Ground Rules. FTSE ASFA Australia Listed Investment Companies Index Series v1.7
|
|
- Tracy Day
- 7 years ago
- Views:
Transcription
1 Ground Rules FTSE ASFA Australia Listed Investment Companies Index Series v1.7 ftserussell.com June 2016
2 Contents 1.0 Introduction Management Responsibilities Queries and Complaints Treatment of Eligible Securities Qualification Criteria and Periodic Review of Constituents Changes to Constituents Companies Algorithms and Calculation Method Appendix A: Taxable Income Deduction Example Appendix B: Takeover Example Appendix C: Further Information FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
3 Section 1 Introduction 1.0 Introduction 1.1 FTSE ASFA Australia Listed Investment Companies Index Series The FTSE ASFA Australia Listed Investment Companies Index Series is designed to represent the performance of Listed Investment Companies (LICs). LICs are Australian resident companies, which carry on the business of managing an investment portfolio and are listed on the Australian Securities Exchange (ASX) LICs are companies traded on the ASX where the share price is determined by the market. They are closed-end structures which allow the fund manager to concentrate on investment selection without having to factor in the possibility of money coming into or leaving the fund. Typically, the main incomes they may derive from their investments are: interest, dividends (franked and unfranked) and capital gains on the sale of underlying investments. 1.2 Ground Rules This document sets out the Ground Rules for the construction and management of the FTSE ASFA Australia Listed Investment Companies Index Series. Copies of the Ground Rules are available from FTSE Russell on the website Indexes included in the FTSE ASFA Australia Listed Investment Companies Index Series The following indexes are included in the FTSE ASFA Australia Listed Investment Companies Index Series on a tax-adjusted and unadjusted basis FTSE ASFA Australia Listed Investment Companies Index This index comprises all LICs within the universe that meet the stated eligibility requirements FTSE ASFA Australia Listed Investment Companies Domestic Index This index comprises all companies of the FTSE ASFA Australia Listed Investment Companies Index which are investing principally in shares listed on ASX FTSE ASFA Australia Listed Investment Companies International Index This index comprises all companies of the FTSE ASFA Australia Listed Investment Companies Index which are investing principally in shares listed on international stock exchanges. FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
4 1.3.4 FTSE ASFA Australia Listed Investment Companies Specialist Index This index comprises all companies of the FTSE ASFA Australia Listed Investment Companies Index which are investing in private equities or investment sectors such as wineries, technology companies, resources and telecommunications. 1.4 FTSE Russell FTSE Russell is a trading name of FTSE International Limited (FTSE), Frank Russell Company (Russell), FTSE TMX Global Debt Capital Markets Inc. and FTSE TMX Global Debt Capital Markets Limited (together, FTSE TMX ) and MTSNext Limited. FTSE, Russell and FTSE TMX are each benchmark administrators of indexes. References to FTSE Russell should be interpreted as a reference to the relevant benchmark administrator for the relevant index. 1.5 FTSE Russell hereby notifies users of the index series that it is possible that circumstances, including external events beyond the control of FTSE Russell, may necessitate changes to, or the cessation of, the index series and therefore, any financial contracts or other financial instruments that reference the index series should be able to withstand, or otherwise address the possibility of changes to, or cessation of, the index series. 1.6 Index users who choose to follow this index or to buy products that claim to follow this index should assess the merits of the index s rules-based methodology and take independent investment advice before investing their own or client funds. No liability whether as a result of negligence or otherwise is accepted by FTSE Russell (or any person concerned with the preparation or publication of these Ground Rules) for any losses, damages, claims and expenses suffered by any person as a result of: any reliance on these Ground Rules, and/or any errors or inaccuracies in these Ground Rules, and/or any non-application or misapplication of the policies or procedures described in these Ground Rules, and/or any errors or inaccuracies in the compilation of the Index or any constituent data. FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
5 Section 2 Management Responsibilities 2.0 Management Responsibilities 2.1 Listed Investment Companies Association of Australia Listed Investment Companies Association of Australia (LICAA), in association with the Australian Securities Exchange (ASX), is responsible for undertaking the review of the Index. The ASX will maintain a master list of all entities satisfying their definition of a Listed Investment Company. The ASX will provide FTSE Russell with an updated list of constituents on a monthly basis The classification of Listed Investment Companies into Domestic/International/Specialist is determined by the Listed Investment Companies Association of Australia (LICAA), in association with the Australian Securities Exchange (ASX). LICAA and ASX will provide FTSE Russell with written notification of any change in classification to be implemented at the next semi-annual review by the data cut-off date prior to the review The ASX will notify FTSE Russell of any additions or deletion from the list of constituents before they occur. 2.2 FTSE International Limited (FTSE) FTSE is responsible for the operation of the FTSE ASFA Australia Listed Investment Companies Index Series. FTSE maintains records of the market capitalisation of all constituents, and makes changes to the constituents and their weightings in accordance with the Ground Rules. FTSE conducts the index reviews and implements the resulting constituent changes as required by the Ground Rules Changes to constituent weightings are made by FTSE in accordance with the Ground Rules. FTSE is responsible for recording all constituent weighting changes FTSE is responsible for monitoring the performance of the FTSE ASFA Australia Listed Investment Companies Indexes throughout the trading day. FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
6 2.3 Recalculations The FTSE ASFA Australia Listed Investment Companies Index Series are recalculated whenever errors or distortions occur. Users of the Index Series are notified through appropriate media. For further information please refer to the FTSE Russell Recalculation Policy and Guidelines document which is available from the FTSE Russell website using the link below or by contacting FTSE_Russell_Index_Recalculation_Policy_and_Guidelines.pdf 2.4 Status of these Ground Rules These Ground Rules provide information about the publication of the FTSE ASFA Australia Listed Investment Companies Index Series and set out the methodology underlying the FTSE ASFA Australia Listed Investment Companies Index Series. FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
7 Section 3 Queries and Complaints 3.0 Queries and Complaints FTSE Russell s complaints procedure can be accessed using the following link: Queries_and_Complaints_Policy.pdf FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
8 Section 4 Treatment of Eligible Securities 4.0 Treatment of Eligible Securities 4.1 Eligible Securities All Listed Investment Companies listed on the Australian Securities Exchange, as advised by the ASX and the Listed Investment Companies Association of Australia, are eligible for inclusion.. FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
9 Section 5 Qualification Criteria and Periodic Review of Constituents 5.0 Qualification Criteria and Periodic Review of Constituents 5.1 Review Dates The universe and companies included in the FTSE ASFA Australia Listed Investment Companies Index Series are reviewed semi-annually in June and December using data from the close of business on the Monday 4 weeks prior to the review effective date. 5.2 Review Process FTSE ASFA Australia Listed Investment Companies Index Series review universe is comprised of all eligible LICs that satisfy Rule The semi-annual review will be implemented after the close of business on the third Friday (i.e. effective Monday) in June and December. FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
10 Section 6 Changes to Constituents Companies 6.0 Changes to Constituents Companies 6.1 New Issues A new issue is eligible for inclusion at the next semi-annual review. 6.2 Removal If a constituent is delisted, or ceases to have a firm quotation, or is subject to a takeover or has, in the opinion of FTSE Russell (or their nominated deputies), ceased to be a viable constituent as defined by the Ground Rules, it will be removed from the list of constituents. Announcements made after the close of the index calculation are normally applied before the start of the index calculation on the following business day. 6.3 Takeovers (Mergers/Acquisition) Broadly, scrip for scrip rollover applies when a share/unit in a security or a fixed trust is exchanged for a similar share/unit in another security, typically as a result of a takeover If an investor chooses scrip for scrip rollover, any capital gain relating to the original interest is disregarded. The cost base of the original interest becomes the acquisition cost of the replacement interest. However, rollover does not apply to a capital loss. (For a detail example of takeover methodology, please see Appendix B.) If scrip for scrip rollover tax treatment is available in the acquisition, FTSE Russell will apply the scripfor-scrip tax treatment as the default method. FTSE Russell will continue to monitor if there are any ATO class rulings that would change any treatment applied and will modify accordingly at the next semi-annual review. 6.4 Suspended Companies FTSE Russell s treatment can be found using the following link: Suspended_Companies_Rule.pdf FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
11 Section 7 Algorithms and Calculation Method 7.0 Algorithms and Calculation Method 7.1 Prices The FTSE ASFA Australia Listed Investment Companies Index Series uses the Australia Securities Exchange official closing prices for the end of day index calculation. 7.2 Shares in Issue The number of shares in issue for each constituent LIC is expressed to the nearest share. 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 and 7.2.3). The cutoff for these changes will be the close of business on the third Wednesday of the month prior to the review month Changes to numbers of shares in issue of index constituents resulting from corporate actions are applied simultaneously with the corporate action If the cumulative unapplied changes in the number of shares in issue is 10% or greater of the total index shares in issue or it represents at least USD 2 billion of a company s total market capitalisation, the change is implemented between the quarterly updates. A minimum of 4 days notice will be given to users of the index. WM/Reuters Spot Rates are used to convert the market capitalisation into USD. The USD 2 billion threshold may be adjusted annually in December All index adjustments are made before the start of trading on the effective date. 7.3 Dividend Treatment Cash dividends are included in the total return calculations of the FTSE ASFA Australia Listed Investment Companies Index Series based on their ex-dividend dates The imputation (franking) credits attached to dividend distributions are included in the tax adjusted total return calculations but not in the non-tax adjusted total return calculations of the FTSE ASFA Australia Listed Investment Companies Index Series. 7.4 Taxation Treatment Tax-adjusted total return indices are calculated based on the mid tax bracket (Income tax plus medicare levy, currently 30%+1.5%); this tax rate is subject to change by the Listed Investment FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
12 Companies Association of Australia. The total return indexes take into account taxation on dividend distributions. The realised indexes take into account the capital gains tax treatment associated with the normal sale of index shares The FTSE ASFA Australia Listed Investment Companies Index Series are calculated on the basis of Australian and New Zealand investors. According to the Australian Tax Office (ATO), if a listed investment company (LIC) pays a dividend that includes an LIC capital gain amount, eligible investors can be entitled to an income tax deduction % of the attributable portion, as advised by the LICs, can be deducted from investors taxable income to reduce income tax. (For a detailed example of taxable income reduction, please see Appendix A.) The Listed Investment Companies Association of Australia will advise on the treatment of the income tax deduction derived from the capital gain attributable part of a dividend. When the information of dividend breakdown is not available on the declared date, an indicative breakdown will be implemented and later amended on the review date. 7.5 Capital Gains Tax Treatment The FTSE ASFA Australia Listed Investment Companies Index Series includes the followings: The price index The total return index The realised index The unrealised index Both realised and unrealised indexes are calculated on a daily basis. The realised index takes into account capital gains tax events as and when they occur in the calculation of the index. The unrealised index assumes on a daily basis that the entire index portfolio is sold; this provides an indication of whether the index has accumulated any unrealised capital gains, or any unrealised capital losses (i.e. deferred tax assets). The indexes assume that no cash is held as part of the index calculation The FTSE ASFA Australia Listed Investment Companies Indexes recognise any realised and unrealised CGT events after the close of trading on the day prior to the day that the index change is effective. This is different to the treatment of dividend adjustments which are applied at the start of trading on the ex-dividend date. 7.6 Algorithm The FTSE ASFA Australia Listed Investment Companies Index Series is calculated using the chained Paasche methodology The performance of the FTSE ASFA Australia Listed Investment Companies Index Series on any given day is determined by calculating the percentage difference between: the index s market capitalisation as at the close of that day and the market capitalisation at the start of that day. Start of the day market capitalisation is defined as the previous day's market close capitalisation adjusted for capital changes, additions and deletions, etc The FTSE ASFA Australia Listed Investment Companies Indexes are calculated on an end of day basis. FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
13 Appendix A: Taxable Income Deduction Example Company A goes ex-dividend with a fully-franked dividend that includes a LIC capital gain component. The calculation table below shows the mechanism of how the relevant items are calculated in the FTSE ASFA Australia Listed Investment Companies Indexes. Items Notation/Formula Declared Dividend 0.7 DeclaredDiv Franking Credit percentage 100% FCRate Corporate Tax Rate 30% CorpTaxRate Franking Credit 0.3 FC = DeclaredDiv * FCRate * CorpTaxRate / (1-CorpTaxRate) Gross up Dividend 1 GroDiv = DeclaredDiv +FC Declared Capital Gain Dividend 0.28 DeclaredCGD Franking Credit on Capital Gain Dividend 0.12 FCCGD = DeclaredCGD * FCRate * CorpTaxRate / (1-CorpTaxRate) Gross up Capital Gain component (Capital Gain Attributable Part) 0.4 CGAP = DeclaredCGD + FCCGD % Deduction for LIC capital gain 50% DeRate Deduction for LIC capital gain 0.2 De = CGAP * DeRate Taxable income 0.8 TI = GroDiv - De Income Tax Rate 31.5% ITaxRate = Midtaxrate +medicare levy Income Tax ITax = TI * ITaxRate After Tax Dividend Div = GroDiv - ITax FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
14 Appendix B: Takeover Example Company A is acquiring Company B. Each Company B share can exchange for 0.5 Company A share and the effective date is 30 June The calculation table below shows how the scrip-for-scrip tax treatment is implemented in the calculation of the Index Series. Company B Tax Lots before takeover Acquired Date Shares Cost Base (AUD) Current Price (AUD) Unrealised Capital Gains/Loss (AUDm) Tax lot 1 30-Jun ,000, Tax lot 2 30-Jun ,000, ,200 Tax lot 3 30-Jun ,000, ,400 Tax lot 4 30-Jun ,000, ,500 Tax lot 5 30-Jun ,000, ,500 Tax Lots after rollover, rollover does not apply to capital loss Acquired Date Shares Cost Base (AUD) Current Price (AUD) Unrealised Capital Gains/Loss (AUDm) Tax lot 2 30-Jun ,000, ,200 Tax lot 3 30-Jun ,000, ,400 Tax lot 4 30-Jun ,000, ,500 Buy the remaining shares using current price Acquired Date Shares Cost Base (AUD) Current Price (AUD) Unrealised Capital Gains/Loss (AUDm) Tax lot 2 30-Jun ,000, ,200 Tax lot 3 30-Jun ,000, ,400 Tax lot 4 30-Jun ,000, ,500 Tax lot 6 30-Jun ,000, FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
15 Appendix C: Further Information A Glossary of Terms used in FTSE Russell s Ground Rule documents can be found using the following link: Glossary.pdf Further information on the FTSE ASFA Australia Listed Investment Companies Index Series is available from FTSE Russell. For contact details please visit the FTSE Russell website or contact FTSE Russell client services at info@ftse.com. Website: London Stock Exchange Group plc and its applicable group undertakings (the LSE Group ) and the Association of Superannuation Funds of Australia ( ASFA ). The LSE Group includes (1) FTSE International Limited ( FTSE ), (2) Frank Russell Company ( Russell ), (3) FTSE TMX Global Debt Capital Markets Inc. and FTSE TMX Global Debt Capital Markets Limited (together, FTSE TMX ) and (4) MTSNext Limited ( MTSNext ). All rights reserved. The FTSE ASFA Australia Listed Investment Companies Index Series is calculated by FTSE or its agent. All rights in the Index Series vest in FTSE and ASFA. FTSE Russell is a trading name of FTSE, Russell, FTSE TMX and MTS Next Limited. FTSE, Russell, FTSE Russell MTS, FTSE TMX, FTSE4Good and ICB and all other trademarks and service marks used herein (whether registered or unregistered) are trade marks and/or service marks owned or licensed by the applicable member of the LSE Group or their respective licensors and are owned, or used under licence, by FTSE, Russell, MTSNext, or FTSE TMX. ASFA is a trade mark of The Association of Superannuation Funds of Australia ( ASFA ). All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by any member of the LSE Group nor their respective directors, officers, employees, partners or licensors for any errors or for any loss from use of this publication or any of the information or data contained herein. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE ASFA Australia Listed Investment Companies Index Series or the fitness or suitability of the Index Series for any particular purpose to which it might be put. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors provide investment advice and nothing in this document should be taken as constituting financial or investment advice. No member of the LSE Group nor their respective directors, officers, employees, partners or licensors make any representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the applicable member of the LSE Group. Use and distribution of the LSE Group index data and the use of their data to create financial products require a licence with FTSE, Russell, FTSE TMX, MTSNext and/or their respective licensors. FTSE Russell FTSE ASFA Australia Listed Investment Companies Index Series, v1.7, June of 15
Ground Rules. FTSE ASFA Australia Listed Investment Companies Index Series v1.5
Ground Rules FTSE ASFA Australia Listed Investment Companies Index Series v1.5 ftserussell.com December 2015 Contents 1.0 Introduction... 3 2.0 Management responsibilities... 5 3.0 Queries and complaints...
More informationGround Rules. FTSE NAREIT Preferred Stock Index v1.2
Ground Rules FTSE NAREIT Preferred Stock Index v1.2 ftserussell.com November 2015 Contents 1.0 Introduction... 3 2.0 Statement of Principles... 5 3.0 Management Responsibilities... 6 4.0 Algorithm and
More informationGround Rules. FTSE Russia IOB Index v2.4
Ground Rules FTSE Russia IOB Index v2.4 ftserussell.com December 2015 Contents 1.0 Introduction... 3 2.0 Management responsibilities... 5 3.0 Queries and complaints... 6 4.0 Eligible companies... 7 5.0
More informationGround Rules. FTSE/ATHEX Global Traders Index Series v1.5
Ground Rules FTSE/ATHEX Global Traders Index Series v1.5 ftserussell.com November 2015 Contents 1.0 Introduction... 3 2.0 Management responsibilities... 5 3.0 Eligible securities... 7 4.0 Investability
More informationGround Rules. FTSE WMA Private Investor Index Series v3.3
Ground Rules FTSE WMA Private Investor Index Series v3.3 ftserussell.com December 2015 Contents 1.0 Introduction... 3 2.0 Index structure... 4 3.0 Management responsibilities... 6 4.0 Queries and Complaints...
More informationBenchmarking for Australia s Superannuation Funds
Benchmarking for s Superannuation Funds Guide to the Index Series The Index Series, a partnership between and the Association of Superannuation Funds of (ASFA), is designed to address the requirement of
More informationGround Rules. FTSE NASDAQ Dubai Shariah Index Series v2.1
Ground Rules FTSE NASDAQ Dubai Shariah Index Series v2.1 ftserussell.com November 2015 Contents 1.0 Introduction... 3 2.0 Management responsibilities... 5 3.0 Eligible securities... 7 4.0 Periodic review
More informationGround Rules. FTSE NAREIT US Real Estate Capped Index Series v2.3
Ground Rules FTSE NAREIT US Real Estate Capped Index Series v2.3 ftserussell.com April 2016 Contents 1.0 Introduction... 3 2.0 Statement of Principles... 5 3.0 Management Responsibilities... 6 4.0 Algorithm
More informationVersion 1.1 February 2015 GROUND RULES FOR THE. FTSE UK Level Annuity Index Series
GROUND RULES FOR THE FTSE UK Level Annuity Index Series TABLE OF CONTENTS SECTION 1.0 Introduction 2.0 Management Responsibilities 3.0 Index Construction 4.0 Periodic Review 5.0 Index Calculation Methodology
More informationGround rules. FTSE Global Equity Index Series (FTSE GEIS) Guide to Calculation Method for the Median Liquidity Test v1.1
Ground rules FTSE Global Equity Index Series (FTSE GEIS) Guide to Calculation Method for the Median Liquidity Test v1.1 ftserussell.com October 2015 Contents 1.0 Purpose of the guide... 3 2.0 Liquidity
More informationFTSE Global Small Cap Index
FTSE FACTSHEET FTSE Global Small Cap Index bmktitle1 The FTSE Global Small Cap Index is derived from FTSE's flagship Global Equity Series universe, which comprises around 7,000 securities worldwide, giving
More informationGround Rules. FTSE NAREIT US Real Estate Index Series v2.9
Ground Rules FTSE NAREIT US Real Estate Index Series v2.9 ftserussell.com January 2016 Contents 1.0 Introduction... 3 2.0 Statement of Principles... 6 3.0 Management Responsibilities... 7 4.0 Algorithm
More informationGround rules. Guide to Calculation Methods for the FTSE UK Index Series v5.3
Ground rules Guide to Calculation Methods for the FTSE UK Index Series v5.3 ftserussell.com October 2015 Contents 1.0 Purpose of the guide... 3 2.0 Price indexes... 4 3.0 Index points... 10 4.0 Dividends
More informationGround rules. FTSE TMX Canada Universe Discount Bond Index v1.4
Ground rules FTSE TMX Canada Universe Discount Bond Index v1.4 ftserussell.com October 2015 Contents 1.0 Introduction... 3 2.0 Management responsibilities... 5 3.0 Eligibility criteria... 6 4.0 Price sources...
More informationFTSE Russell Index Policy for Trading Halts and Market Closures v1.0
FTSE Russell Index Policy for Trading Halts and Market Closures v1.0 ftserussell.com December 2015 Purpose of the guide This document sets out guidance for the treatment of index changes in the event of
More informationGround rules. FTSE TMX Canada Maturity Corporate Bond Index Series v1.7
Ground rules FTSE TMX Canada Maturity Corporate Bond Index Series v1.7 ftserussell.com October 2015 Contents 1.0 Introduction... 3 2.0 Management responsibilities... 6 3.0 Eligibility criteria... 7 4.0
More informationWithholding Tax Rates Used in Net-of-Tax Indexes v2.3
Withholding Tax Rates Used in Net-of-Tax Indexes v2.3 ftserussell.com February 2016 Contents 1.0 Introduction... 3 2.0 FTSE Global Equity Index Series and Russell Global Indexes... 4 2.1 Maximum Withholding
More informationVersion 1.4 February 2015 GROUND RULES FOR FTSE TMX CANADA HIGH YIELD BOND INDEX
GROUND RULES FOR FTSE TMX CANADA HIGH YIELD BOND INDEX TABLE OF CONTENTS SECTIONS 1.0 Introduction 1.1 The FTSE TMX Canada High Yield Bond Index 1.2 These Ground Rules 1.3 Credit Rating Categories 1.4
More informationVersion 1.0 November 2012 GROUND RULES FOR THE MANAGEMENT OF THE FTSE ASEA PAN AFRICA INDEX SERIES
GROUND RULES FOR THE MANAGEMENT OF THE FTSE ASEA PAN AFRICA INDEX SERIES TABLE OF CONTENTS SECTIONS 1.0 Introduction 2.0 Management Responsibilities 3.0 Eligible Securities 4.0 Index Qualification Criteria
More informationGround Rules. FTSE ASFA Australia Index Series v2.1, Guide to Calculation Methods
Ground Rules FTSE ASFA Australia Index Series v2.1, Guide to Calculation Methods ftserussell.com June 2011 Contents Introduction... 3 1.0 Calculation table A... 6 2.0 Calculation table B... 8 3.0 Calculation
More informationFTSE Index Policy June 2015. FTSE Index Policy in the Event Clients are Unable to Trade a Market
FTSE Index Policy June 2015 FTSE Index Policy in the Event Clients are Unable to Trade a Market FTSE Index Policy in the Event Clients are Unable to Trade a Market Introduction External events can on occasion
More informationGROUND RULES FOR THE FTSE UK INDEX SERIES
GROUND RULES FOR THE FTSE UK INDEX SERIES TABLE OF CONTENTS 1.0 Introduction 1.1 The FTSE UK Index Series 1.2 FTSE Russell 1.3 Statement of Principles 1.4 Index Objective and Intended Use 1.5 These Ground
More informationVersion 1.1 October 2014 GROUND RULES FOR THE FTSE IMPLIED VOLATILITY INDEX SERIES
GROUND RULES FOR THE FTSE IMPLIED VOLATILITY INDEX SERIES TABLE OF CONTENTS 1.0 Introduction 2.0 Management Responsibilities 3.0 Queries, Complaints and Appeals 4.0 Eligible Securities 5.0 Calculation
More informationFTSE ASFA Australia Index Series.
INDEX SERIES FTSE PUBLICATIONS Index Series. A more precise way to measure after-tax performance. Index Series. NEW YORK LONDON HONG KONG BEIJING BOSTON DUBAI MILAN PARIS SAN FRANCISCO SHANGHAI SYDNEY
More informationConstruction and methodology. Russell Stability Index Series
Construction and methodology Russell Stability Index Series ftserussell.com June 2014 Contents Construction and Methodology... 3 Stability indicators in general... 4 General construction considerations...
More informationResults of the 2014 FTSE NAREIT U.S. Real Estate Index Series Consultation
Index Enhancement June 2015 Results of the 2014 FTSE NAREIT U.S. Real Estate Index Series Consultation In 2014 FTSE and NAREIT invited market participants and interested parties to participate in a consultation
More informationAccountant s Tax Guide
Accountant s Tax Guide For the year ended 30 June 2010 Macquarie Wrap Macquarie Adviser Services Tax policies and general assumptions The purpose of the Accountants Tax Guide (the Guide) is to provide
More informationGuide to Chinese Share Classes v1.1
Guide to Chinese Share Classes v1.1 ftserussell.com October 2015 Guide to Chinese Share Classes China incorporated companies listed in the People s Republic of China (PRC) can issue different classes of
More informationFTSE Russell Index Policy in the Event Clients are Unable to Trade a Market v1.1
FTSE Russell Index Policy in the Event Clients are Unable to Trade a Market v1.1 ftserussell.com January 2016 Section 1 Introduction 1.0 Introduction External events can on occasion make it difficult or
More informationAustralian tax booklet for International (US-domiciled) ishares ETFs
Australian tax booklet for International (US-domiciled) ishares ETFs 1. Introduction 1.1 The Australian Tax Booklet for International ishares Funds ( Booklet ) provides a general summary of the main Australian
More informationFTSE Emerging Cyclical and Defensive Indices
FTSE FACTSHEET FTSE Emerging Cyclical and Defensive Indices Data as at: 31 May 2016 bmktitle1 The FTSE Cyclical and Defensive Index Series aims to offer contrasting degrees of sensitivity to the economic
More informationVersion 1.5 September 2015. Corporate Actions and Events Guide for Market Capitalisation Weighted Indexes
Version 1.5 September 2015 Corporate Actions and Events Guide for Market Capitalisation Weighted Indexes TABLE OF CONTENTS 1.0 Purpose of the Guide 2.0 Index Event Treatment 2.1 Splits (sub-division) /
More information4.1 General 4.2 Draft taxation determination TD2004/D1
4.1 General The following comments: are a general guide to the Australian taxation implications of selling your Shares in the Buy-back; may not apply to you if you buy and sell Shares in the ordinary course
More informationInvesco s guide to your tax statement
Invesco s guide to your tax statement June 2016 This guide has been prepared by Invesco to assist you in completing your income tax return for the year ended 30 June 2016. This guide relates only to your
More informationGlobal Value Fund Limited A.B.N. 90 168 653 521. Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015
A.B.N. 90 168 653 521 Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 Appendix 4E - Preliminary Financial Report For the year ended 30 June 2015 Preliminary Report This preliminary
More informationWrap Tax Guide Self Managed Super Fund Part 1
Wrap Tax Guide Self Managed Super Fund Part 1 Wrap Tax Policy Guide For the year ended 30 June 2015 General Information Part 1 of the Wrap Tax Guide outlines the tax assumptions and policies Wrap Services
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE FACTSHEET FTSE All-World ex Fossil Fuels Index Series Data as at: 31 August 2015 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce write-off
More informationVersion 1.5 February 2011 GROUND RULES FOR THE MANAGEMENT OF THE. FTSE Renaissance IPO Index Series
GROUND RULES FOR THE MANAGEMENT OF THE FTSE Renaissance IPO Index Series TABLE OF CONTENTS FTSE Renaissance IPO Index Series 1 Introduction 2 Status of Indices 3 Index Management 4 Eligible Companies 5
More informationYou and your shares 2015
Instructions for shareholders You and your shares 2015 For 1 July 2014 30 June 2015 Covers: n individuals who invest in shares or convertible notes n taxation of dividends from investments n allowable
More informationYou and your shares 2013
Instructions for shareholders You and your shares 2013 For 1 July 2012 30 June 2013 Covers: n individuals who invest in shares or convertible notes n taxation of dividends from investments n allowable
More informationRules for the CAC 40 index. January 2009
Rules for the CAC 40 index January 2009 Effective from 2 January 2009 This English translation is for the convenience of English-speaking readers. However, only the French text has any legal value. Consequently,
More informationClient Portal User Guide
Client Portal User Guide Version 2-2015 Please direct any enquiries regarding the client portal to Capricorn Investment Partners 1800 679 000 enquiries@capinvest.com.au 1 Table of contents 1. What is
More informationHybrids (1): Preference shares
Course #: Title Module 5 Hybrids (1): Preference shares Topic 1: Overview... 3 Why invest in preference shares?... 3 What is a preference share?... 3 What is a preference share? (cont)... 4 Buying preference
More informationThe FTSE China Onshore Bond Index Series
Research The FTSE China Onshore Bond Index Series ftserussell.com May 2015 China is now the world s largest economy (when measured by purchasing power parity (PPP) 1 ) and the largest trading nation 2.
More informationAsset Allocation and Members Benefits Flows
Reporting Standard SRS 533.1 Asset Allocation and Members Benefits Flows Objective of this Reporting Standard This Reporting Standard sets out the requirements for the provision of information to APRA
More informationANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF. (ASX Code: ZYAU)
ANZ ETFS S&P/ASX 300 HIGH YIELD PLUS ETF (ASX Code: ZYAU) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors
More informationTax Guide 2006. A guide to completing your tax return for your ING DIRECT Managed Investments
Tax Guide 2006 A guide to completing your tax return for your ING DIRECT Managed Investments Getting Started TAX GUIDE 2002 Guide to completing your tax return Important Information We have prepared this
More informationUnderstanding Tax Version 1.0 Preparation Date: 1st July 2013
Understanding Tax Version 1.0 Preparation Date: 1st July 2013 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation
More informationOMX Helsinki 15 Index
Rules for Construction and Maintenance of the OMX Helsinki 15 Index Version 1.1 / December 8, 2014 1 P a g e TABLE OF CONTENTS 1. INTRODUCTION... 3 1.1 INDEXES... 3 2. INDEX CONSTRUCTION AND MAINTENANCE...
More informationUnderstanding tax Version 5.0
Understanding tax Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to tax. This document has been published
More informationMSCI AUSTRALIA SELECT HIGH DIVIDEND YIELD INDEX
INDEX METHODOLOGY MSCI AUSTRALIA SELECT HIGH DIVIDEND YIELD INDEX March 2014 MARCH 2014 CONTENTS 1 Introduction... 3 2 Constructing the MSCI Australia Select High Dividend Yield Index... 4 3 Maintaining
More informationGround Rules. FTSE EPRA/NAREIT Global Real Estate Index Series v6.7
Ground Rules FTSE EPRA/NAREIT Global Real Estate Index Series v6.7 ftserussell.com December 2015 Contents 1.0 Introduction... 4 2.0 Statement of Principles... 6 3.0 Management Responsibilities... 7 4.0
More information(the Funds and each a Fund )
SECOND REMINDER THIS ANNOUNCEMENT AND NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE FOR UNITS OF THE EXCHANGE
More informationState Super retirement FuND
State Super retirement FuND Additional Information Booklet Date of Issue 20 January 2015 State Super Financial Services Australia Limited ABN 86 003 742 756 Australian Financial Services Licence No. 238430
More informationDDH MANAGED FUNDS. Additional Information Guide. Page 1
DDH MANAGED FUNDS Additional Information Guide Page 1 This Additional Information Guide (Guide) provides important additional information that forms part of the PDS. Issue Date: 15 December 2015 This Guide
More informationGUIDE TO CAPITAL GAINS TAX 2002 03
GUIDE TO CAPITAL GAINS TAX 2002 03 Covers: Individuals who have sold their main residence Individuals with complex capital gains tax obligations Companies, trusts and funds Lodge online with e-tax at www.ato.gov.au
More informationThe FTSE Infrastructure Index Series
The FTSE Infrastructure Index Series Defining infrastructure s infrastructure definition Features In terms of listed equities, defines core infrastructure as companies which own, operate, manage or maintain
More informationVersion 5.8 June 2014 GROUND RULES FOR THE FTSE EPRA/NAREIT GLOBAL REAL ESTATE INDEX SERIES
GROUND RULES FOR THE FTSE EPRA/NAREIT GLOBAL REAL ESTATE INDE SERIES TABLE OF CONTENTS 1.0 Introduction 2.0 Statement of Principles 3.0 Status of Real Time Indices 4.0 Management Responsibilities 5.0 Algorithms
More informationWhat to consider in an investment
Course 4 What to consider in an investment Topic 1: Return on investment... 3 Evaluating an investment... 3 Return on investment... 3 Income... 3 Frequency of income payments... 4 Capital growth... 4 Comparing
More informationVanguard Emerging Markets Stock Index Fund
Vanguard Emerging Markets Stock Index Fund Supplement to the Prospectus and Summary Prospectus Dated February 26, 2015 New Target Index Effective as of the start of business on November 2, 2015, Vanguard
More informationNational Margin Lending. Make your investment portfolio work for you
National Margin Lending Make your investment portfolio work for you Contents What is Margin Lending? 3 Why choose National Margin lending? 5 Why gear? 6 How much can you borrow with National Margin Lending?
More information2008 MCG Tax Statement Guide: Essential information to help you complete your 2008 Australian income tax return
2008 MCG Tax Statement Guide: Essential information to help you complete your 2008 Australian income tax return MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP DISCLAIMER The information provided in this
More informationANZ ETFS S&P/ASX 100 ETF. (ASX Code: ZOZI)
ANZ ETFS S&P/ASX 100 ETF (ASX Code: ZOZI) INVESTMENT BUILDING BLOCKS FOR A CHANGING WORLD Introducing a suite of innovative exchange traded funds (ETFs) designed for Australian investors by ANZ ETFS,
More informationRules for the Construction and Maintenance of the. OMX Oslo 20 Index. VERSION 2.2 / December 8, 2014. 1 P a g e
Rules for the Construction and Maintenance of the OMX Oslo 20 Index VERSION 2.2 / December 8, 2014 1 P a g e TABLE OF CONTENTS 1. INTRODUCTION... 4 2. INDEX SHARE ELIGIBILITY & SELECTION RULES... 4 2.1
More informationSTATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING
COMMSEC ADVISER SERVICES JULY 2014 1 COMMSEC ADVISER SERVICES STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING STATEMENT OF ADVICE GUIDANCE WORDING FOR TRADING IMPORTANT INFORMATION This guidance wording
More informationDividend Procedure Timetable 2016
Dividend Procedure Timetable 2016 A dividend timetable which follows the guidelines set by the Dividend Procedure Timetable, need not be notified to London Stock Exchange ( the Exchange ) in advance, provided
More informationJUPITER DIVIDEND & GROWTH TRUST PLC MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53,465,619
MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53465619 Assets attributable to: Common shares * 10548403 Ordinary shares 850838 Zero Dividend Preference shares 42066378 SHARES Net Asset Value Market Price
More informationINDEX RULE BOOK BEL Family
INDEX RULE BOOK BEL Family BEL 20, BEL Mid and BEL Small Version 15-02 Effective from 1 October 2015 indices.euronext.com Index 1. Index Summary 2 2. Governance and Disclaimer 4 2.1 Indices 4 2.2 Compiler
More informationModule 1 Introduction to ETFs
Module 1 Introduction to ETFs Course #: Title Topic 1: Big picture investing... 3 Which stock to buy?... 3 Why take a big picture approach?... 3 How can you invest in the market?... 4 Topic 2: What are
More informationMacquarie Significant Investor Visa Funds
Macquarie Significant Investor Visa Funds Managed funds frequently asked questions For licensed financial advisers and licensed migration agents only only What does an investment in a managed fund entitle
More informationCitiFirst Instalment MINIs => The New Generation in Instalments
INSTALMENT MINIS INSTALMENTS SELF FUNDING INSTALMENTS MINIS TURBOS TRADING WARRANTS CitiFirst Instalment MINIs => The New Generation in Instalments INVESTMENT PRODUCT: NOT A DEPOSIT NOT INSURED NO BANK
More informationinvestment portfolio service
investment portfolio service overview Cavendish is a specialist administrator of Self Managed Superannuation Funds (SMSFs). Our overriding business objective is to provide our clients the Trustees of the
More informationAn Introduction to CitiFirst Self Funding Instalment Warrants
www.citifirst.com.au OPPORTUNITY SELF FUNDING INSTALMENTS INSTALMENTS MINIS TURBOS TRADING WARRANTS An Introduction to CitiFirst Self Funding Instalment Warrants Maximise your Exposure to Australia s Blue
More informationInvesco Wholesale Diversified Growth Fund - Class R. Contents. Product Disclosure Statement. Issued 1 September 2015. 1. About Invesco Australia 2
Invesco Wholesale Diversified Growth Fund - Class R Product Disclosure Statement Issued 1 September 2015 ARSN 089 540 367 Contents APIR GTU0097AU 1. About Invesco Australia 2 2. How the Invesco Wholesale
More informationZurich Investments Equity Income Fund
Zurich Investments Equity Income Fund APIR ZUR0538AU Product Disclosure Statement (PDS) Issue date 1 July 2015 Strategic investment partner: Denning Pryce Pty Ltd 1. About Zurich Investments Zurich Investment
More informationUnderstanding the 2013 Year-End Distributions Table
Understanding the 2013 Year-End Distributions Table Year-end distribution overview Q. What is Fidelity doing this year with regard to providing information on mutual fund distributions to Fidelity fund
More informationANZ OneAnswer. Investment Portfolio. Incorporated Material
ANZ OneAnswer Investment Portfolio Incorporated Material 5 May 2008 How do I read this Incorporated Material? This Incorporated Material provides further information and/or specific terms and conditions
More informationTaxation treatment of Exchange Traded Options
Taxation treatment of Exchange Traded Options 18 May 2011 Patrick Broughan, Director, Deloitte Touche Tohmatsu Ltd Alison Noble, Account Director, Deloitte Touche Tohmatsu Ltd The views in this document
More informationFTSE Global Bond Index Series
FTSE Global Bond Index Series FTSE GLOBAL BOND INDEX SERIES The FTSE Global Bond Index Series is a series of fixed income indices covering the principal government bond markets and selected corporate markets.
More informationCapital gains tax treatment of earnout arrangements
Capital gains tax treatment of earnout arrangements Proposals Paper May 2010 Commonwealth of Australia 2009 ISBN 978-0-642-74607-8 This work is copyright. Apart from any use as permitted under the Copyright
More informationThe risks and benefits of shares
Course 3 The risks and benefits of shares Topic 1: The risks of shares... 3 The risks of shares... 3 The risk of capital loss... 3 Volatility risk... 4 The risk of poor quality advice... 4 Time for your
More informationINDEX RULE BOOK BEL Family
INDEX RULE BOOK BEL Family BEL 20, BEL Mid and BEL Small Version 14-01 Effective from 1 March 2014 indices.euronext.com Index 1. Index Summary 2 2. Governance and Disclaimer 4 2.1 Indices 4 2.2 Supervisor
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET September 2011 IAS 12 Income Taxes (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International Financial
More informationEstate planning: Taxation of deceased estates
TB 20 Estate planning: Taxation of deceased estates Issued on 15 November 2010. Summary Under Australian law there are no duties, however, income and some capital transactions may be taxed as a consequence
More informationANZ Online Investment Account
ANZ Online Investment Account Product Disclosure Statement 30 MARCH 2012 Important information This Product Disclosure Statement (PDS) describes a convenient and simple way to invest in the performance
More informationDividend Procedure Timetable 2015
Dividend Procedure Timetable 2015 A dividend timetable which follows the guidelines set by the Dividend Procedure Timetable, need not be notified to London Stock Exchange ( the Exchange ) in advance, provided
More informationSelf-funding instalments
Course #: Title Course 6 Self-funding instalments Topic 1: Features of self-funding instalments... 3 How SFIs work... 3 How do SFIs differ from ordinary instalments?... 3 Summary... 4 Topic 2: Selecting
More informationA research study issued by the ASX and Russell Investments. Investing Report FULL REPORT / JUNE 2012
A research study issued by the ASX and Russell Investments Long-Term Investing Report FULL REPORT / JUNE 2012 Helping everybody invest intelligently by offering a deeper insight into investment markets
More informationANZ PRIVATE INVESTMENT MANAGEMENT SERVICE
ANZ PRIVATE INVESTMENT MANAGEMENT SERVICE PRODUCT DISCLOSURE STATEMENT DATED 22 DECEMBER 2015 SEPARATELY MANAGED ACCOUNTS ARSN 114 818 530 PRAEMIUM AUSTRALIA LIMITED ABN 92 117 611 784 AUSTRALIAN FINANCIAL
More informationAppendix 5. Admission to Trading Rules. Contents. Introduction 2. Part 1 Admission to the Main Securities Market 3. 1 General 3
Appendix 5 Admission to Trading Rules Contents Introduction 2 Part 1 Admission to the Main Securities Market 3 1 General 3 2 Conditions for Admission 3 3 Application Process 5 4 Continuing Obligations
More informationEmployee share schemes: start-up companies. Instructions for using the standard documentation
Employee share schemes: start-up companies Instructions for using the standard documentation 1. Standard ESS documents and this instruction guide 1.1 Standard ESS documents The ATO has developed a set
More informationPlato Investment Management Limited. Why one size does not fit all for Pension investors
Plato Investment Management Limited Why one size does not fit all for Pension investors Why tailor a strategy for pension investors*? Pension investments are taxed at 0% versus accumulation investments
More informationSmart beta: 2015 survey findings from U.S. financial advisors
Smart beta: 2015 survey findings from U.S. financial advisors ftserussell.com Contents 1 Introduction 2 Summary of key themes 3 Survey background 5 Section 1: Defining smart beta, and what is classified
More informationROYAL DUTCH SHELL PLC SCRIP DIVIDEND PROGRAMME TERMS AND CONDITIONS
ROYAL DUTCH SHELL PLC SCRIP DIVIDEND PROGRAMME TERMS AND CONDITIONS This document is important and requires your immediate attention. If you are in any doubt about what action to take, you should seek
More informationUnderstanding Indexed Universal Life Insurance
Understanding Indexed Universal Life Insurance Consumer Brochure Table of Contents Overview... [ 2 ] Indexed Universal Life Insurance...[ 2 ] What is Indexed Universal Life Insurance?... [ 2 ] How North
More informationInsinger de Beaufort Equity Income Fund ("Fund D") (Share series Fund D) Supplementary prospectus June 2011
Insinger de Beaufort Equity Income Fund ("Fund D") (Share series Fund D) Supplementary prospectus June 2011 This is an English translation of the official Dutch prospectus. Should there be any inconsistencies
More informationFor Managing the. Hang Seng Index. Jun 2016 Version 1.4
For Managing the Hang Seng Index Jun 2016 Version 1.4 Amendment History Date Description 1.0 September 2011 First Issue 1.1 November 2013 Updated description of index universe in Section 3 - Constituent
More informationDOWNER EDI DIVIDEND REINVESTMENT PLAN TERMS AND CONDITIONS
1 INTERPRETATION DOWNER EDI DIVIDEND REINVESTMENT PLAN TERMS AND CONDITIONS 1.1 Where used herein, unless the context otherwise requires: a) ASX means ASX Limited ABN 98 008 624 691, or as the context
More informationCash Flow Statements
Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates
More informationINDEX RULE BOOK NYSE Diversified High Income Index
INDEX RULE BOOK NYSE Diversified High Income Index Version 1-1 Effective from 31 July 2013 www.nyx.com/indices Index 1. INDEX SUMMARY... 1 2. GOVERNANCE AND DISCLAIMER... 3 2.1 INDICES... 3 2.2 INDEX GOVERNANCE...
More information