will be included in ÖkoDAX with the weighting factor of the removed constituent. (cp. chapter 2.9). Deutsche Börse reserves the right to adapt the concept of ÖkoDAX to changing market conditions. The ordinary chaining and the actualization of the index composition take place quarterly on the third Friday in March, June, September and December. The index base is 100 and corresponds to the base date 21 March 2003. The index history dates back to 21 March 2003 – the index’ base date. ÖkoDAX is calculated every 60 seconds between 9:00 a.m. and 5:45 p.m. as price and performance index on the basis of Xetra® prices. 1 Cp. “Guide to the Equity Indices of Deutsche Börse” for an overview of Selection- und All Share-indices. 2 The companies are ranked due to their market capitalization multiplied by the free-float factor. The ten first companies are ”. qualified for the index inclusion. For the free-float definition cp. “Guide to the Equity Indices of Deutsche Börse www.deutsche-boerse.com Version 1.1 Deutsche Börse AG April 2016 Guide to the ÖkoDAX Index of Deutsche Börse AG Page 2006 6 Time series for the various indices are available from Market Data & Analytics – Customer Service (cp. chapter 4.2) at Deutsche Börse AG. 2 Calculation 2.1 ÖkoDAX Formula On Xetra® trading days the ÖkoDAX is calculated as follows: n pit qiT cit i1 Indext KT n Base pi0 qi0 i1 whereby: cit = Adjustment factor of company i at time t pi0 = Initial price of share of constituent i pit = Price of share of constituent i at time t qi0 = Initial weighting factor of constituent i qiT = Weighting factor of company i at time T KT = Index-specific chaining factor valid as of chaining date T T = Date of the last chaining n = Number of constituents in index t = Calculation time 2.2 Computational Accuracy ÖkoDAX is published rounded to two decimal places. The KT chaining factors are used and published as figures rounded to seven decimal places. The cit adjustment factors are included in the index formula on the basis of six decimal places. In the event of several adjustment events coinciding, such as “ex-dividend” and “ex subscription right” markdowns on the same day, only one single adjustment factor (six decimal places) is computed using the total markdown. Where several adjustment events are required for a single share but at different times, the factors rounded that way are multiplied by each other, and the product is rounded to six decimal places again. www.deutsche-boerse.com Version 1.1 Deutsche Börse AG April 2016 Guide to the ÖkoDAX Index of Deutsche Börse AG Page 2006 7 When determining the cit adjustment factor for subscription rights, the rights value is used as a figure with two decimal places. Only in the case of a capital increase out of company reserves, such rights value is not rounded at all. If a dividend disadvantage has to be prorated (e.g. for three months), the value of such disadvantage used for index calculation is rounded to two decimal places. 2.3 Index correction policies The correction of an index typically results from one of two scenarios: internal calculation errors external calculation errors 2.3.1 Internal errors If Deutsche Börse AG becomes aware of internal index calculation errors within a trading day, intraday values of the respective index are corrected for that specific day, if technically feasible and economically reasonable. Intraday values, which are not detected within the same trading day are not corrected but will retroactively be flagged as invalid. If there are deviations that are considered significant by Deutsche Börse AG, index close values also will be corrected retroactively, if technically feasible and economically reasonable. 2.3.2 External errors Calculation errors, that are based on incorrect external data are corrected as soon as possible, if technically feasible and economically reasonable. If there are deviations that are considered significant by Deutsche Börse AG, index close values will also be corrected retroactively, if technically feasible and economically reasonable. Intraday values that are not corrected will retroactively be flagged as invalid. 2.3.3 Correction of index parameter values All index parameters that are published by Deutsche Börse AG in the context of the chaining process are only corrected or adjusted at the subsequent rebalancing date, as described in Chapter 2.7. This rule applies regardless of when Deutsche Börse AG became aware of facts that would change the index parameter values during the chaining process. An exception of this rule is made for the free float parameter. 2.4 Adjustments The performance indices of Deutsche Börse are adjusted for exogenous influences (e.g. price-relevant capital changes) by means of certain correction factors, assuming a reinvestment according to the “opération blanche”.
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