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(Upbit Market Index) Methodology Book

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(Upbit Market Index) Methodology Book UpbitIndexLaboratory UBMI(UpbitMarketIndex) MethodologyBook version1.1 UpbitMarketIndex(UBMI)is ThestructureofindexesthatcomprisedigitalassetslistedonUpbitExchangeandiscalculatedin realtime.Itisdesignedtocalculatetheindexesthatrepresentthedigitalassetmarketusingthe transactiondataofthedigitalassetslistedontheExchange.ItisannouncedontheUpbitIndex page(https://ubcindex.com)dailyandinrealtime. Methodologyandrules|UpbitIndexLaboratory 목차 1. Index Overview.......................................................................................................................3 1.1CompositionStructure...................................................................................................4 1.2ListofIndexes................................................................................................................5 2. Composite Market Index.........................................................................................................6 2.1IndexComponents.........................................................................................................8 2.2WeightingMethod.........................................................................................................9 2.3PriceandCirculatingSupply...................................................................................10 Price............................................................................................................................10 CriculatingSupply........................................................................................................10 2.4EffectiveDateandCalculationTimeofIndex................................................................12 UBMI...........................................................................................................................12 UBAI............................................................................................................................12 2.5IndexRebalancingandAdditionandDeletionofConstituents......................................13 3. Composite Market Index Calculation Methodology................................................................15 3.1IndexCalculationEquation...........................................................................................15 3.2AdditionofNewConstituents......................................................................................16 3.3DeletionofIndexConstituents.....................................................................................18 3.4 IndexMaintenance....................................................................................................19 3.5UBAI............................................................................................................................22 3.5UBMI.ST,UBAI.ST........................................................................................................22 4. General Market Index............................................................................................................23 4.1CharacteristicsofGeneralMarketIndex.......................................................................25 1 / 36 Methodologyandrules|UpbitIndexLaboratory 4.2SelectionofConstituentsandRebalancing...................................................................26 4.3CalculationofAF(weighting).......................................................................................28 4.4PriceandCirculatingSupply.........................................................................................29 Price............................................................................................................................29 4.5EffectiveDatesofIndexes............................................................................................30 5. General Market Index Calculation Methodology.....................................................................31 5.1IndexCalculationEquation...........................................................................................31 5.2AdjustmentofBaseMarketCapitalization....................................................................32 5.3Addition/deletionofConstituents................................................................................34 5.4IndexMaintenance......................................................................................................34 5.5NotificationandLimitation...........................................................................................34 6.LegalnoticeofUBCI.............................................................................................................35 2 / 36 Methodologyandrules|UpbitIndexLaboratory 1. Index Overview UpbitCryptoIndex(UBCI)isthestructureofindexeswhicharecalculatedandprovidedbyUpbit, Korea’srepresentativedigitalassetexchange.Itsuggestsastandardforthedigitalassetmarket andoffersaquicklookatthetrendsofthemarketthroughdiverseindexes. ThestructureoftheUpbitCryptoIndexconsistsoffouruppercategories,andthepurposesof calculatingsub-indexesareasfollows: Upper Purposesofcalculatingindexes categories MarketIndex Providingthestandardindexesthatrepresentthemarket ThemeIndex Providingtheindexesforthemeinvestments UBCI StrategicIndex Providingtheindexesforstrategic/quantitativeinvestments Reference Providingunderlyingindexesfortherepresentativepricesofdigitalassets Index andderivativeproducts UpbitMarketIndexisoneoftherepresentativeindexseriesofUBCI,whichiscalculatedfordigital assetslistedonUpbitExchangeKRWtransactionmarket.Itistheindexgroupweightedbyfree floatmarketcapitalizationanddesignedtoindextheoverallmovementsofthemarket. 3 / 36 Methodologyandrules|UpbitIndexLaboratory 1.1 Composition Structure Upbit Market Index comprises these two mid-level categories to reflect and index the overall movementsofthedigitalassetmarket.Itservesasabenchmarkforreflectingthecharacteristicsof themarketandforcomparingtheperformancesofinvestmentsintodigitalassets. 1. CompositeMarketIndex Thisindexisdesignedtorepresenttheoverallmovementsofthemarketandfluctuations intheaggregatemarketcapitalizationofdigitalassetslistedonKoreanWonmarket.The CompositeMarketIndexencompassesalldigitalassetslistedwithinthedesignatedmarket andisdesignedtorepresentthemovementsoftheentiremarket.Theindexiscalculated byusingamarketcapitalizationweightingmethod.Thetotalfreefloat1 ofdigitalassets thatfluctuatesduetominingandotherfactorsisupdatedonadailybasis. 2. GeneralMarketIndex Thisindexisdesignedtotrackdownandindextheperformancesofactualinvestmentsin digital assets in consideration of the convenience and traceability of investment management by general passive investors. The General Market Index comprises digital assets which satisfy certain conditions and is designed as a tool for supporting actual investmentsoranalyzingthereturnsonsuchinvestments.Theindexiscalculatedeitherby themarketcapitalizationweightingmethodorbytheequalweightingmethod.Thetotal circulatingsupplyofthedigitalassetsisupdatedonabi-annualbasis2 fortheconvenience ofoperatingtheindex. 1 Publicfloatcanbefreelytradedinthemarket.Pleasereferto2.3CirculatingSupply. 2 ItisupdatedasofthesecondbusinessdayofeveryJanuaryandJuly.Pleasereferto4.2CirculatingSupplyof GeneralMarketIndex. 4 / 36 Methodologyandrules|UpbitIndexLaboratory 1.2 List of Indexes UnderUpbitMarketIndex,avarietyofindexesareproducedaccordingtothecharacteristicsofthe marketandtheircalculationpurposes.Currently,Upbitcalculatesandannouncestwotypesofthe Composite Market Index that represent the entire Korean Won marketandthreetypesofthe GeneralMarketIndexthatrepresentthegeneralmarket. ThetwotypesoftheCompositeMarketIndex(UBMI,UBAI)areadditionallyannouncedonaBTC basis(SatoshiScale)tobeusedasaglobalreferenceprice.ThevaluesoftheCompositeMarket IndexareconvertedintoBTCandannouncedonaBTCbasistooffsetinter-countrypremiums3 causedbythepeculiaritiesoftheKoreanwon,whichisthelegaltenderwithintheexchange,and tousethecalculatedindexastheglobalreferenceprice. Themid-levelclassification,names,denominatedcurrency,andmarketdomainoftheindividual indexesareasfollows: Classification Names Denominated Marketdomain currency4 UpbitMarketIndex(UBMI) KRW Alldigitalassets5 UpbitAltcoinMarketIndex(UBAI) KRW AlldigitalassetsotherthanBTC Composite Market Index Upbit Market Index (BTC Quote) BTC Same as the existing index (or all digital (UBMI.ST) (satoshi) assets) Upbit Altcoin Market Index (BTC BTC Same as the existing index (All digital Quote)(UBAI.ST) (satoshi) assetsotherthanBTC) UpbitTop10Index Top 10 digital assets by market KRW (UTTI) capitalization General Market UpbitTop10EqualWeightIndex Top 10 digital assets by market KRW Index (UTTI.EW) capitalization UpbitTop30Index Top 30 digital assets by market KRW (UTHI) capitalization 3 TheserefertodifferencesbetweenpricesofadigitalassetcausedbystrictforeignexchangeregulationsinKoreaand thedifficultyforeignersexperienceinaccessingthedigitalassetforinvestments.Thisisoften expressedinspecialterms,suchas“kimchipremium”and“Koreapremium.” 4 Itisthedenominatedcurrencyofmarketcapitalizationoftheindex. 5 ThesemeanalldigitalassetsbeingtradedontheKoreanwonmarket 5 / 36 Methodologyandrules|UpbitIndexLaboratory 2. Composite Market Index CompositeMarketIndexisoneofthemid-levelcategoriesofUBCIandisUpbit’srepresentative index,anditiscalculatedbyconsideringalldigitalassetslistedontheKRWtransactionmarket. UBMIandUBAIarecalculatedviathecompositemarketindexmethodology. UpbitMarketIndex(UBMI) UBMI includes all digital assets whose transactions are supported by Korean Won market(https://www.upbit.com/exchange).Itisdesignedtoindexandofferanunderstandingof
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