Investable Indexes

MarketVectorTM Indexes are investable indexes, tailor-made for exchange-traded funds (ETFs). The index concept is built on three key factors: liquidity, pure-play exposure and diversification which, in combination, ensure the creation of investable index tools, particularly suited to underlie ETFs.

Demanding liquidity criteria are applied when potential index companies are screened.

Strict and Demanding Liquidity Criteria

Ineligible for inclusion are stocks which have a free-float of less than 10.00%. Each MarketVectorTM Index component must meet the following liquidity requirements:

Market Capitalization
  • A full market capitalization exceeding 150 million USD;
  • A three-month average daily trading volume of at least 1 million USD at the actual review date (1);
  • A three-month average daily trading volume of at least 1 million USD at the previous two reviews (2) (3) of an actual review.
Trading Volume
  • At last 250,000 shares traded per month over the last six months at the actual review date (1);
  • At last 250,000 shares traded per month at the previous two reviews (2) (3) of an actual review.

The table shows the results of the liquidity screening for the index components Gazprom PAO (US80585Y3080, MVIS® Russia Index) and Sberbank PJSC (US80585Y3080, MVIS® Russia Index).

Component Selection Criteria for the MVIS® Russia Index 

(example values based on previous index reviews)

CriteriaRequiredGazpromSberbank
Full Market CapitalizationUSD 150,000,000USD 58,378,880,000USD 66,271,930,000
Average daily trading volume (1)USD 1,000,000USD 45,214,240USD 71,367,704
Average daily trading volume (2)USD 1,000,000USD 31,948,716USD 70,900,280
Average daily trading volume (3)USD 1,000,000USD 47,148,248USD 117,743,416
Traded shares/month (1)USD 250,000USD 175,665,126USD 121,337,265
Traded shares/month (2)USD 250,000USD 180,209,799USD 134,552,806
Traded shares/month (3)USD 250,000USD 220,454,787USD 134,098,692
Free-Float10%51%48%
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