S&P U.S.

Indices
Methodology

February 2025
S&P Dow Jones Indices: Index Methodology
Table of Contents
Introduction 4
Index Objective 4
Highlights and Index Family 4
Supporting Documents 6
Eligibility Criteria 7
Eligibility Factors 7
Index Construction 12
S&P Total Market Index 12
S&P 500, S&P MidCap 400 and S&P SmallCap 600 12
S&P Composite Indices 12
S&P 100 13
S&P 500 Top 50 13
S&P 500 Top 10 13
S&P 500 Top 20 13
S&P Completion Index 14
Select Sector Indices 14
Index Calculations 16
Approaches 16
Shares Outstanding 16
Index Maintenance 17
Timing of Changes 17
Deletions 18
Share and IWF Updates 18
Corporate Actions & Rebalancing Guidelines 18
Other Adjustments 18
Currency of Calculation and Additional Index Return Series 18
Base Dates and History Availability 19
Index Data 21
Calculation Return Types 21
Dividend Points Indices 21
Index Governance 22
Index Committee 22

S&P Dow Jones Indices: S&P U.S. Indices Methodology 1

Index Policy 23
Announcements 23
Holiday Schedule 23
Rebalancing 23
Unexpected Exchange Closures 23
Recalculation Policy 23
Real-Time Calculation 23
Contact Information 23
Index Dissemination 24
Tickers 24
Index Alert 26
Index Data 26
Web site 26
Appendix A 27
Historical Market Capitalization Guidelines 27
Appendix B 28
Index Construction and Weighting Information for Certain Derived Indices 28
S&P Select Sector Capped 20% Indices 28
S&P Select Sector Daily Capped 25/20 Indices 30
S&P Select Sector 15/60 Capped Indices 32
S&P Select Sector 15/40 Plus Capped Indices 34
S&P 500 Consumer Select 15/60 Index 36
S&P 500 Capped 35/20 Indices 38
S&P MidCap 400 Capped Sector Indices 40
S&P SmallCap 600 Capped Sector Indices 42
S&P 500 Ex-Sector Indices 44
S&P Composite 1500 / S&P TMI (Spliced as of EOD Dec-18-2015) Index 44
S&P 500 Ex-Financials, Real Estate, Utilities and Transportation Index 44
S&P Equal Weight U.S. Indices 44
S&P 500 Sectors Equal Allocation Index 46
S&P 900 Banks (Industry) 7/4 Capped Index (USD) 47
S&P 500 in TTM Rates JPY Hedged Index 48
S&P 500 Semiconductors & Semiconductor Equipment (Industry Group) 35%
Capped Index (USD) 49
S&P 500 3% Capped Index (USD) 50
S&P 500 Top 10 25% Capped Index (USD) 51
S&P 500 Top 20 Select Uncapped Index 52
S&P 500 Top 20 Select Index 53

S&P Dow Jones Indices: S&P U.S. Indices Methodology 2

 S&P 500 Top 20 Select 35/20 Capped Index 55
S&P 500 JPY Hedged Index (Korea Calendar) 57
Appendix C 58
Methodology Changes 58
Appendix D 68
ESG Disclosures 68
Disclaimer 69
Performance Disclosure/Back-Tested Data 69
Intellectual Property Notices/Disclaimer 70
ESG Indices Disclaimer 72

S&P Dow Jones Indices: S&P U.S. Indices Methodology 3

Introduction
Index Objective

The S&P U.S. Indices are a family of equity indices designed to measure the market performance of U.S.
domiciled stocks trading on U.S. exchanges. The family is composed of a wide range of indices based on
size, sector, and style. The indices are weighted by float-adjusted market capitalization (FMC). In
addition, equal weighted and capped market capitalization weighted indices are also available as detailed
below.

Highlights and Index Family

FMC Weighted Indices:

S&P Total Market Index. The index measures the performance of the broad U.S. market and includes
all eligible U.S. common equities.

S&P 500. The index measures the performance of the large-cap segment of the U.S. market.
Considered to be a proxy of the U.S. equity market, the index is composed of 500 constituent companies.

S&P MidCap 400. The index measures the performance of the mid-cap segment of the U.S. market. The
index is composed of 400 constituent companies.

S&P SmallCap 600. The index measures the performance of the small-cap segment of the U.S. market.
The index is composed of 600 constituent companies.

S&P Composite Indices. The indices include the S&P Composite 1500, S&P 900, and S&P 1000. The
S&P Composite 1500 is a combination of the S&P 500, S&P MidCap 400, and S&P SmallCap 600 and
measures the performance of all three market size segments. The S&P 900 is a combination of the S&P
500 and S&P MidCap 400 and measures the performance of the mid- and large-cap market size
segments. The S&P 1000 is a combination of the S&P MidCap 400 and S&P SmallCap 600 and
measures the performance of the mid- and small-cap market size segments.

S&P Completion Index. The index is a sub-index of the S&P Total Market Index and measures the
performance of all constituents in the S&P Total Market Index that are not also constituents of the S&P
500. The Index is constituted at the company level, not at the share line level. If one company listing is in
the S&P 500, all other company listings are excluded from the S&P Completion Index.

S&P 500 Top 10 Index. The index measures the performance of 10 of the largest, by FMC, companies
in the S&P 500.

S&P 500 Top 20 Index. The index measures the performance of 20 of the largest, by FMC, companies
in the S&P 500.

S&P 500 Top 50. The index measures the performance of 50 of the largest, by FMC, companies in the
S&P 500.

S&P 100. The index measures the performance of 100 companies selected from the S&P 500.
Generally, the largest companies in the S&P 500 that have listed options are selected for index inclusion.
Sector balance is also considered in the selection of companies for the S&P 100.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 4

For additional details on the following indices, see Appendix B:

S&P Composite 1500 / S&P TMI (Spliced as of EOD Dec-18-2015) Index. The index is a replica of the
S&P Total Market Index and follows the S&P Total Market Index methodology with the exception that for
index history prior to December 18, 2015, the index was a replica of the S&P Composite 1500 and
followed that index’s methodology.

S&P 500 Ex-Sector Indices. The indices measure the performance of all companies in the S&P 500,
excluding those companies in one or more defined sector(s). Company classifications are based on the
Global Industry Classification Standard (GICS®).

S&P 500 Ex-Financials, Real Estate, Utilities and Transportation Index. The index measures the
performance of all companies in the S&P 500, excluding those belonging to the Financials sector, Real
Estate sector, Utilities sector or Transportation industry group. Company classifications are based on
GICS.

S&P 500 Communication Services & Information Technology Index. The index1 measures the
performance of companies in the S&P 500 classified as part of the Communication Services and
Information Technology sectors. Company classifications are based on GICS.

S&P 500 Retail Composite Index. The index measures the performance of companies in the S&P 500
classified as part of the Consumer Discretionary Distribution & Retail and Consumer Staples Distribution
& Retail industry groups. Company classifications are based on GICS.

For more information on GICS, please refer to S&P Dow Jones Indices’ Global Industry Classification
Standard (GICS) Methodology.

Equal Weight Indices:

S&P Equal Weight U.S. Indices. The indices include the S&P 500 Top 50 Equal Weight Index, S&P 100
Equal Weight Index, S&P 500 Equal Weight Index, S&P 500 Equal Weight Sector Indices, S&P MidCap
400 Equal Weight Index, S&P MidCap 400 Equal Weight Sector Indices, S&P SmallCap 600 Equal
Weight Index, S&P SmallCap 600 Equal Weight Sector Indices, S&P Composite 1500 Equal Weight
Index, and S&P Composite 1500 Equal Weight Sector Indices. Index composition for these indices is the
same as that of their respective underlying index. Each company is equally weighted as of the respective
rebalance reference date, rather than weighted by float-adjusted market capitalization. Unless otherwise
noted in Index Construction, index constituents for the Equal Weight Sector Indices are drawn from their
respective parent indices and selected for index inclusion based on their GICS classification.

Capped Market Capitalization Weighted Indices:

S&P Capped Market Capitalization Weighted U.S. Indices. The indices include the Select Sector
Indices, S&P Select Sector Capped 20% Indices, S&P Select Sector Daily Capped 25/20 Indices, S&P
Select Sector 15/60 Capped Indices, S&P 500 Capped 35/20 Indices, S&P MidCap 400 Capped Sector
Indices, and S&P SmallCap 600 Capped Sector Indices. Index constituents are drawn from their
respective underlying index (i.e., the S&P 500, S&P MidCap 400 or S&P SmallCap 600) and selected for
index inclusion based on their GICS classification. Instead of weighting by float-adjusted market
capitalization, the indices employ a capped market capitalization weighting scheme and specific capping
methodology.

1
S&P Dow Jones has created back calculated history for the index based on the securities in the headline S&P 500 that would have
hypothetically been classified as GICS Code 50 and 45 under this new structure effective September 24, 2018.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 5

Supporting Documents

This methodology is meant to be read in conjunction with supporting documents providing greater detail
with respect to the policies, procedures and calculations described herein. References throughout the
methodology direct the reader to the relevant supporting document for further information on a specific
topic. The list of the main supplemental documents for this methodology and the hyperlinks to those
documents is as follows:

Supporting Document URL

S&P Dow Jones Indices’ Equity Indices Policies &
Equity Indices Policies & Practices
Practices Methodology
S&P Dow Jones Indices’ Index Mathematics
Index Mathematics Methodology
Methodology
S&P Dow Jones Indices’ Float Adjustment
Float Adjustment Methodology
Methodology
S&P Dow Jones Indices’ Global Industry
GICS Methodology
Classification Standard (GICS) Methodology

This methodology was created by S&P Dow Jones Indices to achieve the aforementioned objective of
measuring the underlying interest of each index governed by this methodology document. Any changes to
or deviations from this methodology are made in the sole judgment and discretion of S&P Dow Jones
Indices so that the index continues to achieve its objective.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 6

Eligibility Criteria
Securities must meet the following eligibility factors to be considered eligible for index consideration. As
applicable, the evaluation date for determining whether all eligibility criteria are met for the S&P
Composite 1500 is the open of trading two business days prior to the announcement date.

Eligibility Factors

Domicile. Must be a U.S.-domiciled company.

For more information on domiciles, please refer to the Domiciles section of S&P Dow Jones Indices’
Equity Indices Policies & Practices Methodology.

Security Filing Type. The company issuing the security satisfies the U.S. Securities Exchange Act's
periodic reporting obligations by filing certain required forms for domestic issuers, such as but not limited
to: Form 10-K annual reports, Form 10-Q quarterly reports, and Form 8-K current reports.

Exchange Listing. Must have a listing on one of the following U.S. exchanges:
• NYSE • Nasdaq Capital Market
• NYSE Arca • Cboe BZX
• NYSE American • Cboe BYX
• Nasdaq Global Select Market • Cboe EDGA
• Nasdaq Global Market • Cboe EDGX

Ineligible exchanges include:

• Over-the-counter (OTC) Markets including Pink Open Market

Organizational Structure and Share type. The issuing company must have the following organizational
structure and share type:
• Corporations (including equity and mortgage • Common stock (i.e., shares)
REITs)

Ineligible organizational structures and share types include, but are not limited to the following:
• Business development companies (BDCs) • Preferred stock
• Limited partnerships (LPs) • Convertible preferred stock
• Master limited partnerships (MLPs) • Unit trusts
• Limited liability companies (LLCs) • Equity warrants
• Closed-end funds • Convertible bonds
• ETFs • Investment trusts
• ETNs • Rights
• Royalty trusts • American Depositary Receipts (ADRs)
• Special purpose acquisition companies (SPAC)

Tracking Stocks. Eligibility is index dependent:

S&P Dow Jones Indices: S&P U.S. Indices Methodology 7

 • S&P Total Market Index. Tracking stocks are eligible.
• S&P Composite 1500 & Component Indices. Tracking stocks are ineligible.

Multiple Share Classes. S&P DJI includes all publicly listed multiple share class lines separately in FMC
weighted indices, subject to the eligibility requirements for each index. Index membership eligibility for a company
with multiple share class lines is based on the total market capitalization (TMC) at the company level. Each
publicly listed share class is evaluated separately to determine index inclusion, with the weight of each line
reflecting only that line’s FMC, not the combined FMC of all company share class lines. For example, one listed
share class line may be included in an S&P Composite 1500 component index while a second listed share class
line of the same company is excluded. Unlisted share class lines are not combined with any listed share class
lines, but unlisted share class lines are included when calculating company TMC.

For companies that issue a second publicly traded share class to index share class holders, the newly issued
share class line is considered for inclusion provided 1) the event is mandatory, and 2) the market capitalization of
the distributed class is not considered to be de minimis.

For S&P 1500 constituents, multiple share class lines not currently in the index must satisfy the liquidity and FMC
requirements defined in Eligibility Criteria (but not the market capitalization criteria, which is only considered at the
company level). Any excluded listed secondary lines are reviewed annually in September for potential index
inclusion. Multiple share class line deletions from the S&P Composite 1500 are at the discretion of the Index
Committee, and, as a result, a multiple share class line may continue to be included in an index even if the share
class line subsequently fails to meet the addition criteria.

Market Capitalization. Eligibility differs by index:

• S&P Total Market Index. No minimum market capitalization requirement.
• S&P Composite 1500. Requires total company level market capitalizations of:
o S&P 500: US$ 20.5 billion or more
o S&P MidCap 400: US$ 7.4 billion to US$ 20.5 billion
o S&P SmallCap 600: US$ 1.1 billion to US$ 7.4 billion.
The minimum market capitalization guidelines are designed to capture the three-month average
cumulative total company level market capitalization of the S&P Total Market Index (“TMI”) universe at
approximately the following cumulative percentiles:
o S&P 500: 85th percentile
o S&P MidCap 400: 85th-93rd percentile
o S&P SmallCap 600: 93rd-99th percentile
• The market capitalization guideline ranges are expressed in dollar ranges. The ranges are
reviewed at the beginning of each calendar quarter and updated as needed to ensure the ranges
reflect current market conditions. At the quarterly review, if the new market capitalization ranges
for any of the Composite 1500 indices deviate by 10% or more from the current range, the index
committee will consider a market capitalization range update for all the underlying indices.
Updates, if needed, are announced with immediate effect.
• Companies passing the total company level market capitalization criteria are also required to
have a security level float-adjusted market capitalization (FMC) that is at least 50% of the
respective index’s total company level minimum market capitalization threshold.

Investable Weight Factor (IWF). S&P TMI and S&P Composite 1500 constituents must have an IWF of
at least 0.10 as of the rebalancing effective date.

Please refer to S&P Dow Jones Indices’ Float Adjustment Methodology more information on IWFs.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 8

Liquidity. A float-adjusted liquidity ratio (FALR), defined as the annual dollar value traded divided by the
float-adjusted market capitalization (FMC), is used to measure liquidity. Using composite pricing and all
publicly reported U.S. consolidated volume, annual dollar value traded is defined as the average closing
price multiplied by the historical volume over the 365 calendar days prior to the evaluation date. This is
reduced to the available trading period for IPOs, spin-offs or public companies considered to be U.S.
domiciled for index purposes that do not have 365 calendar days of trading history on a U.S. exchange. In
these cases, the dollar value traded available as of the evaluation date is annualized. Eligibility differs
depending on the index:
• S&P Total Market Index
o Liquidity requirements are reviewed during the quarterly rebalancings.
o The price (corporate action adjusted) as of the evaluation date, and the shares
outstanding and IWF as of the rebalancing effective date are used to calculate the FMC.
o The evaluation date is five weeks prior to the rebalancing effective date.
o FALR must be greater than or equal to 0.1.
o Current constituents have no minimum requirement.
• S&P Composite 1500
o The price, shares outstanding, and IWF as of the evaluation date are used to calculate
the FMC.
o The evaluation date is the open of trading two business days prior to the announcement
date.
o The stock should trade a minimum of 250,000 shares in each of the six months leading
up to the evaluation date.
o FALR must be greater than or equal to 0.75 at the time of addition to the Composite
1500.
o Current constituents have no minimum requirement.

Financial Viability. Eligibility differs depending on the index:

• S&P Total Market Index. There is no financial viability requirement for index eligibility.
• S&P Composite 1500. The sum of the most recent four consecutive quarters’ Generally
Accepted Accounting Principles (GAAP) earnings (net income excluding discontinued operations)
should be positive as should the most recent quarter. For equity real estate investment trusts
(REITs), financial viability is based on GAAP earnings and/or Funds From Operations (FFO), if
reported. FFO is a measure commonly used in equity REIT analysis.

Initial Public Offerings (IPOs). Eligibility differs depending on the index:

• S&P Total Market Index. Eligible IPOs are added to the index at the next rebalancing, subject to
the reference date (defined in Index Maintenance). Certain large IPOs may be eligible for S&P
TMI fast track entry, subject to the following conditions:
o Only newly public IPOs and IPO direct placement listings are considered eligible for fast
track entry. Formerly bankrupt companies that switch from an Over-the-Counter
Exchange (“OTC”) or a non-covered exchange to an S&P Dow Jones Indices covered
exchange are not eligible for fast track entry.
o Fast track traditional IPO additions must meet a minimum FMC threshold of US$ 2 billion,
calculated using the shares offered (excluding over-allotment options) and the closing
price on the first day of trading on an eligible exchange. The threshold level is reviewed
from time to time and updated as needed to assure consistency with market conditions.
o Fast track direct placement listing IPO additions must meet a minimum FMC threshold of
US$ 2 billion, calculated using the shares available to the public as determined by its

S&P Dow Jones Indices: S&P U.S. Indices Methodology 9

 investable weight factor, and the closing price on the first day of trading on an eligible
exchange.
o In addition, an IPO will need to meet all other applicable index eligibility rules except for
the liquidity requirement. If all necessary public information is available, S&P Dow Jones
Indices verifies that the fast track conditions have been met. Once S&P Dow Jones
Indices announces that the IPO is eligible for fast track addition, it is added to the index
with five business days lead time. At the discretion of the Index Committee, fast track IPO
additions eligible to be added during a quarterly rebalancing freeze period may instead
be added on the rebalancing effective date.
• S&P Composite 1500.
o IPOs should be traded on an eligible exchange for at least 12 months before being
considered for addition to an index. There is no IPO fast track entry allowed for S&P
Composite 1500 candidates.
o For former SPACs, S&P Dow Jones Indices considers the de-SPAC transaction to be an
event equivalent to an IPO, and 12 months of trading post the de-SPAC event are
required before a former SPAC can be considered for S&P Composite 1500 indices.
o Spin-offs or in-specie distributions from existing constituents are not required to have 12
months of trading prior to their inclusion in the S&P Composite 1500.

Please note that companies that migrate from an ineligible exchange, emerge from bankruptcy, are
newly designated to be domiciled in the U.S. for index purposes by S&P Dow Jones Indices, or
convert from an ineligible share or organizational type to an eligible type do not need to trade on an
eligible U.S. exchange for 12 months before being considered for addition to a S&P Composite 1500
index.

Rule Exceptions. Exceptions to the above criteria include:

• Non-S&P Composite 1500 Companies that Acquire S&P Composite 1500 Index
Constituents. Non-S&P Composite 1500 companies that acquire S&P Composite 1500 index
constituents, but do not fully meet all of the eligibility criteria, may still be added to an S&P
Composite 1500 index at the discretion of the Index Committee if the merger consideration
includes the acquiring company issuing stock to target company shareholders, and the
Committee determines that the addition could mitigate turnover and enhance the
representativeness of the index as a market benchmark.
• S&P Composite 1500 Migrations. Current S&P Composite 1500 constituents can be migrated
from one S&P Composite 1500 component index (S&P 500, S&P MidCap 400, or S&P SmallCap
600) to another provided they meet the total company level market capitalization eligibility criteria
for the new index. Migrations from one S&P Composite 1500 index to another do not need to
meet the financial viability, liquidity, or 50% of the respective index’s total company level minimum
market capitalization threshold criteria.
• Spin-offs from Current S&P Composite 1500 Index Constituents. Companies that are spun-
off from current S&P Composite 1500 constituents do not need to meet the outside addition
criteria, but they should be considered U.S. domiciled for index purposes. For spin-offs, index
membership eligibility is determined using when-issued prices, if available. At the discretion of the
Index Committee, a spin-off company may be retained in the parent stock’s index if the
Committee determines it has a total market capitalization representative of the parent index. If the
spin-off company’s estimated market capitalization is below the minimum defined in the outside
addition criteria but there are other constituent companies in the parent index that have a
significantly lower total market capitalization than the spin-off company, the Committee may
decide to retain the spin-off company in the parent index. Prior to their spin-off, these companies
were part of the parent index and keeping them in the S&P Composite 1500 and the parent index,
where appropriate, mitigates turnover.
• Berkshire Hathaway Inc. Due to turnover and liquidity concerns, S&P 100 & 500 constituent
Berkshire Hathaway Inc. (NYSE:BRK.B) is an exception to the Multiple Share Classes rules as

S&P Dow Jones Indices: S&P U.S. Indices Methodology 10

 detailed in S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology. S&P Dow
Jones Indices will continue to consolidate the share count for this company under the B share
class line.

S&P Dow Jones Indices believes turnover in index membership should be avoided when possible. At
times a stock may appear to temporarily violate one or more of the addition criteria. However, the
eligibility criteria are for addition to an index, not for continued membership. As a result, an index
constituent that appears to violate criteria for addition to that index is not deleted unless ongoing
conditions warrant an index change. When a stock is removed from an index, S&P Dow Jones Indices
explains the basis for the removal.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 11

Index Construction
S&P Total Market Index

Index Construction. At each annual reconstitution, select all eligible securities and form the index.

At each quarterly rebalancing, securities that have undergone a change in the past quarter are eligible to
be added to the index subject to a reference date that is five weeks prior to the rebalancing effective date.
These securities include:
• Initial Public Offerings (IPOs) (including direct offerings)
• New listings on eligible exchanges
• Securities that moved to an eligible exchange
• Securities that emerged from Bankruptcy Status
• Companies whose domicile has changed to the U.S. as determined by S&P Dow Jones Indices
• Companies converting from an ineligible organization type to an eligible organization type
• Securities converting from an ineligible share type to an eligible share type
• Former SPACs that transition to an operating company via a de-SPAC transaction

Current index constituents are not evaluated for continued inclusion during the quarterly rebalances. A
stock previously excluded due to failing the IWF or liquidity criteria is not reviewed again until the
subsequent annual reconstitution.

Weighting. At each reconstitution, the index FMC weights constituents.

S&P 500, S&P MidCap 400 and S&P SmallCap 600

Index Universe. Index constituents are selected from the S&P Total Market Index

Constituent Selection. Constituent selection is at the discretion of the Index Committee and is based on
the eligibility criteria. The indices have a fixed constituent company count of 500, 400, and 600,
respectively. Sector balance, as measured by a comparison of each GICS sector’s weight in an index
with its weight in the S&P Total Market Index, in the relevant market capitalization range, is also
considered in the selection of companies for the indices.

Weighting. Each index FMC weights constituents.

S&P Composite Indices

Index Construction. Each index is constructed by combining the respective underlying index
constituents as follows:
• S&P Composite 1500. combines all constituents of the S&P 500, S&P MidCap 400, and S&P
SmallCap 600.
• S&P 900. combines all constituents of the S&P 500 and S&P MidCap 400.
• S&P 1000. combines all constituents of the S&P MidCap 400 and S&P SmallCap 600.

Weighting. Each index FMC weights constituents.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 12

S&P 100

Index Universe. Index constituents are drawn from the S&P 500.

Constituent Selection. Constituent selection is at the discretion of the Index Committee. Generally, the
largest companies in the S&P 500 that have listed options are selected for index inclusion. Sector
balance is also considered in the selection of companies for the S&P 100.

Weighting. The index FMC weights constituents.

S&P 500 Top 50

Index Universe. Index constituents are drawn from the S&P 500.

Constituent Selection. At each annual reconstitution, the index selects the largest 50, by FMC,
companies in the S&P 500 for index inclusion, subject to a selection buffer. Select constituents as follows:
1. Rank eligible companies by FMC, automatically selecting companies ranked in the top 45 for
index inclusion.
2. Select current constituent companies ranked in the top 55, in rank order, until the 50 company
target count is reached.
3. If at this point the target count is still not satisfied, select the highest-ranking non-constituent(s)
until the target company count is met.

Weighting. At each reconstitution, the index FMC weights constituents.

S&P 500 Top 10

Index Universe. Index constituents are drawn from the S&P 500.

Constituent Selection. At each annual reconstitution, the index selects the 10 largest, by FMC,
companies in the S&P 500 for index inclusion, subject to a selection buffer. Select constituents as follows:
1. Rank eligible companies by FMC, automatically selecting companies ranked in the top 9 for index
inclusion.
2. Select current constituent companies ranked in the top 11, in rank order, until the 10-company
target count is reached.
3. If at this point the target count is still not satisfied, select the highest-ranking non-constituent(s)
until the target company count is met.

Weighting. At each reconstitution, the index FMC weights constituents .

S&P 500 Top 20

Index Universe. Index constituents are drawn from the S&P 500.

Constituent Selection. At each annual reconstitution, the index selects the 20 largest, by FMC,
companies in the S&P 500 for index inclusion, subject to a selection buffer. Select constituents as follows:
1. Rank eligible companies by FMC, automatically selecting companies ranked in the top 18 for
index inclusion.
2. Select current constituent companies ranked in the top 22, in rank order, until the 20 company
target count is reached.
3. If at this point the target count is still not satisfied, select the highest-ranking non-constituent(s)
until the target company count is met.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 13

Weighting. At each reconstitution, the index FMC weights constituents.

S&P Completion Index

Index Universe. Index constituents are drawn from the S&P Total Market Index.

Constituent Selection. All constituents of the S&P Total Market Index excluding constituents of the S&P
500 are selected and form the index.

Weighting. The index is weighted by FMC.

Select Sector Indices

Index Construction. Companies in the S&P 500 are classified based on GICS. Each index is made up
of all stocks in the GICS sector unless otherwise noted in the table below.

Select Sector Index2 GICS Sector Classification

Communication Services Select Sector Index Communications Services (GICS Code 50) 3
Consumer Discretionary Select Sector Index Consumer Discretionary (GICS Code 25)
Consumer Staples Select Sector Index Consumer Staples (GICS Code 30)
Energy Select Sector Index Energy (GICS Code 10)
Financial Select Sector Index Financials (GICS Code 40)
Health Care Select Sector Index Health Care (GICS Code 35)
Industrials Select Sector Index Industrials (GICS Code 20)
Materials Select Sector Index Materials (GICS Code 15)
Real Estate Select Sector Index Real Estate (GICS Code 60)
Technology Select Sector Index Information Technology (GICS Code 45)
Utilities Select Sector Index Utilities (GICS Code 55)

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

The methodology for capped indices follows an identical approach to market cap weighted indices except
that the indices apply an additional weight factor, or “AWF”, to adjust the float-adjusted market
capitalization to a value such that the index weight constraints are satisfied.

Please note that any intra-quarter addition will be added to the relevant Select Sector Index with an AWF
of 1.

For more information on AWF, please refer to S&P Dow Jones Indices’ Index Mathematics Methodology.

Weighting. Each index is capped market capitalization weighted. For capping purposes, the indices
rebalance quarterly after the close of business on the third Friday of March, June, September, and
December using the following procedures:
1. The rebalancing reference date is the Wednesday prior to the second Friday of March, June,
September, and December.
2. With prices reflected on the rebalancing reference date, adjusted for any applicable corporate
actions, and membership, shares outstanding and IWFs as of the rebalancing effective date,
each company is FMC weighted.
3. If any company has an FMC weight greater than 24%, the cap all companies’ weight at 23%,
which allows for a 2% buffer.

2
GICS sub-industry indices calculate for the Energy Select Sector Index. Constituents’ weight adjustment factors flow through from
the underlying index.
3
S&P Dow Jones Indices created back calculated history for the Communication Services Select Sector Index based on the
securities in the headline S&P 500 that would have hypothetically been classified as GICS Code 50 under this new structure
effective September 24, 2018.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 14

 4. The sum of the companies with weights greater than 4.8% cannot exceed 50% of the total index
weight. These caps are set to allow for a buffer below the 5% limit.
5. If the rule in Step 4 is breached, set the weight of companies greater than 4.8% equal to:
𝐶𝑎𝑝𝑝𝑒𝑑 45% × 𝑊𝑖
𝑊𝑖 = max ( , 4.5%)
∑ 𝑁𝑖 𝑊𝑖
where:
N = total number of companies with index weights over 4.8%, after checking the single
company cap
Wi = index weight of the N companies with individual company weights over 4.8%, after
checking the single company cap
Set 4.5% and 45% caps to allow for a buffer below the 5% limit
6. Proportionally redistribute the excess weight from Steps 3 to 5 to companies with an initial weight
less than 4.8%, setting a 4.5% upper bound on the companies’ index weight.
7. Assign index share amounts to each constituent to arrive at the weights calculated above. Since
index shares are assigned based on prices one week prior to rebalancing, the actual weight of
each constituent at the rebalancing differs somewhat from these weights due to market
movements.

For more information on the index calculation, please refer to the Capped Market Capitalization Weighted
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Maximum weight capping is based on company FMC, with the weight of multiple class companies
allocated proportionally to each share class line based on FMC as of the rebalancing reference date. If no
capping is required, both share classes remain in the index at the natural FMC weight.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

Secondary Reweighting Check. If, on the second to last business day of March, June, September, or
December, a company’s weight exceeds 24%, or the sum of the companies with weights greater than
4.8% exceeds 50%, the capping breach triggers a secondary reweighting with an effective date as of after
the close of the last business day of the month. The secondary reweighting uses capped index weights as
of the second to last business days of March, June, September, or December, utilizing the current AWFs
and membership, shares outstanding, and IWFs as of the reweighting effective date.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 15

Index Calculations
Approaches

The indices are calculated by means of the divisor methodology used in all S&P Dow Jones Indices’
equity indices.

Please refer to the Capitalization Weighted Indices section, Equal Weighted Indices section, and Capped
Market Capitalization Weighted Indices sections in S&P Dow Jones Indices’ Index Mathematics
Methodology for more information on the index calculation methodology for float-adjusted market
capitalization weighted indices, equal weighted indices, and capped market capitalization weighted
indices, respectively.

Shares Outstanding

The shares counted for index calculation are shares outstanding and are essentially “basic shares” as
defined by The Financial Accounting Standards Board (FASB) in Generally Accepted Accounting
Principles (GAAP). This count is float-adjusted to reflect only available shares.

For float adjustment methodology, please see S&P Dow Jones Indices’ Float Adjustment Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 16

Index Maintenance
Timing of Changes

Quarterly Update. Share counts are updated to the latest publicly available filings on a quarterly basis.
IWF changes are only made at the quarterly review if the change represents at least 5% of total current
shares outstanding and is related to a single corporate action as described in the Equity Indices Policies
and Practices methodology.

S&P Total Market Index. The index is reconstituted annually, after the close of the third Friday in
September. The index also rebalances quarterly on the third Friday of each calendar quarter as detailed
in the index construction section. For both the annual reconstitution and quarterly rebalancing, the
reference date to meet the eligibility criteria is five weeks prior to the effective date.

S&P 1500 Composite Indices. Changes to index composition are made on an as-needed basis. There
is no scheduled reconstitution. Rather, changes in response to corporate actions and market
developments can be made at any time. Index additions and deletions are announced with at least three
business days advance notice. Less than three business days’ notice may be given at the discretion of
the Index Committee.

Announcements are available to the public via our Web site, www.spglobal.com/spdji/, before or at the
same time they are available to clients or the affected companies.

S&P Completion Index. A company is immediately added to the S&P Completion Index if it is dropped
from the S&P 500 for a reason other than acquisition, delisting from a major exchange, change in
domicile, or bankruptcy. Likewise, all companies added to the S&P 500 are immediately removed from
the S&P Completion Index. Please note the S&P Completion Index is constituted at the company level,
not at the share line level. If one company listing is in the S&P 500, all other company listings are
excluded from the S&P Completion Index.

S&P 500 Top 50, S&P 500 Top 10 Index, and S&P 500 Top 20 Index. The index is reconstituted
annually, after the close of the third Friday in June, using a reference date of the last business day of
May. Share counts are updated quarterly and reflected in the index weights, in line with S&P 500 share
counts. Constituents that are dropped from the S&P 500 are concurrently dropped from the index and are
not replaced until the next annual reconstitution.

S&P Equal Weight U.S. Indices. The indices are rebalanced after the market close on the third Friday
of the quarter-ending month with weights set to 1/N for each company in the index where N equals the
number of companies in the index at rebalancing. At each quarterly rebalancing, companies are equal
weighted using closing prices as of the Wednesday prior to the second Friday of the quarter-ending
month as the reference price. For those companies having multiple share class lines in the index, each
share class line is assigned a weight that is proportional to its FMC as of the Wednesday prior to the
second Friday pricing reference date. Since index shares are assigned based on prices one week prior to
the rebalancing, the actual weight of each company at the rebalancing differs from the target equal
weights due to market movements.

S&P Capped Market Cap Weighted U.S. Indices. The indices are rebalanced for reweighting purposes
quarterly after the close of business on the third Friday of March, June, September, and December. The
rebalancing reference date is the Wednesday prior to the second Friday of March, June, September, and
December respectively.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 17

Sector Index Reclassifications. A sector index constituent may move from one GICS sub-index to
another when a GICS reclassification is made. For any sector index, the company is deleted from the
relevant GICS index and added to the other at the time this reclassification occurs for the underlying
index.

Deletions

Deletions occur as follows:

• A company is deleted from the index if it is involved in a merger, acquisition, or significant
restructuring such that it no longer meets the eligibility criteria:
o A company delisted as a result of a merger, acquisition or other corporate action is
removed at a time announced by S&P Dow Jones Indices, normally at the close of the
last day of trading or expiration of a tender offer. Constituents that are halted from trading
may be kept in the index until trading resumes, at the discretion of the Index Committee.
If a stock is moved to the pink sheets or the bulletin board, the stock is removed.
• A company that substantially violates one or more of the eligibility criteria for the S&P Composite
1500 may be deleted from the respective component index at the Index Committee’s discretion.

Any company that is removed from an S&P Composite 1500 component index (including discretionary
and bankruptcy/exchange delistings) must wait a minimum of one year from its index removal date before
being screened for the eligibility criteria.

Share and IWF Updates

For information on standard treatment of share and IWF updates, please refer to S&P Dow Jones Indices’
Equity Indices Policies & Practices Methodology.

Corporate Actions & Rebalancing Guidelines

Except for the S&P Equal Weight U.S. Indices, for information on corporate actions and rebalancing
guidelines, please refer to the Market Capitalization Indices section of S&P Dow Jones Indices’ Equity
Indices Policies & Practices Methodology.

S&P Equal Weight U.S. Indices. For information on corporate actions and rebalancing guidelines for
these indices, please refer to the Equal Weighted Indices section of S&P Dow Jones Indices’ Equity
Indices Policies & Practices Methodology.

Other Adjustments

In cases where there is no achievable market price for a stock being deleted, it can be removed at a zero
or minimal price at the Index Committee’s discretion.

Currency of Calculation and Additional Index Return Series

The indices calculate in U.S. dollars. In addition, the S&P 500 JPY (TTM), S&P 500 Top 10 Index (TTM)
(JPY), and S&P 500 Top 20 Select Index (TTM) (JPY) calculate in Japanese Yen using TTM (Telegraphic
Transfer Midrate) foreign exchange rates from the Bank of Tokyo Mitsubishi, with index values published
on the calculation date using TTM rates of T+1.

In addition to the indices detailed in this methodology, additional return series versions of the indices may
be available, including, but not limited to the following: currency, currency hedged, decrement, fair value,
inverse, leveraged, and risk control versions. For a list of available indices, please refer to the S&P DJI
Methodology & Regulatory Status Database.

For more information on these types of indices, please refer to S&P Dow Jones Indices’ Index
Mathematics Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 18

For the inputs necessary to calculate certain types of indices, including decrement, dynamic hedged, fair
value, and risk control indices, please refer to the Parameters documents available at
www.spglobal.com/spdji/.

Base Dates and History Availability

Index history availability, base dates, and base values are shown in the table below.

Launch First Value Base

Index Date Date Base Date Value
S&P Total Market Index 03/27/2006 12/31/2004 05/31/2005 1200
S&P Completion Index 03/27/2006 12/31/2004 05/31/2005 1200
S&P 500 03/04/1957 01/03/1928 1941-1943 10
S&P MidCap 400 06/19/1991 07/01/1991 06/28/1991 100
S&P SmallCap 600 10/28/1994 12/30/1994 12/31/1993 100
S&P 900 06/19/1991 07/01/1991 06/30/1995 1000
S&P 1000 10/28/1994 12/30/2004 12/30/1994 1000
S&P Composite 1500 05/18/1995 12/30/2004 12/30/1994 100
S&P 100 06/15/1983 09/11/1989 12/29/2000 686.45
S&P 500 Equal Weight Index 01/08/2003 12/31/1970 12/29/1989 353.4
S&P 500 Equal Weight Communication Services Plus Index 08/06/2018 12/17/1999 12/17/1999 100
S&P 500 Equal Weight Consumer Discretionary Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Consumer Staples Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Energy Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Energy Plus Index 11/15/2021 12/29/1989 12/29/1989 100
S&P 500 Equal Weight Financials Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Health Care Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Industrials Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Information Technology Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Materials Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Real Estate Index 06/08/2015 03/18/2005 03/18/2005 1000
S&P 500 Equal Weight Communication Services Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Utilities Index 06/20/2006 12/29/1989 12/29/1989 353.4
S&P 500 Equal Weight Utilities Plus Index 06/20/2006 12/29/1989 12/29/1989 100
S&P MidCap 400 Equal Weight Index 08/23/2010 07/01/1991 07/01/1991 100
S&P SmallCap 600 Equal Weight Index 08/23/2010 12/30/1994 12/30/1994 100
S&P 500 Top 50 Equal Weight Index 04/09/2024 06/30/2005 06/30/2005 1000
S&P 100 Equal Weight Index 08/25/2009 12/29/2000 12/29/2000 1000
S&P Composite 1500 Equal Weight Index 03/04/2019 12/30/1994 12/30/1994 100
S&P 500 Top 50 11/30/2015 12/31/1970 06/30/2005 1000
S&P 500 Top 10 Index 07/14/2023 06/30/2005 06/30/2005 1000
S&P 500 Top 20 Index 08/01/2024 06/30/2005 06/30/2005 1000
S&P Select Sector Capped 20% Indices A 11/30/2009 12/17/1999 12/17/1999 100
S&P Communication Services Select Sector Daily Capped 25/20
07/23/2018 12/17/1999 12/17/1999 100
Index
S&P 500 Capped 35/20 Sector Indices 07/06/2016 12/17/1999 12/17/1999 100
S&P 500 Capped 35/20 Communication Services Index 04/30/2018 12/21/2007 12/21/2007 100
S&P MidCap 400 Capped Sector Indices 02/22/2016 12/30/1994 12/30/1994 100
S&P SmallCap 600 Capped Sector Indices 03/08/2010 12/30/1994 12/30/1994 100
S&P 900 Banks (Industry) 7/4 Capped Index (USD) 03/02/2018 12/16/2011 12/16/2011 100
S&P 500 Communication Services & Information Technology
09/19/2018 12/29/2017 12/29/2017 100
Index
S&P 500 3% Capped Index 04/19/2024 12/17/1999 12/17/1999 1000
S&P 500 JPY Hedged Index (Korea Calendar) 09/20/2024 12/30/2014 12/30/2014 1000
A
The S&P Select Sector Capped 20% Real Estate Index launched 09/19/2016 and has a base date of 09/19/2003 with a base
value of 100. The S&P Select Sector Capped 20% Communication Services Index launched 06/25/2018 and has a base date of
12/21/2007 with a base value of 100.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 19

Select Sector Indices. Launch dates and launch values for the indices are shown in the following table.

Index (Price Return) Launch Date Launch Value

Consumer Discretionary Select Sector 12/16/1998A 245.12
Communication Services Select Sector 04/30/2018 234.41
Consumer Staples Select Sector 12/16/1998A 260.64
Energy Select Sector 12/16/1998A 235.88
Financial Select Sector 12/16/1998A 220.20
Health Care Select Sector 12/16/1998A 239.74
Industrials Select Sector 12/16/1998A 226.56
Materials Select Sector 12/16/1998A 207.17
Real Estate Select Sector 08/17/2015B 146.86
Technology Select Sector 12/16/1998A 300.86
Utilities Select Sector 12/16/1998A 290.60
A
S&P Dow Jones Indices initiated calculation of the Select Sector Indices as of January 28, 2011. Prior to that date, the indices
were calculated by affiliates of the New York Stock Exchange. The total return versions were launch on 1/28/2011 with a launch
value of 1000.
B
The total return version was launched on 08/17/2015 with a launch value of 163.96.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 20

Index Data
Calculation Return Types

S&P Dow Jones Indices calculates multiple return types which vary based on the treatment of regular
cash dividends. The classification of regular cash dividends is determined by S&P Dow Jones Indices.
• Price Return (PR) versions are calculated without adjustments for regular cash dividends.
• Gross Total Return (TR) versions reinvest regular cash dividends at the close on the ex-date
without consideration for withholding taxes.
• Net Total Return (NTR) versions, if available, reinvest regular cash dividends at the close on the
ex-date after the deduction of applicable withholding taxes.

In the event there are no regular cash dividends on the ex-date, the daily performance of all three indices
will be identical.

For a complete list of indices available, please refer to the daily index levels file (“.SDL”).

For more information on the classification of regular versus special cash dividends as well as the tax rates
used in the calculation of net return, please refer to S&P Dow Jones Indices’ Equity Indices Policies &
Practices Methodology.

For more information on the calculation of return types, please refer to S&P Dow Jones Indices’ Index
Mathematics Methodology.

Dividend Points Indices

For information on Dividend Points Indices, including the index calculation methodology, please refer to
S&P Dow Jones Indices’ Index Mathematics Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 21

Index Governance
Index Committee

An Index Committee maintains the indices. All committee members are full-time professional members of
S&P Dow Jones Indices’ staff. The committee meets monthly. At each meeting, the Index Committee
reviews pending corporate actions that may affect index constituents, statistics comparing the
composition of the indices to the market, companies that are being considered as candidates for addition
to an index, and any significant market events. In addition, the Index Committee may revise index policy
covering rules for selecting companies, treatment of dividends, share counts or other matters.

S&P Dow Jones Indices considers information about changes to its indices and related matters to be
potentially market moving and material. Therefore, all Index Committee discussions are confidential.

S&P Dow Jones Indices’ Index Committees reserve the right to make exceptions when applying the
methodology if the need arises. In any scenario where the treatment differs from the general rules stated
in this document or supplemental documents, clients will receive sufficient notice, whenever possible.

In addition to its daily governance of indices and maintenance of index methodologies, at least once
within any 12-month period, the Index Committee reviews this methodology to ensure the indices
continue to achieve the stated objectives, and that the data and methodology remain effective. In certain
instances, S&P Dow Jones Indices may publish a consultation inviting comments from external parties.

For information on Quality Assurance and Internal Reviews of Methodology, please refer to S&P Dow
Jones Indices’ Equity Indices Policies & Practices Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 22

Index Policy
Announcements

Announcements of additions and deletions for the S&P 500, S&P MidCap 400, and S&P SmallCap 600
are made at 05:15 PM Eastern Time. Press releases are posted on the Web site,
www.spglobal.com/spdji/, and are released to major news services.

Holiday Schedule

Except for the indices listed below, the indices calculate when the U.S. equity market is open.
• S&P 500 JPY (TTM), S&P 500 Top 10 Index (TTM) (JPY), and S&P 500 Top 20 Select Index
(TTM) (JPY). The indices calculate when the Japanese equity market is open.
• S&P 500 (Global Calendar) (JPY). The index calculates Monday through Friday throughout the
entire calendar year.

A complete holiday schedule for the year is available on the S&P Dow Jones Indices’ Web site at
www.spglobal.com/spdji/.

Rebalancing

The Index Committee may change the date of a given rebalancing for reasons including market holidays
occurring on or around the scheduled rebalancing date. Any such change will be announced with proper
advance notice where possible.

Unexpected Exchange Closures

For information on Unexpected Exchange Closures, please refer to S&P Dow Jones Indices’ Equity
Indices Policies & Practices Methodology.

Recalculation Policy

For information on the recalculation policy, please refer to S&P Dow Jones Indices’ Equity Indices
Policies & Practices Methodology.

Real-Time Calculation

Real-time indices are not restated.

For information on Calculations and Pricing Disruptions, Expert Judgment and Data Hierarchy, please
refer to S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

Contact Information

For questions regarding an index, please contact: index_services@spglobal.com.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 23

Index Dissemination
Index levels are available through S&P Dow Jones Indices’ Web site at www.spglobal.com/spdji/, major
quote vendors (see codes below), numerous investment-oriented Web sites, and various print and
electronic media. S&P Dow Jones Indices’ Web site also provides an archive of recent index
announcements and press releases, as well as a monthly release giving total returns for S&P Dow Jones
Indices’ headline indices.

Tickers

The table below lists headline indices covered by this document. All versions of the below indices that
may exist are also covered by this document. Please refer to the S&P DJI Methodology & Regulatory
Status Database for a complete list of indices covered by this document.

Index BBG RIC

S&P 500 SPX .SPX
S&P MidCap 400 MID .MID
S&P SmallCap 600 SML .SML
S&P Composite 1500 SPR .SPSUP
S&P 900 SPLGMID .SPLGMID
S&P 1000 SPK .SPMIDSM
S&P 100 OEX .SPOEX
S&P 500 Equal Weight Index SPW .SPXEW
S&P 500 Equal Weight Index TR SPXEWTR .SPXEWTR
S&P 500 Equal Weight Index NTR SPXEWNTR .SPXEWNTR
S&P 500 Equal Weight Communication Services Plus Index SPXEW4UP --
S&P 500 Equal Weight Communication Services Plus Index TR SPXEW4UT --
S&P 500 Equal Weight Communication Services Plus Index NTR SPXEW4UN --
S&P 500 Equal Weight Consumer Discretionary Index S25 .SPXEW25
S&P 500 Equal Weight Consumer Discretionary Index TR SPXEWCD .SPXEW25TR
S&P 500 Equal Weight Consumer Staples Index S30 .SPXEW30
S&P 500 Equal Weight Consumer Staples Index TR SPXEWCS .SPXEW30TR
S&P 500 Equal Weight Energy Index S10 .SPXEW10
S&P 500 Equal Weight Energy Index TR SPXEWEN .SPXEW10TR
S&P 500 Equal Weight Energy Plus Index SPXEWEUP .SPXEWEUP
S&P 500 Equal Weight Energy Plus Index TR SPXEWEUT .SPXEWEUT
S&P 500 Equal Weight Financials Index S40 .SPXEW40
S&P 500 Equal Weight Financials Index TR SPXEWFN .SPXEW40TR
S&P 500 Equal Weight Health Care Index S35 .SPXEW35
S&P 500 Equal Weight Health Care Index TR SPXEWHC .SPXEW35TR
S&P 500 Equal Weight Industrials Index S20 .SPXEW20
S&P 500 Equal Weight Industrials Index TR SPXEWIN .SPXEW20TR
S&P 500 Equal Weight Information Technology Index S45 .SPXEW45
S&P 500 Equal Weight Information Technology Index TR SPXEWIT .SPXEW45TR
S&P 500 Equal Weight Materials Index S15 .SPXEW15
S&P 500 Equal Weight Materials Index TR SPXEWMA .SPXEW15TR
S&P 500 Equal Weight Real Estate Index SPXEREUP .SPXEREUP
S&P 500 Equal Weight Real Estate Index TR SPXEREUT .SPXEREUT
S&P 500 Equal Weight Communication Services Index S50 .SPXEW50
S&P 500 Equal Weight Communication Services Index TR SPXEWTS .SPXEW50TR
S&P 500 Equal Weight Utilities Index S55 .SPXEW55
S&P 500 Equal Weight Utilities Index TR SPXEWUT .SPXEW55TR
S&P 500 Equal Weight Utilities Plus Index SPXEWC .SPXEWC
S&P 500 Equal Weight Utilities Plus Index TR SPXEWCTR .SPXEWCTR
S&P MidCap 400 Equal Weight Index MIDEWI .MIDEWI
S&P SmallCap 600 Equal Weight Index SMLEWI .SMLEWI
S&P 500 Top 50 Equal Weight Index SP5T5EUP .SP5T5EUP
S&P 100 Equal Weight Index SPOEXEUP .SPOEXEUP
S&P Composite 1500 Equal Weight Index SPRCEWUP --

S&P Dow Jones Indices: S&P U.S. Indices Methodology 24

 Index BBG RIC
S&P Total Market Index SPTMI .SPTMI
S&P Completion Index SPCMI .SPCMI
Communication Services Select Sector TR IXCTR .IXCTR
Communication Services Select Sector NTR IXCNTR .IXCNTR
Consumer Discretionary Select Sector Index IXY .IXY
Consumer Staples Select Sector Index IXR .IXR
Energy Select Sector Index IXE .IXE
Financial Select Sector Index IXM .IXM
Health Care Select Sector Index IXV .IXV
Industrial Select Sector Index IXI .IXI2
Materials Select Sector Index IXB .IXB2
Real Estate Select Sector Index IXRE .IXRE
Technology Select Sector Index IXT .IXT
Utilities Select Sector Index IXU .IXU
S&P 500 Ex-Communication Services TR4 SPXXCMUT .SPXXCMUT
S&P 500 Ex-Communication Services NTR4 SPXXCMUN .SPXXCMUN
S&P 500 Ex-Consumer Discretionary SPXXCDP --
S&P 500 Ex-Consumer Discretionary TR SPXXCDT --
S&P 500 Ex-Consumer Staples SPXXCSP --
S&P 500 Ex-Consumer Staples TR SPXXCST --
S&P 500 Ex-Energy SPXXEGP --
S&P 500 Ex-Energy TR SPXXEGT --
S&P 500 Ex-Financials SPXXFISP --
S&P 500 Ex-Financials TR SPXXFIST --
S&P 500 Ex-Financials & Real Estate SPXXFINP --
S&P 500 Ex-Financials & Real Estate TR SPXXFINT --
S&P 500 Ex-Health Care SPXXHCP --
S&P 500 Ex-Health Care TR SPXXHCT --
S&P 500 Ex-Industrials SPXXINDP --
S&P 500 Ex-Industrials TR SPXXINDT --
S&P 500 Ex-Information Technology TR4 SPXXTSUT .SPXXTSUT
S&P 500 Ex-Information Technology NTR4 SPXXTSUN .SPXXTSUN
S&P 500 Ex-Information Technology & Communication Services SPXXTTSP --
S&P 500 Ex-Information Technology & Communication Services TR SPXXTTST --
S&P 500 Ex-Materials SPXXMP --
S&P 500 Ex-Materials TR SPXXMT --
S&P 500 Ex-Real Estate SPXXRETP --
S&P 500 Ex-Real Estate TR SPXXRETT --
S&P 500 Ex-Utilities SPXXUTIP --
S&P 500 Ex-Utilities TR SPXXUTIT --
S&P 500 Capped 35/20 Communication Services Index NTR SPSVCN .SPSVCN
S&P 900 Banks (Industry) 7/4 Capped Index (USD) TR SP9BKCUT .SP9BKCUT
S&P 900 Banks (Industry) 7/4 Capped Index (USD) NTR SP9BKCUN .SP9BKCUN
S&P 500 Communication Services & Information Technology Index SPX450UP --
S&P 500 Communication Services & Information Technology Index TR SPX450UT --
S&P 500 Communication Services & Information Technology Index NTR SPX450UN --
S&P 500 Sectors Equal Allocation Index (USD) SPXSEAUP .SPXSEAUP
S&P 500 Sectors Equal Allocation Index (USD) TR SPXSEAUT .SPXSEAUT
S&P 500 Sectors Equal Allocation Index (USD) NTR SPXSEAUN .SPXSEAUN
S&P 500 3% Capped Index (USD) SPXCW3UP --
S&P 500 3% Capped Index (USD) TR SPXCW3UT --
S&P 500 3% Capped Index (USD) NTR SPXCW3UN --
S&P 500 Top 10 25% Capped Index (USD) SP5T1CUP .SP5T1CUP
S&P 500 Top 10 25% Capped Index (USD) TR SP5T1CUT .SP5T1CUT
S&P 500 Top 10 25% Capped Index (USD) NTR SP5T1CUN .SP5T1CUN
S&P 500 Equal Weight Index (3 PM UK Time) (GBP)5 SPXEW3GP .SPXEW3GP
S&P 500 Equal Weight Index (12 PM UK FX) (Global Calendar) (GBP) SPXEWLGP .SPXEWLGP
S&P 500 Equal Weight GBP Hedged Index (12 PM UK FX) (Global Calendar) SPXLEHGP .SPXLEHGP

4
S&P Dow Jones Indices has created back calculated history for the S&P 500 Ex-Communication Services and S&P 500 Ex-
Information Technology indices based on the securities in the headline S&P 500 that would have hypothetically been classified
under the GICS structure effective September 24, 2018.
5
For history prior to 09/30/2020, the index used 4:00 PM London WMR exchange rates. Indices with a specified FX snap time may
use the standard 4:00 PM London WMR exchange rate prior to data availability.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 25

Index Alert

Complete data for index replication (including share counts, tickers and data on index levels and returns)
are available through S&P Dow Jones Indices’ fee-based service, SPICE (www.spice-indices.com).

Index Data

Daily constituent and index level data are available via subscription.

For product information, please contact S&P Dow Jones Indices, www.spglobal.com/spdji/en/contact-us.

Web site

For further information, please refer to S&P Dow Jones Indices’ Web site at www.spglobal.com/spdji/.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 26

Appendix A
Historical Market Capitalization Guidelines

Market capitalization guidelines since July 18, 2007, for the component indices of the S&P Composite
1500 are as follows:

Effective Date Market Capitalization Guidelines (US$)

(After Close)6 S&P 500 S&P MidCap 400 S&P SmallCap 600
01/02/2025 At least $20.5 billion $7.4 billion to $20.5 billion $1.1 billion to $7.4 billion
04/01/2024 At least $18.0 billion $6.7 billion to $18.0 billion $1.0 billion to $6.7 billion
01/02/2024 At least $15.8 billion $5.8 billion to $15.8 billion $900 million to $5.8 billion
07/05/2023 At least $14.5 billion $5.2 billion to $14.5 billion $850 million to $5.2 billion
01/04/2023 At least $12.7 billion $4.6 billion to $12.7 billion $750 million to $4.6 billion
03/04/2022 At least $14.6 billion $3.7 billion to $14.6 billion $850 million to $3.7 billion
06/03/2021 At least $13.1 billion $3.6 billion to $13.1 billion $850 million to $3.6 billion
03/17/2021 At least $11.8 billion $3.3 billion to $11.8 billion $750 million to $3.3 billion
12/08/2020 At least $9.8 billion $3.2 billion to $9.8 billion $700 million to $3.2 billion
02/20/2019 At least $8.2 billion $2.4 billion to $8.2 billion $600 million to $2.4 billion
03/10/2017 At least $6.1 billion $1.6 billion to $6.8 billion $450 million to $2.1 billion
07/16/2014 At least $5.3 billion $1.4 billion to $5.9 billion $400 million to $1.8 billion
06/19/2013 At least $4.6 billion $1.2 billion to $5.1 billion $350 million to $1.6 billion
02/16/2011 At least $4.0 billion $1.0 billion to $4.4 billion $300 million to $1.4 billion
12/09/2009 At least $3.5 billion $850 million to $3.8 billion $250 million to $1.2 billion
12/18/2008 At least $3.0 billion $750 million to $3.3 billion $200 million to $1.0 billion
09/25/2008 At least $4.0 billion $1.0 billion to $4.5 billion $250 million to $1.5 billion
07/18/2007 At least $5.0 billion $1.5 billion to $5.5 billion $300 million to $2.0 billion

6
Effective May 1, 2019, security level FMC must be at least 50% of the respective index’s full company level minimum market
capitalization threshold.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 27

Appendix B
Index Construction and Weighting Information for Certain Derived Indices

S&P Select Sector Capped 20% Indices

Index Construction. Companies in the S&P 500 are classified based on the GICS. Each index is made
up of all stocks in the respective GICS sector unless otherwise noted in the table below.

S&P Select Sector Capped 20% Index GICS Sector Classification

S&P Select Sector Capped 20% Communication Services Index Communications Services (GICS Code 50)7
S&P Select Sector Capped 20% Consumer Discretionary Index Consumer Discretionary (GICS Code 25)
S&P Select Sector Capped 20% Consumer Staples Index Consumer Staples (GICS Code 30)
S&P Select Sector Capped 20% Energy Index Energy (GICS Code 10)
S&P Select Sector Capped 20% Financials Index Financials (GICS Code 40)
S&P Select Sector Capped 20% Health Care Index Health Care (GICS Code 35)
S&P Select Sector Capped 20% Industrials Index Industrials (GICS Code 20)
S&P Select Sector Capped 20% Materials Index Materials (GICS Code 15)
S&P Select Sector Capped 20% Real Estate Index Real Estate (GICS Code 60)
S&P Select Sector Capped 20% Technology Index Information Technology (GICS Code 45)
S&P Select Sector Capped 20% Utilities Index Utilities (GICS Code 55)

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Please note that any intra-quarter addition will be added to the relevant S&P Select Sector Capped 20%
Index with the largest AWF currently represented in that index.

Weighting. Each index is capped market capitalization weighted. For reweighting purposes, the indices
are rebalanced quarterly after the close of business on the third Friday of March, June, September, and
December using the following procedures:
1. The rebalancing reference date is the Wednesday prior to the second Friday of March, June,
September, and December.
2. With prices reflected on the rebalancing reference date, adjusted for any applicable corporate
actions, and membership, shares outstanding and IWFs as of the rebalancing effective date,
each company is weighted by FMC.
3. If any company has a weight greater than 19%, that company has its weight capped at 19%. The
cap is set to 19% to allow for a 1% buffer. As the reference date is one week prior to the
rebalancing effective date, the buffer mitigates the possibility of any company exceeding 20% on
the rebalancing effective date.
4. All excess weight is proportionally redistributed to all uncapped companies within the relevant
S&P Select Sector Capped 20% Index.
5. After this redistribution, if the weight of any other company breaches 19%, the process is
repeated iteratively until no companies breach the 19% weight cap.
6. Index share amounts are assigned to each constituent to arrive at the weights calculated above.
Since index shares are assigned based on prices one week prior to rebalancing, the actual

7
S&P Dow Jones Indices has created back calculated history for the S&P Select Sector Capped 20% Communication Services
Index based on the securities in the headline S&P 500 that would have hypothetically been classified as GICS Code 50 under this
new structure effective September 24, 2018.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 28

 weight of each constituent at the rebalancing differs somewhat from these weights due to market
movements.

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics
Methodology.

At times, companies may be represented in the S&P Select Sector Capped 20% Indices by
multiple share class lines. Maximum weight capping is based on company FMC, with the weight
of multiple class companies allocated proportionally to each share class line based on its FMC as
of the rebalancing reference date. If no capping is required, both share classes remain in the
index at their natural FMC.

For more information on the capping thresholds, please refer to the Regulatory Capping
Requirements section of S&P Dow Jones Indices’ Equity Indices Policies & Practices
Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 29

S&P Select Sector Daily Capped 25/20 Indices

Index Construction. Companies in the S&P 500 are classified based on GICS. Each index is made up
of all stocks in the respective GICS sector unless otherwise noted in the table below.

S&P Select Sector Daily Capped 25/20 Index GICS Classification

S&P Communication Services Select Sector Daily Capped 25/20
Communications Services (GICS Code 50)
Index8
S&P Consumer Discretionary Select Sector Daily Capped 25/20
Consumer Discretionary (GICS Code 25)
Index
S&P Consumer Staples Select Sector Daily Capped 25/20 Index Consumer Staples (GICS Code 30)
S&P Energy Select Sector Daily Capped 25/20 Index Energy (GICS Code 10)
S&P Financials Select Sector Daily Capped 25/20 Index Financials (GICS Code 40)
S&P Health Care Select Sector Daily Capped 25/20 Index Health Care (GICS Code 35)
S&P Industrials Select Sector Daily Capped 25/20 Index Industrials (GICS Code 20)
S&P Materials Select Sector Daily Capped 25/20 Index Materials (GICS Code 15)
S&P Real Estate Select Sector Daily Capped 25/20 Index Real Estate (GICS Code 60)
S&P Technology Select Sector Daily Capped 25/20 Index Information Technology (GICS Code 45)
S&P Utilities Select Sector Daily Capped 25/20 Index Utilities (GICS Code 55)

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Index composition is the same as the relevant GICS sector of the S&P 500. Constituent changes are
incorporated in the S&P Select Sector Daily Capped 25/20 Indices as and when they are made in the
relevant GICS sector of the S&P 500. Any addition not coinciding with a reweighting effective date will be
added to the relevant Select Sector Daily Capped 25/20 Index with an AWF of 1.

Weighting. Each index is capped market capitalization weighted. For capping purposes, the indices are
rebalanced quarterly after the close of business on the third Friday of March, June, September, and
December. Indices are also reviewed daily based on each company’s capped market capitalization
weight. Daily capping is only performed when either the largest index closing weight exceeds 25% or the
second largest index closing weight exceeds 20%. The quarterly capping reference date is the
Wednesday prior to the second Friday of March, June, September, and December with changes effective
after the close of the following Friday.

When daily capping is necessary S&P DJI announces the changes in pro-forma files disseminated after
the close of the business day on which the daily weight caps are exceeded with a reference date as of
after the close of that same business day, and changes are effective after the close of the next trading
day. While capping is reviewed daily, the index may be capped less frequently. If daily capping is
necessary during a regularly occurring quarterly capping window the impacted index is capped per the
normal daily capping procedure with the changes effective after the close of the next trading day.
However, the previously assigned AWFs from the quarterly reference date are still implemented, effective
after the close of the third Friday of March, June, September, and December, to account for any
applicable quarterly share and IWF updates.

If on the second to last business day prior to the quarterly rebalancing implementation, using that day’s
closing price (adjusted for any applicable corporate actions) and the newly assigned quarterly shares,
IWF, and AWFs as of the rebalancing effective date the index breaches the daily capping requirements
the index recaps using that day’s closing price. The new AWFs replace the originally assigned AWFs,
with the new AWFs still effective after the close of the third Friday of March, June, September, and
December. Any index requiring daily capping is not assessed on the next business day as the previously
performed capping is effective at that day’s closing. Both the quarterly and daily capping process are
performed according to the following procedures:

8
S&P Dow Jones Indices has created back calculated history for the S&P Communication Services Select Sector Daily Capped
25/20 Index based on the securities in the headline S&P 500 that would have hypothetically been classified as GICS Code 50
under this new structure effective September 24, 2018.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 30

 1. With prices reflected on the rebalancing reference date, adjusted for any applicable corporate
actions, and membership, shares outstanding, and IWFs as of the rebalancing effective date,
each company is weighted by FMC. Modifications are made as defined below.
2. If the company with the largest weight exceeds 23%, the company’s FMC weight is capped at
23%, which allows for a 2% buffer.
3. All excess weight is proportionally redistributed to all remaining uncapped companies within the
relevant index.
4. If the company with the second largest weight exceeds 19%, the company’s FMC weight is
capped at 19%, which allows for a 1% buffer.
5. All excess weight is proportionally redistributed to all remaining uncapped companies within the
relevant index.
6. After this redistribution, steps 2 through 5 are repeated iteratively until the weight of the largest
company does not exceed 23% and the weight of the second largest company does not exceed
19%.
7. The sum of the companies with weights greater than 4.8% cannot exceed 50% of the total index
weight.
8. If the rule in step 7 is breached, all companies are ranked in descending order of their FMC
weights. The first company’s weight that breaches the 50% limit is reduced to 4.5%.
9. This excess weight is proportionally redistributed to all companies with weights below 4.5%. This
is repeated iteratively until step 7 is satisfied.
10. Index share amounts are assigned to each constituent to arrive at the weights calculated above.
Since index shares are assigned based on prices on the reference date, the actual weight of each
constituent at the rebalancing differs somewhat from these weights due to market movements.

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

At times, companies may be represented in the S&P Select Sector Daily Capped 25/20 Indices by
multiple share class lines. Maximum weight capping is based on company FMC, with the weight of
multiple class companies allocated proportionally to each share class line based on its FMC as of the
rebalancing reference date. If no capping is required, both share classes remain in the index at their
natural FMC.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 31

S&P Select Sector 15/60 Capped Indices

Index Construction. Companies in the S&P 500 are classified based on GICS. Each index is made up
of all stocks in the respective GICS sector unless otherwise noted in the table below.

S&P Select Sector Capped 15/60 Index GICS Classification

S&P Communication Services Select Sector 15/60 Capped Index9 Communications Services (GICS Code 50)
S&P Consumer Discretionary Select Sector 15/60 Capped Index Consumer Discretionary (GICS Code 25)
S&P Consumer Staples Select Sector 15/60 Capped Index Consumer Staples (GICS Code 30)
S&P Energy Select Sector 15/60 Capped Index Energy (GICS Code 10)
S&P Financials Select Sector 15/60 Capped Index Financials (GICS Code 40)
S&P Health Care Select Sector 15/60 Capped Index Health Care (GICS Code 35)
S&P Industrials Select Sector 15/60 Capped Index Industrials (GICS Code 20)
S&P Materials Select Sector 15/60 Capped Index Materials (GICS Code 15)
S&P Real Estate Select Sector 15/60 Capped Index Real Estate (GICS Code 60)
S&P Technology Select Sector 15/60 Capped Index Information Technology (GICS Code 45)
S&P Utilities Select Sector 15/60 Capped Index Utilities (GICS Code 55)

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Index composition is the same as the relevant GICS sector of the S&P 500. Constituent changes are
incorporated in the S&P Select Sector 15/60 Capped Indices as and when they are made in the relevant
GICS sector of the S&P 500. Any addition not coinciding with a reweighting effective date will be added to
the relevant S&P Select Sector 15/60 Capped Index with an AWF of 1.

Weighting. Each index is capped market capitalization weighted. For reweighting purposes, the indices
are rebalanced quarterly after the close of business on the third Friday of March, June, September, and
December using the following procedures:
1. The rebalancing reference date is the Wednesday prior to the second Friday of March, June,
September, and December.
2. With prices reflected on the rebalancing reference date, adjusted for any applicable corporate
actions, and membership, shares outstanding and IWFs as of the rebalancing effective date,
each company is weighted by FMC.
3. If the largest company’s index weight exceeds 14%, the company’s FMC weight is capped at
14%, which allows for a 1% buffer.
4. All excess weight is proportionally redistributed to all remaining uncapped companies within the
relevant index.
5. After this redistribution, steps 3 and 4 are repeated iteratively until the weight of any company
does not exceed 14%.
6. The sum of the weights of the largest five companies cannot exceed 55% of the total index
weight. This allows for a 5% buffer.
7. If more than five companies are capped at 14% after step 5, the largest five companies are
selected based on FMC.
8. If the rule in step 6 is breached, the cumulative weight of the largest five companies is reduced to
55%, maintaining the relative proportions among the largest five companies.
9. All excess weight is proportionally redistributed to all remaining companies within the relevant
index (rest of the index).

9
S&P Dow Jones Indices has created back calculated history for the S&P Communication Services Select Sector 15/60 Capped
Index based on the securities in the headline S&P 500 that would have hypothetically been classified as GICS Code 50 under this
new structure effective September 24, 2018.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 32

 10. The weight of any company in the rest of the index cannot exceed the weight of the fifth largest
company from step 8.
11. If the rule in step 10 is breached, the weight of the largest company in the rest of the index is
capped at the weight of the fifth largest company from step 8.
12. All excess weight is proportionally redistributed to all remaining uncapped companies in the rest
of the index.
13. After this redistribution, steps 11 and 12 are repeated iteratively until the weight of any company
in the rest of the index does not exceed the weight of the fifth largest company from step 8.
14. Index share amounts are assigned to each constituent to arrive at the weights calculated above.
Since index shares are assigned based on prices on the reference date, the actual weight of each
constituent at the rebalancing differs somewhat from these weights due to market movements.

15. If no feasible solution is available after following the above steps, the index is float market capitalization
weighted.

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

At times, companies may be represented in the S&P Select Sector 15/60 Capped Indices by multiple
share class lines. Maximum weight capping is based on company FMC, with the weight of multiple class
companies allocated proportionally to each share class line based on its FMC as of the rebalancing
reference date. If no capping is required, both share classes remain in the index at their natural FMC.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 33

S&P Select Sector 15/40 Plus Capped Indices

Index Construction. Companies in the S&P 500 are classified based on GICS. Each index is made up
of all stocks in the respective GICS sector as noted in the table below.

S&P Select Sector Capped 15/40 Plus Index GICS Classification

S&P Communication Services Select Sector 15/40 Plus Capped Index Communications Services (GICS Code 50)10
S&P Consumer Discretionary Select Sector 15/40 Plus Capped Index Consumer Discretionary (GICS Code 25)
S&P Consumer Staples Select Sector 15/40 Plus Capped Index Consumer Staples (GICS Code 30)
S&P Energy Select Sector 15/40 Plus Capped Index Energy (GICS Code 10)
S&P Financials Select Sector 15/40 Plus Capped Index Financials (GICS Code 40)
S&P Health Care Select Sector 15/40 Plus Capped Index Health Care (GICS Code 35)
S&P Industrials Select Sector 15/40 Plus Capped Index Industrials (GICS Code 20)
S&P Materials Select Sector 15/40 Plus Capped Index Materials (GICS Code 15)
S&P Real Estate Select Sector 15/40 Plus Capped Index Real Estate (GICS Code 60)
S&P Technology Select Sector 15/40 Plus Capped Index Information Technology (GICS Code 45)
S&P Utilities Select Sector 15/40 Plus Capped Index Utilities (GICS Code 55)

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Index composition is the same as the relevant GICS sector of the S&P 500. Constituent changes are
incorporated in the S&P Select Sector 15/40 Plus Capped Indices as and when they are made in the
relevant GICS sector of the S&P 500. If the index’s stock count falls below 25, the index will also contain
supplementary companies. Any addition not coinciding with a reweighting effective date will be added to
the relevant S&P Select Sector 15/40 Plus Capped Index with an AWF of 1.

At the quarterly rebalancing, in the event that fewer than 25 stocks are selected for the relevant S&P
Select Sector 15/40 Plus Capped Index, the index will be supplemented with the largest company based
on FMC in the S&P MidCap 400 within the eligible GICS Sector until the 25-stock minimum is reached. If
intra-quarter additions to the S&P 500 in the eligible GICS Sector result in the index reaching the required
minimum count, the supplementary companies will remain in the index until the next quarterly
rebalancing, at which point they will be reviewed. In the event that supplementary companies are required
and at least one supplementary company is a current constituent, a buffer is applied at the quarterly
rebalancing such that a supplementary company being added must have an FMC greater than 1.2 times
(or 20% higher than) the supplementary company it is replacing.

This buffer is evaluated on each supplementary company addition relative to the current supplementary
company it is replacing. For example, the largest non-index supplementary company by FMC is evaluated
against the smallest supplementary index constituent, the second largest non-index supplementary
company is evaluated against the second smallest supplementary index constituent, etc. This process is
repeated until no supplementary additions exceed the buffer.

Weighting. Each index is capped market capitalization weighted and must have a constituent count of at
least 25 stocks. For reweighting purposes, the indices are rebalanced quarterly after the close of
business on the third Friday of March, June, September, and December. The rebalancing reference date
is the Wednesday prior to the second Friday of March, June, September, and December, respectively.
The weighting process is as follows:
1. With prices reflected on the rebalancing reference date, adjusted for any applicable corporate
actions, and membership, shares outstanding and IWFs as of the rebalancing effective date,
each company is weighted by FMC.
2. If the largest company’s index weight exceeds 14%, the company’s FMC weight is capped at
14% (which allows for a 1% buffer), with the excess weight proportionally redistributed to the

10
S&P Dow Jones Indices created back calculated history for the Communication Services Select Sector Index based on the
securities in the headline S&P 500 that would have hypothetically been classified as GICS Code 50 under this new structure
effective September 24, 2018.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 34

 remaining uncapped companies in the index. This process is repeated iteratively until no
company’s weight is greater than 14%.
3. If more than five companies are capped at 14% after step 2, the largest five companies are
selected based on FMC.
4. The sum of the weights of the largest five companies cannot exceed 35% of the total index weight
(which allows for a 5% buffer). If a breach occurs, the cumulative weight of the largest five
companies is capped at 35% (maintaining the relative proportions among the largest five
companies), with the excess weight proportionally redistributed to the remaining companies in the
index.
5. No remaining company’s weight can exceed the weight of the fifth largest company from step 4. If
a breach occurs, the weight of the largest remaining company is capped at the weight of the fifth
largest company from step 4, with the excess weight proportionally redistributed to the remaining
uncapped companies. This process is repeated iteratively until no remaining company’s weight
exceeds the weight of the fifth largest company from step 4.
6. If, after Step 5, all the remaining companies reach the same weight as the fifth largest company
without 100% of the excess weight being allocated, the residual excess weight is allocated
equally among all the remaining constituents (i.e., outside of the five largest companies from step
4). All companies in the index, outside of the five largest companies, will now be equally
weighted, with weights greater than the fifth largest company.
7. The weight of any of the largest five companies from step 4 cannot be smaller than the weight of
the remaining companies. If this rule is breached, the company with the smallest weight among
the largest five companies from step 4 is floored at the weight of the remaining companies (i.e.,
outside of the five largest companies).
8. All weight additions are proportionately deducted from the unfloored companies among the
largest five companies. This process is repeated iteratively until the weight of any company
among the five largest is not smaller than the weight of the remaining companies.
9. If, on the second to last business day of June or December a company has a weight greater than
15% or the sum of the top five companies’ weights exceeds 40%, a secondary rebalancing will be
triggered with the rebalancing effective date being after the close of the last business day of the
month. This secondary rebalancing will use the closing prices as of the second to last business
day of June or December, and membership, shares outstanding, and IWFs as of the rebalancing
effective date.

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

At times, companies may be represented in the S&P Select Sector 15/40 Plus Capped Indices by multiple
share class lines. Maximum weight capping is based on company FMC, with the weight of multiple class
companies allocated proportionally to each share class line based on its FMC as of the rebalancing
reference date. If no capping is required, both share classes remain in the index at their natural FMC.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 35

S&P 500 Consumer Select 15/60 Index

Index Universe. At each rebalancing, the index universe consists of all companies that are constituents
of the S&P 500 Consumer Discretionary Select Sector Index or S&P 500 Consumer Staples Select
Sector Index.

Index Construction. At each rebalancing, rank companies in the index universe in descending order by
FMC, selecting the largest 50 for index inclusion, subject to the following selection buffer:
1. Automatically select the largest 45 companies.
2. Select existing constituents ranked in the top 55 until the target company count is reached.
3. If at this point the target company count is not met, select the largest non-constituents until the
target company count is met.

Constituent Weightings. At each rebalancing, weight constituents according to the following:

1. The rebalancing reference date is the Wednesday prior to the second Friday of March, June,
September, and December.
2. Using prices as of the rebalancing reference date, adjusted for any applicable corporate actions,
and membership, shares outstanding and IWFs as of the rebalancing effective date, FMC weight
each constituent company.
3. If the largest company’s index weight exceeds 14%, cap the company’s FMC weight at 14%,
which allows for a 1% buffer.
4. Proportionally redistribute any excess weight to the uncapped companies in the index.
5. After the redistribution, iteratively repeat steps 3 and 4 until no company violates the 14% cap.
6. The sum of the weights of the largest five companies cannot exceed 55% of the total index
weight. This allows for a 5% buffer.
7. If more than five companies are capped at 14% after step 5, the largest five companies are
selected based on FMC.
8. If the rule in step 6 is breached, cap the cumulative weight of the largest five companies at 55%
while maintaining the relative weight proportions among those companies.
9. Proportionally redistribute any excess weight to the uncapped constituents.
10. The weight of the remaining constituent companies cannot exceed the weight of the smallest
company from step 8.
11. If step 10 is breached, cap the weight of the largest remaining company at the weight of the
smallest company from step 8.
12. Proportionally redistribute any excess weight to all remaining uncapped companies.
13. After the redistribution, iteratively repeat steps 11 and 12 until no constituent company’s weight
exceeds the weight of the smallest company from step 8.
14. If no feasible solution is available after following the above steps, the index is float market
capitalization weighted.

For more information on index calculation, please refer to the Capped Market Capitalization Weighted
Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

Multiple Share Classes. All publicly listed multiple share class lines are eligible for index inclusion,
subject to meeting the eligibility criteria. For more information regarding the treatment of multiple share
classes in these indices, please refer to Approach A within the Multiple Share Classes section of S&P
Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 36

At times, companies may be represented in the S&P 500 Consumer Select 15/60 Index by multiple share
class lines. Maximum weight capping is based on company FMC, with the weight of multiple class
companies allocated proportionally to each share class line based on its FMC as of the rebalancing
reference date. If no capping is required, both share classes remain in the index at their natural FMC.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying indices.

Rebalancing. The index rebalances quarterly, effective after the close on the third Friday of March,
June, September, and December. The rebalancing reference date is the Wednesday prior to the second
Friday of March, June, September, and December. Prices used in the weighting process are as of the
reference date, while membership, shares outstanding, and IWFs are as of the rebalancing effective date.
Index share amounts are assigned to each constituent to arrive at the weights calculated above. Since
index shares are assigned based on prices on the reference date, the actual weight of each constituent at
the rebalancing differs somewhat from these weights due to market movements.

Additions. Except for spin-offs, there are no additions intra-rebalancing. Spin-offs follow the treatment of
the underlying index.

Deletions. Constituents removed from the index universe are removed from the index simultaneously.
These deletions may be caused by companies being removed from the S&P 500 or by changes to
companies’ GICS sector classifications.

GICS Reclassifications. Changes as a result of a constituent’s GICS reclassification are made

simultaneously with the classification change in the underlying index.

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 37

S&P 500 Capped 35/20 Indices

Index Construction. Companies in the S&P 500 are classified based GICS. Each index is made up of
all stocks in the relevant GICS classification unless otherwise noted in the table below.

S&P 500 Capped 35/20 Index GICS Classification

S&P 500 Capped 35/20 Communication Services
Communications Services (GICS Code 50)11
Index
S&P 500 Capped 35/20 Consumer Discretionary Index Consumer Discretionary (GICS Code 25)
S&P 500 Capped 35/20 Consumer Staples Index Consumer Staples (GICS Code 30)
S&P 500 Capped 35/20 Energy Index Energy (GICS Code 10)
S&P 500 Capped 35/20 Financials Index Financials (GICS Code 40)
S&P 500 Capped 35/20 Health Care Index Health Care (GICS Code 35)
S&P 500 Capped 35/20 Industrials Index Industrials (GICS Code 20)
S&P 500 Capped 35/20 Information Technology Index Information Technology (GICS Code 45)
S&P 500 Capped 35/20 Materials Index Materials (GICS Code 15)
S&P 500 Capped 35/20 Real Estate Index Real Estate (GICS Code 60)
S&P 500 Capped 35/20 Utilities Index Utilities (GICS Code 55)
S&P 500 Capped 35/20 Utilities & Telecommunication Utilities (GICS Code 55)
Services Index Telecommunication Services (GICS Code 5010)
Regional Banks (Code: 40101015)
Diversified Banks (Code: 40101010)
S&P 500 Capped 35/20 Banks and Diversified
Asset Management & Custody Banks (Code: 40203010)
Financials Select Index
Consumer Finance (Code: 40202010)
Investment Banking & Brokerage (Code: 40203020)

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Index composition is the same as the relevant GICS sector of the S&P 500. Constituent changes are
incorporated in the S&P 500 Capped 35/20 Indices as and when they are made in the relevant GICS
sector of the S&P 500. Please note any addition not coinciding with a reweighting effective date will be
added to the relevant S&P 500 Capped 35/20 Index with the largest AWF currently represented in that
index.

Weighting. Each index is capped market capitalization weighted. For capping purposes, the indices are
rebalanced quarterly after the close of business on the third Friday of March, June, September, and
December. Indices are also reviewed on the Wednesday prior to the second Friday of all other months
based on each company’s capped market capitalization weight. Monthly capping is only performed when
either the largest index weight exceeds 35% or the second largest index weight exceeds 20%. The
capping reference date is the Wednesday prior to the second Friday of the reweighting month and
changes are effective after the close of the following Friday using prices as of the reweighting reference
date, adjusted for any applicable corporate actions, and membership, shares outstanding, and IWFs as of
the reweighting effective date. The reference date is the Wednesday prior to the second Friday of each
reweighting month. While capping is reviewed monthly, the index may be capped on a less frequent
basis. Both the quarterly and monthly capping are performed for each index, as necessary, based on the
scenarios in the table on the following page.

Scenario Steps
1. At least one company in the index 1. The company with the largest weight is capped at 31.5%. All excess
has an FMC weight exceeding weight is proportionally redistributed to the remaining uncapped
31.5%. companies in the index.
2. If the weight of any remaining uncapped company exceeds 18%, its
weight is capped at 18% and the excess weight is proportionally
redistributed to all remaining uncapped companies.

11
S&P Dow Jones Indices has created back calculated history for the S&P 500 Capped 35/20 Communication Services Index
based on the securities in the headline S&P 500 that would have hypothetically been classified as GICS Code 50 under this new
structure effective September 24, 2018.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 38

 Scenario Steps
3. Step 2 is repeated until the weight of all uncapped companies does
not exceed 18%.
2. The weight of more than one 1. The company with the largest weight is capped at its FMC weight.
company exceeds 18%, but the
company with the largest weight 2. If the weight of any remaining uncapped company exceeds 18%, its
does not exceed 31.5%. weight is capped at 18% and the excess weight is proportionally
redistributed to all remaining uncapped companies in the index.
3. Step 2 is repeated until the weight of all uncapped companies does
not exceed 18%.

In each of the above scenarios, index share amounts are assigned to each constituent to arrive at the
target weights. Since index shares are assigned based on prices one week prior to rebalancing, the
actual weight of each constituent at the rebalancing may differ from the target weights due to price
movements.

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

At times, companies may be represented in the S&P 500 Capped 35/20 Indices by multiple share class
lines. Maximum weight capping is based on company FMC, with the weight of multiple class companies
allocated proportionally to each share class line based on its FMC as of the rebalancing reference date. If
no capping is required, both share classes remain in the index at their natural FMC.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 39

S&P MidCap 400 Capped Sector Indices

Index Construction. Companies in the S&P MidCap 400 are classified based on GICS. Each index is
made up of all stocks in the GICS sector unless otherwise noted in the table below.

S&P MidCap 400 Capped Sector Index GICS Sector Classification

S&P MidCap 400 Capped Consumer Discretionary (Sector) Index Consumer Discretionary (GICS Code 25)
S&P MidCap 400 Capped Consumer Staples (Sector) Index Consumer Staples (GICS Code 30)
S&P MidCap 400 Capped Energy (Sector) Index Energy (GICS Code 10)
S&P MidCap 400 Capped Financials (Sector) Index Financials (GICS Code 40)
Financials (GICS Code 40)
S&P MidCap 400 Capped Financials & Real Estate (Sector) Index
Real Estate (GICS Code 60)
S&P MidCap 400 Capped Health Care (Sector) Index Health Care (GICS Code 35)
S&P MidCap 400 Capped Industrials (Sector) Index Industrials (GICS Code 20)
S&P MidCap 400 Capped Information Technology (Sector) Index Information Technology (GICS Code 45)
S&P MidCap 400 Capped Materials (Sector) Index Materials (GICS Code 15)
S&P MidCap 400 Capped Real Estate (Sector) Index Real Estate (GICS Code 60)
S&P MidCap 400 Capped Utilities & Communication Services Utilities (GICS Code 55)
(Sector) Index12 Communication Services (GICS Code 50)

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Please note that any intra-quarter addition will be added to the relevant S&P MidCap 400 Capped Sector
Index with the largest AWF currently represented in that index.

If the largest AWF in the index is not shared by multiple index constituents, the new addition will be added
to the index with index shares that are commensurate with the index shares of the stock in a hypothetical
rebalancing using the closing prices on the date the addition is announced. In such cases of
commensurate weighting, the index shares for all current constituents will remain constant.

Weighting. Each index is capped market capitalization weighted. For reweighting purposes, the indices
are rebalanced quarterly after the close of business on the third Friday of March, June, September, and
December using the following procedures:
1. The rebalancing reference date is the Wednesday prior to the second Friday of March, June,
September and December.
2. With prices reflected on the rebalancing reference date, adjusted for any applicable corporate
actions, and membership, shares outstanding and IWFs as of the rebalancing effective date,
each company is weighted by FMC.
3. If any company has a weight greater than 22.5%, that company has its weight capped at 22.5%.
The cap is set to allow for a buffer below a 25% limit.
4. All excess weight is proportionally redistributed to all uncapped companies within the relevant
index.
5. After this redistribution, if the weight of any other company breaches 22.5%, the process is
repeated iteratively until no company breaches the 22.5% weight cap.
6. The sum of the companies with weight greater than 4.5% cannot exceed 45% of the total weight.
These caps are set to allow for a buffer below 5% and 50% limits, respectively.
7. If the rule in step 6 is breached, all the companies are ranked in descending order of their weights
and the company with the lowest weight that causes the 45% limit to be breached is identified.
The weight of this company is, then, reduced to 4.5%.

12
Please note this is a slight modification from the official GICS Sectors in that this sub-set of indices combines the Utilities and
Communication Services Sectors into one.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 40

 8. This excess weight is proportionally redistributed to all companies with weights below 4.5%. Any
stock that receives weight cannot breach the 4.5% cap. This process is repeated iteratively until
step 6 is satisfied or until all stocks are greater than or equal to 4.5%. If the rule in step 6 is still
breached and all stocks are greater than or equal to 4.5%, the company with the lowest weight
that causes the 45% limit to be breached is identified. The weight of this company is, then,
reduced to 4.5%.
9. This excess weight is proportionally redistributed to all companies with weights greater than
4.5%. Any stock that receives weight cannot breach the 22.5% stock cap. This process is
repeated iteratively until step 6 is satisfied.
10. Index share amounts are assigned to each constituent to arrive at the weights calculated above.
Since index shares are assigned based on prices one week prior to rebalancing, the actual
weight of each constituent at the rebalancing differs somewhat from these weights due to market
movements.

At times, an index’s company count may require the capping rules to be relaxed. Please refer to the table
below for an overview of the process followed, when necessary. Each subsequent row is a relaxation of
the previous row’s weight caps.

Number of Single Company Threshold for Aggregate Aggregate Company

Constituents Weight Cap13 Company Weight Capping14 Weight Cap9
12-14 25.0% 5.0% 50%
11 27.5% 5.5% 55%
9-10 30.0% 6.0% 60%
8 32.5% 6.5% 65%
7 35.0% 7.0% 70%
6 37.5% 7.5% 75%
5 40.0% 8.0% 80%
4 42.5% 8.5% 85%
3 50.0% 9.5% 95%

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

At times, companies may be represented in the S&P MidCap 400 Capped Sector Indices by multiple
share class lines. Maximum weight capping is based on company FMC, with the weight of multiple class
companies allocated proportionally to each share class line based on its FMC as of the rebalancing
reference date. If no capping is required, both share classes remain in the index at their natural FMC.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

13
Individual companies are capped at the single company weight cap.
14
The sum of all companies with weights exceeding the threshold for aggregate company weight capping are capped at the
aggregate company weight cap.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 41

S&P SmallCap 600 Capped Sector Indices

Index Construction. Companies in the S&P SmallCap 600 are classified based on GICS. Each index is
made up of all stocks in the GICS sector unless otherwise noted in the table below.

S&P SmallCap 600 Capped Sector Index GICS Sector Classification

S&P SmallCap 600 Capped Consumer Discretionary (Sector) Index Consumer Discretionary (GICS Code 25)
S&P SmallCap 600 Capped Consumer Staples (Sector) Index Consumer Staples (GICS Code 30)
S&P SmallCap 600 Capped Energy (Sector) Index Energy (GICS Code 10)
S&P SmallCap 600 Capped Financials (Sector) Index Financials (GICS Code 40)
Financials (GICS Code 40)
S&P SmallCap 600 Capped Financials & Real Estate (Sector) Index
Real Estate (GICS Code 60)
S&P SmallCap 600 Capped Health Care (Sector) Index Health Care (GICS Code 35)
S&P SmallCap 600 Capped Industrials (Sector) Index Industrials (GICS Code 20)
S&P SmallCap 600 Capped Information Technology (Sector) Index Information Technology (GICS Code 45)
S&P SmallCap 600 Capped Materials (Sector) Index Materials (GICS Code 15)
S&P SmallCap 600 Capped Real Estate (Sector) Index Real Estate (GICS Code 60)
S&P SmallCap 600 Capped Utilities & Communication Services Utilities (GICS Code 55)
(Sector) Index15 Communication Services (GICS Code 50)

For more information on GICS, please refer to S&P Dow Jones Indices’ GICS Methodology.

Please note that any intra-quarter addition will be added to the relevant S&P SmallCap 600 Capped
Sector Index with the largest AWF currently represented in that index.

If the largest AWF in the index is not shared by multiple index constituents, the new addition will be added
to the index with index shares that are commensurate with the index shares of the stock in a hypothetical
rebalancing using the closing prices on the date the addition is announced. In such cases of
commensurate weighting, the index shares for all current constituents will remain constant.

Weighting. Each index is capped market capitalization weighted. For reweighting purposes, the indices
are rebalanced quarterly after the close of business on the third Friday of March, June, September, and
December using the following procedures:
1. The rebalancing reference date is the Wednesday prior to the second Friday of March, June,
September, and December.
2. With prices reflected on the rebalancing reference date, adjusted for any applicable corporate
actions, and membership, shares outstanding and IWFs as of the rebalancing effective date,
each company is weighted by FMC.
3. If any company has a weight greater than 22.5%, that company has its weight capped at 22.5%.
The cap is set to allow for a buffer below a 25% limit.
4. All excess weight is proportionally redistributed to all uncapped companies within the relevant
index.
5. After this redistribution, if the weight of any other company breaches 22.5%, the process is
repeated iteratively until no company breaches the 22.5% weight cap.
6. The sum of the companies with weight greater than 4.5% cannot exceed 45% of the total weight.
These caps are set to allow for a buffer below 5% and 50% limits, respectively.
7. If the rule in step 6 is breached, all the companies are ranked in descending order of their weights
and the company with the lowest weight that causes the 45% limit to be breached is identified.
The weight of this company is, then, reduced to 4.5%.

15
Please note this is a slight modification from the official GICS Sectors in that this sub-set of indices combines the Utilities and
Communication Services Sectors into one.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 42

 8. This excess weight is proportionally redistributed to all companies with weights below 4.5%. Any
stock that receives weight cannot breach the 4.5% cap. This process is repeated iteratively until
step 6 is satisfied or until all stocks are greater than or equal to 4.5%. If the rule in step 6 is still
breached and all stocks are greater than or equal to 4.5%, the company with the lowest weight
that causes the 45% limit to be breached is identified. The weight of this company is, then,
reduced to 4.5%.
9. This excess weight is proportionally redistributed to all companies with weights greater than
4.5%. Any stock that receives weight cannot breach the 22.5% stock cap. This process is
repeated iteratively until step 6 is satisfied.
10. Index share amounts are assigned to each constituent to arrive at the weights calculated above.
Since index shares are assigned based on prices one week prior to rebalancing, the actual
weight of each constituent at the rebalancing differs somewhat from these weights due to market
movements.

At times, an index’s company count may require the capping rules to be relaxed. Please refer to the table
below for an overview of the process followed, when necessary. Each subsequent row is a relaxation of
the previous row’s weight caps.

Number of Single Company Threshold for Aggregate Aggregate Company

Constituents Weight Cap16 Company Weight Capping17 Weight Cap12
12-14 25.0% 5.0% 50%
11 27.5% 5.5% 55%
9-10 30.0% 6.0% 60%
8 32.5% 6.5% 65%
7 35.0% 7.0% 70%
6 37.5% 7.5% 75%
5 40.0% 8.0% 80%
4 42.5% 8.5% 85%
3 50.0% 9.5% 95%

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

At times, companies may be represented in the S&P SmallCap 600 Capped Sector Indices by multiple
share class lines. Maximum weight capping is based on company FMC, with the weight of multiple class
companies allocated proportionally to each share class line based on its FMC as of the rebalancing
reference date. If no capping is required, both share classes remain in the index at their natural FMC.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

16
Individual companies are capped at the single company weight cap.
17
The sum of all companies with weights exceeding the threshold for aggregate company weight capping are capped at the
aggregate company weight cap.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 43

S&P 500 Ex-Sector Indices

Index Universe. Index constituents are drawn from the S&P 500.

Constituent Selection. All companies in the S&P 500 are classified based GICS. All companies in the
S&P 500 that are classified in the defined excluded sector(s) are removed. The remaining constituents of
the S&P 500 are then selected and form the ex-sector index.

Weighting. Each index is weighted by FMC.

S&P Composite 1500 / S&P TMI (Spliced as of EOD Dec-18-2015) Index

Index Construction. The index is a spliced version of two indices. Prior to December 18, 2015, the
index was a replica of the S&P Composite 1500 and followed that index’s methodology. Effective
December 18, 2015, the index became a replica of the S&P Total Market Index (TMI) and follows the
S&P TMI methodology.

Weighting. The index is weighted by FMC.

S&P 500 Ex-Financials, Real Estate, Utilities and Transportation Index

Index Universe. Index constituents are drawn from the S&P 500.

Constituent Selection. All companies in the S&P 500 are classified based on GICS. All companies in
the S&P 500 that are classified in the Financials, Real Estate, and Utilities sectors, as well as those
classified in the Transportation industry group are excluded. The remaining constituents of the S&P 500
are then selected and form the index.

Weighting. The index is weighted by FMC.

S&P Equal Weight U.S. Indices

Index Construction. Each index is an equal weighted version of an underlying index as detailed in the
table below. Index composition is the same as the underlying index. Constituent changes are
incorporated in the equal weight index, as and when they are made in the underlying index.

S&P Equal Weight U.S. Index Underlying Index

S&P 100 Equal Weight Index S&P 100
S&P 500 Equal Weight Index S&P 500
S&P MidCap 400 Equal Weight Index S&P MidCap 400
S&P SmallCap 600 Equal Weight Index S&P SmallCap 600
S&P Composite 1500 Equal Weight Index S&P Composite 1500
S&P 500 Top 50 Equal Weight Index S&P 500 Top 50

When a company is added to an index in the middle of the quarter, it takes the weight of the company
that it replaced. The one exception is when a company is removed from an index at a price of $0.00. In
such a case, the company’s replacement is added to the index at the weight using the previous day’s
closing value, or the most immediate prior business day that the deleted company was not valued at
$0.00.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 44

S&P 500 Equal Weight Sector Indices. Companies in the S&P 500 are classified based on GICS. Each
index is made up of all stocks in the GICS sector unless otherwise noted in the table below.

S&P 500 Equal Weight Sector Index GICS Sector Classification

S&P 500 Equal Weight Consumer Discretionary Index Consumer Discretionary (GICS Code 25)
S&P 500 Equal Weight Consumer Staples Index Consumer Staples (GICS Code 30)
S&P 500 Equal Weight Energy Index Energy (GICS Code 10)
S&P 500 Equal Weight Energy Plus Index Energy (GICS Code 10)
S&P 500 Equal Weight Financials Index Financials (GICS Code 40)
S&P 500 Equal Weight Health Care Index Health Care (GICS Code 35)
S&P 500 Equal Weight Industrials Index Industrials (GICS Code 20)
S&P 500 Equal Weight Information Technology Index Information Technology (GICS Code 45)
S&P 500 Equal Weight Materials Index Materials (GICS Code 15)
S&P 500 Equal Weight Real Estate Index Real Estate (GICS Code 60)
S&P 500 Equal Weight Communication Services Index Communication Services (GICS Code 50)
S&P 500 Equal Weight Utilities Index Utilities (GICS Code 55)
S&P 500 Equal Weight Utilities Plus Index Utilities (GICS Code 55)
S&P 500 Equal Weight Communication Services Plus Communication Services (GICS Code 50)
Index18

Index composition is the same as the relevant GICS sector of the S&P 500. Constituent changes are
incorporated in the S&P Equal Weight Sector Indices, as and when they are made in the relevant GICS
sector of the S&P 500, except for the S&P 500 Equal Weight Plus Indices which may also contain
supplementary stocks. The company maintains its modified index shares if it is moved to a new S&P 500
Equal Weight Sector Index upon reclassification. This results in a divisor adjustment to both the S&P 500
Equal Weight Sector Index the company is leaving and the S&P 500 Equal Weight Sector Index the
company is joining.

At the quarterly rebalancing, in the event that fewer than 22 companies are selected for the S&P 500
Equal Weight Plus Indices, the index will be supplemented with the largest company based on FMC in the
S&P MidCap 400 within the eligible GICS Sector until the 22 company minimum is reached. If intra-
quarter additions to the S&P 500 in the eligible GICS Sector result in the index reaching the required
minimum count, the supplementary companies will remain in the index until the next quarterly rebalance,
at which point they will be reviewed. If supplementary stocks are required, and at least one
supplementary stock is a current constituent, a buffer is applied at the quarterly rebalancing such that a
supplementary stock being added must have an FMC greater than 1.2 times (or 20% higher than) the
supplementary stock it is replacing. This buffer is evaluated on each supplementary stock addition relative
to the current supplementary stock it is replacing. For example, the largest non-index supplementary
stock by FMC is evaluated against the smallest supplementary index constituent, the second largest non-
index supplementary stock is evaluated against the second smallest supplementary index constituent,
etc. This process is repeated until no supplementary additions exceed the buffer.

Weighting. The indices are reset to equal weight quarterly after the close of business on the third Friday
of March, June, September, and December. The reference date for weighting is the Wednesday prior to
the second Friday of the reweighting month and changes are effective after the close of the following
Friday using prices as of the reweighting reference date, and membership, shares outstanding, and IWFs
as of the reweighting effective date.

The closing weight of any company removed from the headline S&P 500 Equal Weighted Index at the
close of business on the day prior to the effective date determines the new AWF and Index Shares of the
replacement company.

For more information on the index calculation methodology, please refer to the Equal Weighted Indices
section of S&P Dow Jones Indices’ Index Mathematics Methodology.

18
S&P Dow Jones Indices created back calculated history for the index based on the securities in the headline S&P 500 that would
have hypothetically been classified as GICS Code 50 under this new structure effective September 24, 2018.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 45

S&P 500 Sectors Equal Allocation Index

Index Objective. The index is a weighted return index measuring the equal weighted performance of the
FMC weighted S&P 500 Sector Indices (the component indices).

Component Indices. Please see the table below.

S&P 500 Sector Index GICS Sector Classification

S&P 500 Consumer Discretionary Index Consumer Discretionary (GICS Code 25)
S&P 500 Consumer Staples Index Consumer Staples (GICS Code 30)
S&P 500 Energy Index Energy (GICS Code 10)
S&P 500 Financials Index Financials (GICS Code 40)
S&P 500 Health Care Index Health Care (GICS Code 35)
S&P 500 Industrials Index Industrials (GICS Code 20)
S&P 500 Information Technology Index Information Technology (GICS Code 45)
S&P 500 Materials Index Materials (GICS Code 15)
S&P 500 Real Estate Index19 Real Estate (GICS Code 60)
S&P 500 Communication Services Index Communication Services (GICS Code 50)
S&P 500 Utilities Index Utilities (GICS Code 55)

Index Eligibility. See Index Construction.

Index Construction. At each rebalancing, the index selects the component indices.

Index Weighting. At each rebalancing, the index equal weights the component indices. Each component
index FMC weights its constituents.

Index Calculation. For information on the index calculation, please refer to the Weighted Return section
of S&P Dow Jones Indices’ Index Mathematics Methodology.

Reweighting. The index reweights quarterly, effective after the close of business on the third Friday of
March, June, September, and December, using a reference date for weighting as of after the close on the
Wednesday prior to the second Friday of the reweighting month.

Index Maintenance. Except for rebalancings, all index adjustments and corporate action treatments
follow the component indices.

19
For history prior to September 2016, the index did not include the S&P 500 Real Estate Sector Index.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 46

S&P 900 Banks (Industry) 7/4 Capped Index (USD)

Index Objective. The index measures the performance of the constituents of the underlying index
classified as part of two GICS Banks industries, defined below.

Underlying Index. S&P 900.

Index Eligibility. Constituents of the underlying index classified as part of the following GICS sub-
industries are eligible:
• Diversified Banks (Code: 40101010)
• Regional Banks (Code: 40101015)

Index Construction. See Index Eligibility.

Additions. Companies added to the underlying index with an eligible GICS code or current constituents
of the underlying index whose GICS code changes to that of an eligible sub-industry are added to the
index simultaneously. Any addition is added at the lesser of 4% index weight or commensurate with the
weight of the stock in a hypothetical rebalancing. Index shares of the addition are determined based on
closing prices as of the addition announcement date. The index shares for all current constituents will
remain constant.

Deletions. Constituents removed from the underlying index or whose GICS code changes to an
ineligible sub-industry are removed from the index simultaneously.

Constituent Weightings. The index is weighted by FMC, subject to weight caps, if necessary. The
individual weights of the largest five index companies are each capped at a maximum 7% index weight.
Then, the remaining companies are each capped at a maximum 4% index weight. Weight is redistributed
proportionally across all uncapped components.

Maximum weight capping is based on company FMC, with the weight of multiple class companies
allocated proportionally to each share class line based on its FMC as of the rebalancing reference date. If
no capping is required, both share classes remain in the index at their natural FMC.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

Multiple Share Classes. All publicly listed multiple share class lines are eligible for index inclusion,
subject to meeting the eligibility criteria. For more information regarding the treatment of multiple share
classes, please refer to Approach A within the Multiple Share Classes section of the S&P Dow Jones
Indices’ Equity Indices Policies & Practices Methodology.

Rebalancing. The index is rebalanced on a quarterly basis, effective after the close on the third Friday of
March, June, September, and December. The reference date is the Wednesday prior to the second
Friday of each rebalancing month. Prices used in the weighting process are as of the reference date,
while membership, shares outstanding, and IWFs are as of the rebalancing effective date.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 47

S&P 500 in TTM Rates JPY Hedged Index

Index Objective. The index measures the performance of the underlying index hedged against currency
fluctuations.

Underlying Index. S&P 500 (Index Code: 500).

Currency of Calculation. The index calculates in Japanese yen.

Exchange Rate. Index values calculate using TTM (Telegraphic Transfer Midrate) foreign exchange
rates from the Bank of Tokyo Mitsubishi, with index values published on the calculation date using TTM
rates of T+1.

Holiday Schedule. The index calculates when the Japan equity markets are open. A complete holiday
schedule for the year is available at www.spglobal.com/spdji.

Rebalancing. The index rebalances monthly. The index determines the required hedged amount using
the TTM rate on the most recent Japanese trading day (T) and the underlying index value on the
preceding date (T-1). If there is no underlying index value on T-1, the calculation uses the most recent
index value.

Hedging. The index daily return series calculate by interpolating between the spot price and the forward
price.

For each hedge month 𝑚, there are 𝑑 = 1,2,3… 𝐷 business days.

𝑚𝑑 is day 𝑑 for hedge month 𝑚 and 𝑚0 is the last business day of the hedge month 𝑚 − 1.

𝐹_𝐼 𝑚𝑑 = The interpolated forward rate as of day 𝑑 of month 𝑚.

𝑆𝑚 = The spot rate in U.S. dollar per Japanese yen (USD/JPY).

𝐹𝑚 = The forward rate in U.S. dollar per Japanese yen (USD/JPY).

𝐻𝑅𝑚𝑑 = The hedge return (%).

𝑆𝑃𝐼_𝐸𝑚 = The underlying index level in Japanese yen.

𝑆𝑃𝐼_𝐸𝐻𝑚 = the hedged index level.

𝐷−𝑑
𝐹_𝐼𝑚𝑑 = 𝑆𝑚𝑑 + ( ) ∗ (𝐹𝑚𝑑 − 𝑆𝑚𝑑 )
𝐷

𝑆𝑚0 𝑆𝑚0
𝐻𝑅𝑚𝑑 = −
𝐹𝑚0 𝐹_𝐼𝑚𝑑

𝑆𝑃𝐼_𝐸𝑚𝑑
𝑆𝑃𝐼_𝐸𝐻𝑚𝑑 = 𝑆𝑃𝐼_𝐸𝐻𝑚0 ∗ ( + 𝐻𝑅𝑚𝑑 )
𝑆𝑃𝐼_𝐸𝑚0

S&P Dow Jones Indices: S&P U.S. Indices Methodology 48

S&P 500 Semiconductors & Semiconductor Equipment (Industry Group) 35% Capped Index (USD)

Index Objective. The index measures the performance of the constituents of the underlying index,
subject to a 35% company weight cap.

Underlying Index. S&P 500 Semiconductors & Semiconductor Equipment (Industry Group). For
information on the underlying index, please refer to the S&P U.S. Indices Methodology at
http://www.spglobal.com/spdji.

Index Eligibility. At each rebalancing, constituents of the underlying are eligible for index inclusion.

Index Construction. See Index Eligibility.

Index Additions. Additions to the underlying are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. The index FMC weights constituents, subject to a single company cap of 35%
of the index. Any excess weight is proportionally redistributed to the uncapped constituents.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

Reweighting. The index rebalances quarterly, effective after the close of the third Friday in March, June,
September, and December. The reference date for prices used for the weighting process is after the close
of the Wednesday prior to the second Friday of the rebalancing month.

Currency of Calculation. The index calculates in U.S. dollars.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 49

S&P 500 3% Capped Index (USD)

Index Objective. The index measures the performance of companies in the underlying index, subject to
a 3% weight cap.

Underlying Index. S&P 500 (Index Code: 500).

Index Eligibility. The index comprises the constituents of the underlying index.

Additions. Any intra-quarter addition is added to the index with the largest AWF currently represented in
the index. If the largest AWF in the index is not shared by multiple index constituents, the new addition is
added to the index with index shares that are commensurate with the index shares of the stock in a
hypothetical rebalancing using the closing prices on the date the addition is announced. In such cases of
commensurate weighting, the index shares for all current constituents remain constant.

Deletions. Constituents removed from the underlying index are removed from the index simultaneously.

Constituent Weightings. At each rebalancing, the index is capped market capitalization weighted. If any
company has a weight greater than 3%, cap that company’s weight at 3%. Proportionally redistribute all
excess weight to all uncapped companies. After this redistribution, if the weight of any other company
breaches 3%, repeat the process iteratively until no company breaches the 3% cap.

Rebalancing. The index rebalances quarterly, effective after the close on the third Friday of March,
June, September, and December. The reference date is the Wednesday prior to the second Friday of
each rebalancing month. Prices used in the weighting process are as of the reference date, while
membership, shares outstanding, and IWFs are as of the rebalancing effective date.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 50

S&P 500 Top 10 25% Capped Index (USD)

Index Objective. The index measures the performance of companies in the underlying index, subject to
a 25% single company cap.

Underlying Index. S&P 500 Top 10 (Index Code: SP5T1).

Index Eligibility. The index comprises the constituents of the underlying index.

Index Additions. Additions to the underlying index are added to the index simultaneously.

Index Deletions. Constituents removed from the underlying index are removed from the index
simultaneously.

Constituent Weightings. At each rebalancing, the index FMC weights companies. If any company has a
weight greater than 25%, cap that company’s weight at 25%. Proportionally redistribute all excess weight
to all uncapped companies within the index. After this redistribution, if the weight of any other company
breaches 25%, repeat the process iteratively until no company breaches the 25% cap.

Rebalancing. The index rebalances quarterly, effective after the close on the third Friday of March,
June, September, and December. The reference date is the Wednesday prior to the second Friday of
each rebalancing month. Prices used in the weighting process are as of the reference date, while
membership, shares outstanding, and IWFs are as of the rebalancing effective date.

Index Maintenance. All index adjustments and corporate action treatments follow the underlying index.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 51

S&P 500 Top 20 Select Uncapped Index

Index Objective. The index measures the performance of the largest 20 companies, by FMC, in the S&P
500.

Index Universe. The index universe is the S&P 500, as of the rebalancing effective date.

Constituent Selection. At each rebalancing, the index selects the top 20 companies in the S&P 500,
based on FMC, for index inclusion, using data as of the rebalancing reference date.

Weighting. The index FMC weights constituents.

Replacement Policy. The index targets 20 companies, and replaces any removed company, even if
outside the normal rebalancing schedule, using a reference date for determining whether all eligibility
criteria are met as of the open of trading two business days prior to the replacement announcement
date.20

Rebalancing. The index rebalances quarterly, effective after the close of business on the third Friday of
March, June, September, and December using a rebalancing reference date as of the last business day
of February, May, August, and November.

20
For history prior to 08/19/2024, the index did not apply the Replacement Policy rule.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 52

S&P 500 Top 20 Select Index

Index Objective. The index measures the capped market capitalization weighted performance of the
largest 20 companies, by FMC, in the S&P 500.

Index Universe. The index universe is the S&P 500, as of the rebalancing effective date.

Constituent Selection. At each rebalancing, the index selects the top 20 companies in the S&P 500, by
FMC, for index inclusion, using data as of the rebalancing reference date.

The methodology for capped indices follows an identical approach to market capitalization weighted
indices except that the indices apply an additional weight factor, or “AWF”, to adjust the float-adjusted
market capitalization to a value such that the index weight constraints are satisfied.

For more information on AWF, please refer to S&P Dow Jones Indices’ Index Mathematics Methodology.

Weighting. At each rebalancing, the index is capped market capitalization weighted, according to the
following process:
1. With prices reflected on the reweighting reference date, adjusted for any applicable corporate
actions, and membership, shares outstanding, and IWFs as of the rebalancing effective date,
weight each company by FMC.
2. If any company’s FMC weight exceeds 22.5%, cap that company’s weight at 22.5%, which allows
for a 2.5% buffer. The buffer is meant to mitigate against any company exceeding 25% as of the
quarter-end diversification requirement date.
3. Proportionally redistribute all excess weight to all uncapped companies within the index.
4. After this redistribution, if the weight of any other company(s) then breaches 22.5%, repeat the
process iteratively until no company breaches the 22.5% weight cap.
5. The sum of the companies with weights greater than 4.5% cannot exceed 48% of the total index
weight. These caps are set to allow for a buffer below the 5% limit.
6. If the rule in Step 5 is breached, rank all companies with weights greater than 4.5% in descending
order of weights and identify the company with the smallest weight that causes Step 5 to breach.
Reduce the weight of this company either until the rule in Step 5 is satisfied or it reaches 4.5%.
7. Proportionally redistribute this excess weight to all companies with weights below 4.5%. Any
company that receives weight cannot breach the 4.5% cap. Repeat this process iteratively until
Step 5 is satisfied.
8. Index share amounts are assigned to each constituent to arrive at the weights calculated above.
Since index shares are assigned based on prices prior to rebalancing, the actual weight of each
constituent at the rebalancing differs somewhat from these weights due to market movements.

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

At times, companies may be represented in the index by multiple share class lines. Maximum weight
capping is based on company FMC, with the weight of multiple class companies allocated proportionally
to each share class line based on its FMC as of the reweighting reference date. If no capping is required,
both share classes remain in the index at the natural FMC.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

Replacement Policy. The index targets 20 companies and replaces any removed company, even if
outside the normal rebalancing schedule, using a reference date for determining whether all eligibility

S&P Dow Jones Indices: S&P U.S. Indices Methodology 53

criteria are met as of the open of trading two business days prior to the replacement announcement date.
Any intra-quarter addition is added with the largest AWF currently represented in the index. 21

Rebalancing. The index rebalances quarterly after the close of business on the third Friday of March,
June, September, and December, using a rebalancing reference date as of the last business day of
February, May, August, and November. The reweighting reference date is the Wednesday prior to the
second Friday of March, June, September, and December.

21
For history prior to 08/19/2024, the index did not apply the Replacement Policy rule.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 54

S&P 500 Top 20 Select 35/20 Capped Index

Index Objective. The index measures the capped market capitalization weighted performance of the
largest 20 companies, by FMC, in the S&P 500.

Index Universe. The index universe is the S&P 500, as of the rebalancing effective date.

Index Construction. At each rebalancing, the index selects the top 20 companies in the S&P 500,
based on FMC, for index inclusion, using data as of the rebalancing reference date.

The methodology for capped indices follows an identical approach to market capitalization weighted
indices except that the indices apply an additional weight factor, or “AWF”, to adjust the float-adjusted
market capitalization to a value such that the index weight constraints are satisfied.

For more information on AWF, please refer to S&P Dow Jones Indices’ Index Mathematics Methodology.

Index Weighting. At each rebalancing, the index is capped market capitalization weighted. With prices
reflected on the reweighting reference date, adjusted for any applicable corporate actions, and
membership, shares outstanding, and IWFs as of the rebalancing effective date, the index FMC weights
each company.

For capping purposes, apply capping for the index, as necessary, based on the scenarios in the below
table:

Scenario Steps
1. At least one company in the index has an 1. Cap the company with the largest weight at
FMC weight exceeding 31.5%. 31.5%. Proportionally redistribute all excess
weight to all uncapped companies within the
index.
2. After this redistribution, if the weight of any
remaining uncapped company exceeds 18%, cap
its weight at 18% and proportionally redistribute
the excess weight to all remaining uncapped
companies.
3. Repeat Step 2 until the weight of all uncapped
companies does not exceed 18%.
2. The weight of more than one company 1. Cap the company with the largest weight at its
exceeds 18%, but the company with the FMC weight.
largest weight does not exceed 31.5%.
2. If the weight of any remaining uncapped company
exceeds 18%, cap its weight at 18% and
proportionally redistribute the excess weight to all
remaining uncapped companies.
3. Repeat Step 2 until the weight of all uncapped
companies does not exceed 18%.

In each of the above scenarios, index share amounts are assigned to each constituent to arrive at the
target weights. Since index shares are assigned based on prices prior to rebalancing, the actual weight of
each constituent at the rebalancing differs somewhat from these weights due to market movements.

For more information on the index calculation methodology, please refer to the Capped Market
Capitalization Weighted Indices section of S&P Dow Jones Indices’ Index Mathematics Methodology.

At times, companies may be represented in the index by multiple share class lines. Maximum weight
capping is based on company FMC, with the weight of multiple class companies allocated proportionally

S&P Dow Jones Indices: S&P U.S. Indices Methodology 55

to each share class line based on its FMC as of the rebalancing reference date. If no capping is required,
both share classes remain in the index at the natural FMC.

For more information on the capping thresholds, please refer to the Regulatory Capping Requirements
section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology.

Monthly Capping Review. In addition to the quarterly capping, indices are also reviewed on the
Wednesday prior to the second Friday of all other months based on each company’s capped market
capitalization weight. If the largest index weight exceeds 35% or the second largest index weight exceeds
20%, then the index reapplies the capping process defined in the table above.

The reference date for monthly capping is the Wednesday prior to the second Friday of the reweighting
month and changes are effective after the close of the following Friday using prices as of the reweighting
reference date, adjusted for any applicable corporate actions, and membership, shares outstanding, and
IWFs as of the reweighting effective date.

Replacement Policy. The index targets 20 companies and replaces any removed company, even if
outside the normal rebalancing schedule, using a reference date for determining whether all eligibility
criteria are met as of the open of trading two business days prior to the replacement announcement date.
Any intra-quarter addition is added with the largest AWF currently represented in the index. 22

Rebalancing. The index rebalances quarterly after the close of business on the third Friday of March,
June, September, and December, using a rebalancing reference date as of the last business day of
February, May, August, and November. The reweighting reference date is the Wednesday prior to the
second Friday of March, June, September, and December.

22
For history prior to 08/19/2024, the index did not apply the Replacement Policy rule.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 56

S&P 500 JPY Hedged Index (Korea Calendar)

Index Objective. The index measures the performance of the underlying index hedged against currency
fluctuations.

Underlying Index. S&P 500 (Index Code: 500).

Rebalancing. The index rebalances monthly.

Hedging. The index daily return series calculates by interpolating between the spot price and the forward
price. For the most recent Korean trading day (T), the index determines the required hedged amount
using the FX rate and the underlying index value on the preceding date (T-1). If there is no underlying
index value on T-1, the calculation uses the most recent index value.

For each hedge month 𝑚, there are 𝑑 = 1,2,3… 𝐷 business days.

𝑚𝑑 is day 𝑑 for hedge month 𝑚 and 𝑚0 is the last business day of the hedge month 𝑚 − 1.
𝐹_𝐼 𝑚𝑑 = The interpolated forward rate as of day 𝑑 of month 𝑚
𝑆𝑚 = The spot rate in U.S. dollar per Japanese yen (USD/JPY)
𝐹𝑚 = The forward rate in U.S. dollar per Japanese yen (USD/JPY)
𝐻𝑅𝑚𝑑 = The hedge return (%)
𝑆𝑃𝐼_𝐸𝑚 = The underlying index level in Japanese yen
𝑆𝑃𝐼_𝐸𝐻𝑚 = The hedged index level
𝐷−𝑑
𝐹_𝐼𝑚𝑑 = 𝑆𝑚𝑑 + ( ) ∗ (𝐹𝑚𝑑 − 𝑆𝑚𝑑 )
𝐷
𝑆𝑚0 𝑆𝑚0
𝐻𝑅𝑚𝑑 = −
𝐹𝑚0 𝐹_𝐼𝑚𝑑

𝑆𝑃𝐼_𝐸𝑚𝑑
𝑆𝑃𝐼_𝐸𝐻𝑚𝑑 = 𝑆𝑃𝐼_𝐸𝐻𝑚0 ∗ ( + 𝐻𝑅𝑚𝑑 )
𝑆𝑃𝐼_𝐸𝑚0

Currency of Calculation. The index calculates in Japanese yen.

Exchange Rate. WMR Forex spot and forward rates, RIC tickers “USDJPYFIXM=WM” and
“USDJPY1MFIXM=WM”, respectively, are taken daily at 4:00 PM London Time and used in the
calculation of the index.

Holiday Schedule. The index calculates when the Korean equity markets are open. A complete holiday
schedule for the year is available at www.spglobal.com/spdji.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 57

Appendix C
Methodology Changes

Methodology changes since January 1, 2015, are as follows:

Effective Date Methodology

Change (After Close) Previous Updated
The rebalancing reference date is The rebalancing reference date is
Weighting: the second Friday of March, June, the Wednesday prior to the second
September, and December. Friday of March, June, September,
and December.
Select Sector Indices, S&P
Select Sector Capped 20% 12/21/2024
Indices, S&P Select Sector
15/60 Capped Indices, S&P
SmallCap 600 Capped Sector
Indices
At each quarterly rebalancing, At each quarterly rebalancing,
companies are equal weighted companies are equal weighted
using closing prices as of the using closing prices as of the
Constituent Weighting second Friday of the quarter- Wednesday prior to the second
Reference Date: ending month as the reference Friday of the quarter-ending month
price. For those companies having as the reference price. For those
12/21/2024
multiple share class lines in the companies having multiple share
index, each share class line is class lines in the index, each share
S&P Equal Weight U.S.
assigned a weight that is class line is assigned a weight that
Indices
proportional to its FMC as of the is proportional to its FMC as of the
second Friday pricing reference Wednesday prior to the second
date. Friday pricing reference date.
The rebalancing reference date is The rebalancing reference date is
Constituent Weighting the second Friday of March, June, the Wednesday prior to the second
Reference Date: September, and December Friday of March, June, September,
12/21/2024 respectively. and December respectively.

S&P Capped Market Cap

Weighted U.S. Indices
The reference date for quarterly The quarterly capping reference
Weighting: capping is the second Friday of date is the Wednesday prior to the
March, June, September, and second Friday of March, June,
12/21/2024
December with changes effective September, and December with
S&P Select Sector Daily after the close of the following changes effective after the close of
Capped 25/20 Indices Friday. the following Friday.
Indices are also reviewed on the Indices are also reviewed on the
second Friday of all other months Wednesday prior to the second
based on each company’s capped Friday of all other months based on
market capitalization weight. each company’s capped market
Monthly capping is only performed capitalization weight. Monthly
when either the largest index capping is only performed when
weight exceeds 35% or the second either the largest index weight
largest index weight exceeds 20%. exceeds 35% or the second largest
Weighting: The reference date for capping is index weight exceeds 20%. The
the second Friday of the capping reference date is the
12/21/2024 reweighting month and changes Wednesday prior to the second
S&P 500 Capped 35/20 are effective after the close of the Friday of the reweighting month and
Indices following Friday using prices as of changes are effective after the close
the reweighting reference date, of the following Friday using prices
adjusted for any applicable as of the reweighting reference
corporate actions, and date, adjusted for any applicable
membership, shares outstanding, corporate actions, and membership,
and IWFs as of the reweighting shares outstanding, and IWFs as of
effective date. The reference date the reweighting effective date. The
is the second Friday of each reference date is the Wednesday
reweighting month.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 58

 Effective Date Methodology
Change (After Close) Previous Updated
prior to the second Friday of each
reweighting month.
The rebalancing reference date is The rebalancing reference date is
Weighting: the second Friday of March, June, the Wednesday prior to the second
12/21/2024 September and December. Friday of March, June, September
and December.
S&P MidCap 400 Capped
Sector Indices
The reference date for weighting is The reference date for weighting is
the second Friday of the the Wednesday prior to the second
Weighting: reweighting month and changes Friday of the reweighting month and
are effective after the close of the changes are effective after the close
12/21/2024 following Friday using prices as of of the following Friday using prices
S&P 500 Equal Weight Sector the reweighting reference date, as of the reweighting reference
Indices and membership, shares date, and membership, shares
outstanding, and IWFs as of the outstanding, and IWFs as of the
reweighting effective date. reweighting effective date.
The index reweights quarterly, The index reweights quarterly,
effective after the close of business effective after the close of business
Reweighting: on the third Friday of March, June, on the third Friday of March, June,
September, and December, using September, and December, using a
12/21/2024
a reference date for weighting as of reference date for weighting as of
S&P 500 Sectors Equal after the close on the second after the close on the Wednesday
Allocation Index Friday of the reweighting month prior to the second Friday of the
reweighting month
The reference date is the second The reference date is the
Rebalancing: Friday of each rebalancing month. Wednesday prior to the second
Friday of each rebalancing month.
S&P 900 Banks (Industry) 7/4 12/21/2024
Capped Index (USD), S&P 500
3% Capped Index (USD), S&P
500 Top 10 25% Capped
Index (USD)
Scenario 1 - If at least one Scenario 1 - If at least one company
company in the index has an FMC in the index has an FMC weight
weight exceeding 33%: exceeding 31.5%:
1. The company with the 1. Cap the company with the
largest weight is capped at largest weight at 31.5%.
33%. All excess weight is Proportionally redistribute all
proportionally redistributed excess weight to the
to the remaining uncapped remaining uncapped
companies in the index. companies in the index.
2. If the weight of any 2. If the weight of any
remaining uncapped remaining uncapped
company exceeds 19%, its company exceeds 18%, cap
weight is capped at 19% the company’s weight at
and the excess weight is 18% and proportionally
Constituent Weightings: proportionally redistributed redistribute the excess
to all remaining uncapped weight to all remaining
S&P 500 Capped 35/20 10/18/2024 companies. uncapped companies.
Indices 3. Step 2 is repeated until the 3. Repeat Step 2 until the
weight of all uncapped weight of all uncapped
companies does not exceed companies does not exceed
19%. 18%.
Scenario 2 - If the weight of more Scenario 2 - If the weight of more
than one company exceeds 19%, than one company exceeds 18%,
but the company with the largest but the company with the largest
weight does not exceed 33%. weight does not exceed 31.5%:
1. The company with the 1. Cap the company with the
largest weight is capped at largest weight at the
its FMC weight. company’s FMC weight.
2. If the weight of any 2. If the weight of any
remaining uncapped remaining uncapped
company exceeds 19%, its company exceeds 18%, cap
weight is capped at 19% the company’s weight at

S&P Dow Jones Indices: S&P U.S. Indices Methodology 59

 Effective Date Methodology
Change (After Close) Previous Updated
and the excess weight is 18% and proportionally
proportionally redistributed redistribute the excess
to all remaining uncapped weight to all remaining
companies in the index. uncapped companies in the
index.
3. Step 2 is repeated until the
weight of all uncapped 3. Repeat Step 2 until the
companies does not exceed weight of all uncapped
19%. companies does not exceed
18%.
Each index is capped market Each index is capped market
capitalization weighted. For capitalization weighted. For capping
capping purposes, the indices are purposes, the indices rebalance
rebalanced quarterly after the close quarterly after the close of business
of business on the third Friday of on the third Friday of March, June,
March, June, September, and September, and December using
December using the following the following procedures:
procedures: 1. The rebalancing reference
1. The rebalancing reference date is the second Friday of
date is the second Friday of March, June, September, and
March, June, September, and December.
December. 2. With prices reflected on the
2. With prices reflected on the rebalancing reference date,
rebalancing reference date, adjusted for any applicable
adjusted for any applicable corporate actions, and
corporate actions, and membership, shares
membership, shares outstanding, and IWFs as of
outstanding and IWFs as of the rebalancing effective date,
the rebalancing effective date, each company is FMC
each company is weighted by weighted.
FMC. Modifications are made 3. If any company has an FMC
as defined below. weight greater than 24%, cap
3. If any company has an FMC all companies’ weights at 23%,
weight greater than 24%, the which allows for a 2% buffer.
company’s weight is capped 4. The sum of the companies with
at 23%, which allows for a 2% weights greater than 4.8%
buffer. This buffer is meant to cannot exceed 50% of the total
mitigate against any company index weight. These caps are
Constituent Weightings:
exceeding 25% as of the set to allow for a buffer below
09/20/2024
quarter-end diversification the 5% limit.
Select Sector Indices
requirement date.
5. If the rule in Step 4 is
4. All excess weight is breached, set the weight of
proportionally redistributed to companies greater than 4.8%
all uncapped companies equal to:
within the relevant index.
5. After this redistribution, if the 𝐶𝑎𝑝𝑝𝑒𝑑 45% × 𝑊𝑖
𝑊𝑖 = max ( , 4.5%)
FMC weight of any other ∑ 𝑁𝑖 𝑊𝑖
company breaches 23%, the where:
process is repeated iteratively
N = the total number of
until no company breaches
companies with index
the 23% weight cap.
weights over 4.8%, after
6. The sum of the companies checking the single
with weights greater than company cap.
4.8% cannot exceed 50% of
Wi = the index weight of the
the total index weight. These
N companies with individual
caps are set to allow for a
company weights over
buffer below the 5% limit.
4.8%, after checking the
7. If the rule in step 6 is single company cap.
breached, rank all companies
Set 4.5% and 45% caps to
in descending order by FMC
allow for a buffer below the
weight, and reduce the weight
5% limit.
of the smallest company
whose weight is greater than 6. Proportionally redistribute the
4.8% that causes the step 6 excess weight from Steps 3 to
breach to 4.5%. This process 5 to companies with an initial
continues iteratively until step weight less than 4.8%, setting
6 is satisfied. a 4.5% upper bound on the
companies’ index weight.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 60

 Effective Date Methodology
Change (After Close) Previous Updated
Index share amounts are assigned 7. Assign index share amounts to
to each constituent to arrive at the each constituent to arrive at
weights calculated above. Since the weights calculated above.
index shares are assigned based Since index shares are
on prices one week prior to assigned based on prices one
rebalancing, the actual weight of week prior to rebalancing, the
each constituent at the rebalancing actual weight of each
differs somewhat from these constituent at the rebalancing
weights due to market movements. differs somewhat from these
weights due to market
movements.
Maximum weight capping is based
on company FMC, with the weight
of multiple class companies
allocated proportionally to each
share class line based on FMC as
of the rebalancing reference date. If
no capping is required, both share
classes remain in the index at the
natural FMC weight.
If, on the second to last business If, on the second to last business
day of March, June, September, or day of March, June, September, or
December a company has a weight December, a company’s weight
greater than 24% or the sum of the exceeds 24%, or the sum of the
companies with weights greater companies with weights greater
than 4.8% exceeds 50%, a than 4.8% exceeds 50%, the
secondary rebalancing will be capping breach triggers a
Secondary Reweighting triggered with the rebalancing secondary reweighting with an
Check: effective date being after the close effective date as of after the close of
09/20/2024
of the last business day of the the last business day of the month.
Select Sector Indices month. This secondary rebalancing The secondary reweighting uses
will use the closing prices as of the capped index weights as of the
second to last business day of second to last business days of
March, June, September, or March, June, September, or
December, and membership, December, utilizing the current
shares outstanding, and IWFs as AWFs and membership, shares
of the rebalancing effective date. outstanding, and IWFs as of the
reweighting effective date.
The measurement date for The measurement date for
Measurement Date for determining whether all eligibility determining whether all eligibility
Eligibility Criteria: criteria are met for the S&P criteria are met for the S&P
07/17/2024
Composite 1500 is the open of Composite 1500 is the open of
S&P Composite 1500 trading on the day prior to the trading two business days prior to
announcement date. the announcement date.
Companies with multiple share All companies with multiple share
class structures are not eligible for class structures are considered
Multiple Share Classes: inclusion in the S&P Composite eligible candidates for the S&P
04/17/2023 1500 and its component indices. Composite 1500 Indices.
S&P Composite 1500 Indices Existing constituents with multiple
share class structures are
grandfathered in.
Market Capitalization guidelines The market capitalization guidelines
expressed in dollar ranges only. are designed to capture the three-
month average cumulative total
company level market capitalization
of the S&P Total Market Index
Market Capitalization: (“TMI”) universe at approximately
01/04/2023 the following cumulative percentiles:
S&P Composite 1500 1. S&P 500: 85th percentile
2. S&P MidCap 400: 85th-93rd
percentile
3. S&P SmallCap 600: 93rd-99th
percentile

FALR Liquidity Measurement: FALR must be greater than or FALR must be greater than or equal
01/04/2023 equal to 1.00 at the time of addition to 0.75 at the time of addition to the
S&P Composite 1500 to the Composite 1500. Composite 1500.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 61

 Effective Date Methodology
Change (After Close) Previous Updated
Index Name: INDUSTRIALS S&P 500 Ex-Financials, Real
02/08/2022 Estate, Utilities and Transportation
INDUSTRIALS Index
-- For the S&P Total Market Index
(TMI) and S&P Completion Index
(CI), SPACs that transition to an
operating company via a de-SPAC
transaction are eligible for index
addition, subject to a reference date
that is five weeks prior to the
Former SPAC Eligibility:
rebalancing effective date.
S&P Total Market Index, S&P 02/04/2022
For the S&P Composite 1500 and
Completion Index, and S&P
its related flow-through indices, S&P
Composite 1500 Indices
DJI considers the de-SPAC
transaction to be an event
equivalent to an IPO, and 12
months of trading post the de-SPAC
event are required before a former
SPAC can be considered for the
S&P Composite 1500 indices.
Using composite pricing and Using composite pricing and
volume, the ratio of annual dollar volume, the ratio of annual dollar
value traded (defined as average value traded (defined as average
Liquidity Measurement:
closing price over the period closing price multiplied by historical
12/07/2020
multiplied by historical volume) to volume over the last 365 calendar
S&P Total Market Index
float-adjusted market capitalization days) to float-adjusted market
should be at least 0.10. capitalization should be at least
0.10.
Eligibility Criteria Measurement The measurement date for The measurement date for
Date: determining whether all eligibility determining whether all eligibility
12/07/2020
criteria are met is the open of criteria are met is the day prior to
S&P Composite 1500 trading on the announcement date. the announcement date.
Current S&P Composite 1500 Current S&P Composite 1500
constituents can be migrated from constituents can be migrated from
one S&P Composite 1500 one S&P Composite 1500
component index (i.e., S&P 500, component index (i.e., S&P 500,
S&P MidCap 400, or S&P S&P MidCap 400, or S&P SmallCap
SmallCap 600) to another without 600) to another as long as they
Constituent Migrations: meeting the financial viability or meet the total company level market
12/07/2020 liquidity eligibility criteria if the capitalization eligibility criteria for
S&P Composite 1500 Index Committee decides that such the new index. Migrations from one
a move will enhance the S&P Composite 1500 index to
representativeness of the index as another do not need to meet the
a market benchmark. financial viability, liquidity or 50% of
the respective index’s total company
level minimum market capitalization
threshold criteria.
If, on the third to last business day If, on the second to last business
of March, June, September, or day of March, June, September, or
December a company has a weight December a company has a weight
greater than 24% or the sum of the greater than 24% or the sum of the
companies with weights greater companies with weights greater
than 4.8% exceeds 50%, a than 4.8% exceeds 50%, a
Secondary Quarter-end secondary rebalancing will be secondary rebalancing will be
Rebalancing and Reference triggered with the rebalancing triggered with the rebalancing
Date Schedule: 08/31/2020 effective date being the opening of effective date being after the close
the last business day of the month. of the last business day of the
Select Sector Indices This secondary rebalancing will month. This secondary rebalancing
use the closing prices as of the will use the closing prices as of the
third to last business day of March, second to last business day of
June, September, or December, March, June, September, or
and membership, shares December, and membership,
outstanding, and IWFs as of the shares outstanding, and IWFs as of
rebalancing effective date. the rebalancing effective date.
Treatment of Secondary 5% Rule. S&P Composite 1500 Please refer to the Accelerated
Offerings: constituent share changes Implementation Rule described in
03/27/2020
resulting from public offerings (also S&P Dow Jones Indices’ Equity
S&P Composite 1500 known as follow-on offerings or

S&P Dow Jones Indices: S&P U.S. Indices Methodology 62

 Effective Date Methodology
Change (After Close) Previous Updated
secondary offerings) that equal 5% Indices Policies & Practices
or more of the total shares Methodology.
outstanding are eligible for next
day implementation if they satisfy
the following conditions:
• Must be underwritten.
• Must have a publicly available
prospectus or prospectus
summary filed with the SEC.
• Must have a publicly available
confirmation from an official
source that the offering has
been completed.

Block trades and spot secondaries

must meet the above criteria in
order to be eligible for next day
implementation.

Next day implementation will

include a review of the company’s
IWF using the latest publicly
available ownership data. Any
change in the IWF of at least five
percentage points resulting from
the review is implemented with the
share update.
Total company market Total company market
capitalizations of US$ 8.2 billion or capitalizations of US$ 8.2 billion or
more for the S&P 500, US$ 2.4 more for the S&P 500, US$ 2.4
billion to US$ 8.2 billion for the billion to US$ 8.2 billion for the S&P
S&P MidCap 400, and US$ 600 MidCap 400, and US$ 600 million to
million to US$ 2.4 billion for the US$ 2.4 billion for the S&P
S&P SmallCap 600 are required. SmallCap 600 are required. These
Market Capitalization Criteria These ranges are reviewed from ranges are reviewed from time to
for Index Eligibility: time to time to assure consistency time to assure consistency with
04/30/2019
with market conditions. market conditions. A company
S&P Composite 1500 meeting the total company market
capitalization criteria is also required
to have a security level float-
adjusted market capitalization that is
at least 50% of the respective
index’s total company level
minimum market capitalization
threshold.
-- Certain large IPOs may be eligible
for fast track entry, subject to the
following conditions:
• Only newly public IPOs and
direct placement listings will be
considered eligible for fast-track
entry. Formerly bankrupt
companies that switch from
Over-the-Counter Exchange
(“OTC”) or a non-covered
exchange to an S&P Dow
IPO Fast Track Eligibility 04/30/2019 Jones Indices covered
exchange are ineligible.
• Fast-track IPO additions must
meet a minimum float-adjusted
market capitalization (“FMC”)
threshold of US$ 2 billion,
calculated using the shares
offered (excluding over-
allotment options) and the
closing price on the first day of
trading on an eligible exchange.
The threshold level is reviewed

S&P Dow Jones Indices: S&P U.S. Indices Methodology 63

 Effective Date Methodology
Change (After Close) Previous Updated
from time to time and updated
as needed to assure
consistency with market
conditions.

In addition, the IPO will need to

meet all other applicable index
eligibility rules except for the
liquidity requirement. If all
necessary public information is
available, S&P Dow Jones Indices
verifies that the fast-track conditions
have been met. Once S&P Dow
Jones Indices announces that the
IPO is eligible for fast-track addition,
it is added to the index with five
business days lead time. At the
discretion of the Index Committee,
fast-track IPO additions eligible to
be added during a quarterly
rebalancing freeze period may
instead be added on the
rebalancing effective date.
Investable Weight Factors An IWF of 0.50 is required. An IWF of at least 0.10 is required.
(IWFs) Criteria for Index
Eligibility: 04/30/2019

S&P Composite 1500

If necessary, the reweighting If, on the third to last business day
process may take place more than of March, June, September, or
once prior to the close on the last December, a company has a weight
business day of March, June, greater than 24% or the sum of the
September, or December to ensure companies with weights greater
the Select Sector Indices conform than 4.8% exceeds 50%, a
to all diversification requirements. secondary rebalancing will be
Secondary Rebalancing: triggered with the rebalancing
04/30/2019 effective date being the opening of
Select Sector Indices the last business day of the month.
This secondary rebalancing will use
the closing prices as of the third to
last business day of March, June,
September, or December, and
membership, shares outstanding,
and IWFs as of the rebalancing
effective date.
Index Eligibility: Companies in the S&P 500 Companies in the S&P 500
classified as Utilities (GICS Code classified as Utilities sector (GICS
S&P 500 Capped 35/20 09/24/2018 55) and Telecommunication Code 55) and Telecommunication
Utilities & Telecommunication Services (GICS Code 50). Services industry group (GICS
Services Index Code 5010).
Index Name: The index names were: The index names are:
1. S&P 500 Equal Weight 1. S&P 500 Equal Weight 1. S&P 500 Equal Weight
Telecommunications Index Telecommunications Index Communication Services Index
2. S&P MidCap 400 Capped 2. S&P MidCap 400 Capped 2. S&P MidCap 400 Capped Utilities
Utilities & Telecom Services 09/24/2018 Utilities & Telecom Services & Communication Services Index
Index Index 3. S&P SmallCap 600 Capped
3. S&P SmallCap 600 Capped 3. S&P SmallCap 600 Capped Utilities & Communication
Utilities & Telecom Services Utilities & Telecom Services Services (Sector) Index
(Sector) Index (Sector) Index
Companies in the S&P 500 The index name is the S&P 500
Index Name/Eligibility: classified as Utilities (GICS Code Equal Weight Utilities Plus Index
55) and Telecommunication and contains companies in the S&P
09/24/2018
S&P 500 Equal Weight Utilities Services (GICS Code 50). 500 classified as Utilities (GICS
& Telecommunications Index Code 55) with a 22 company
minimum count.
Companies in the S&P 500 Companies in the S&P 500
Index Eligibility:
09/24/2018 classified as Information classified as Information
Technology (GICS Code 45) and Technology (GICS Code 45).

S&P Dow Jones Indices: S&P U.S. Indices Methodology 64

 Effective Date Methodology
Change (After Close) Previous Updated
S&P Select Sector Capped Telecommunication Services
20% Technology Index (GICS Code 50).
Companies in the S&P 500 Companies in the S&P 500
Index Eligibility:
classified as Information classified as Information
09/24/2018 Technology (GICS Code 45) and Technology (GICS Code 45).
Technology Select Sector
Telecommunication Services
Index
(GICS Code 50).
A spin-off company must have an If the spin-off company’s estimated
estimated market capitalization that market capitalization is below the
meets the minimum market minimum defined in the outside
capitalization addition criteria for addition criteria but there are other
Spin-off Market Cap Eligibility:
the index to which it is being constituent companies in the parent
06/30/2018
added. index that have a significantly lower
S&P Composite 1500
total market capitalization than the
spin-off company, the Committee
may decide to retain the spin-off
company in the parent index
For reweighting purposes, the For reweighting purposes, the
Rebalancing Schedule:
indices are rebalanced quarterly indices are rebalanced monthly after
06/25/2018 after the close of business on the the close of business on the third
S&P 500 Capped 35/20
third Friday of March, June, Friday of the month.
Indices
September, and December.
The indices are rebalanced The indices are rebalanced
quarterly after the close on the quarterly after the close on the third
second to last business day of Friday of March, June, September,
March, June, September, and and December.
December.
At each rebalancing, capping is
Rebalancing schedule and
Capping is only performed when a performed using closing prices from
capping frequency for Select 03/08/2018
company’s modified market the second Friday of the
Sector Indices
capitalization weight breaches the rebalancing month.
maximum allowable limits in the
index methodology using closing
prices from two business days prior
to the last business day of the
rebalancing month.
As part of the capping process, all As part of the capping process, all
companies are ranked in companies are ranked in
descending order of their float- descending order of their float-
Capping buffer for Select adjusted market capitalization adjusted market capitalization
03/08/2018
Sector Indices weights. The first company that weights. The first company that
causes the 50% limit to be causes the 50% limit to be breached
breached has its weight reduced to has its weight reduced to 4.5%.
4.6%.
All excess weight is equally All excess weight is proportionally
Excess weight distribution for redistributed to all uncapped redistributed to all uncapped
03/08/2018
Select Sector Indices companies within the relevant companies within the relevant
Select Sector Index. Select Sector Index.
Any merger related IWF change A merger-related IWF change,
resulting in an IWF of 0.96 or which results in an IWF of 0.96 or
Merger related IWF change 01/19/2018
greater is rounded up to 1.00 on greater, is rounded up to 1.00 at the
the merger effective date. next annual IWF review.
Companies with multiple share Companies with multiple share
Exclusion of companies with class structures are eligible for class structures are not eligible for
multiple share class structures inclusion in the S&P Composite inclusion in the S&P Composite
from the S&P Composite 07/31/2017 1500 and its component indices. 1500 and its component indices.
1500 and its component Existing constituents with multiple
indices share class structures are
grandfathered in.
-- Current S&P Composite 1500
constituents can be migrated from
one S&P Composite 1500
component index (i.e., S&P 500,
Migrations among S&P
S&P MidCap 400, or S&P SmallCap
Composite 1500 component 07/31/2017
600) to another without meeting the
indices
financial viability, public float and/or
liquidity eligibility criteria if the Index
Committee decides that such a
move will enhance the

S&P Dow Jones Indices: S&P U.S. Indices Methodology 65

 Effective Date Methodology
Change (After Close) Previous Updated
representativeness of the index as a
market benchmark.

Companies that are spun-off from

current S&P Composite 1500
constituents do not need to meet
the outside addition criteria.
-- Any company that is removed from
an S&P Composite 1500 index
Waiting period for index (including discretionary and
addition to the S&P bankruptcy/exchange delistings)
07/31/2017
Composite 1500 of previously must wait a minimum of one year
deleted companies from its index removal date before
being reconsidered as a
replacement candidate.
For index purposes, a U.S. --
Elimination of the Corporate
company must have a corporate
Governance Structure criterion 07/31/2017
governance structure consistent
from the Domicile criteria
with U.S. practice.
Eligible securities include all U.S. Eligible securities include all U.S.
common equities listed on NYSE, common equities listed on NYSE,
NYSE Arca, NYSE American NYSE Arca, NYSE American,
Primary listing for S&P (formerly NYSE MKT), NASDAQ NASDAQ Global Select Market,
Composite 1500 index 07/31/2017 Global Select Market, NASDAQ NASDAQ Select Market, NASDAQ
eligibility Select Market, NASDAQ Capital Capital Market, Bats BZX, Bats
Market, Bats BZX, Bats BYX, Bats BYX, Bats EDGA, Bats EDGX, and
EDGA, and Bats EDGX IEX exchanges.
exchanges.
Market Capitalization 1. S&P 500: At least US$ 5.3 4. S&P 500: At least US$ 6.1 billion.
Thresholds: billion. 5. S&P MidCap 400: US$ 1.6 billion
1. S&P 500 2. S&P MidCap 400: US$ 1.4 to US$ 6.8 billion.
03/10/2017
billion to US$ 5.9 billion. 6. S&P SmallCap 600: US$ 450
2. S&P MidCap 400
3. S&P SmallCap 600: US$ 400 million to US$ 2.1 billion.
3. S&P SmallCap 600 million to US$ 1.8 billion.
Initial public offerings should be Initial public offerings should be
seasoned for six to 12 months traded on an eligible exchange for
IPO seasoning 03/10/2017
before being considered for at least 12 months before being
addition to an index. considered for addition to an index.
1. The index consists of all 1. The index consists of all
Index composition for the companies in the S&P 500, companies in the S&P 500,
following indices: excluding those belonging to the excluding those belonging to the
1. INDUSTRIALS Financials sector, Utilities sector Financials sector, Real Estate
2. Real Estate Select Sector or Transportation industry group. sector, Utilities sector or
Index 2. GICS Real Estate Industry Transportation industry group.
3. S&P Select Sector Capped Group excluding Mortgage 2. GICS Real Estate Sector.
20% Real Estate Index REITs. 3. GICS Real Estate Sector.
4. S&P 500 Capped 35/20 3. GICS Real Estate Industry 4. GICS Real Estate Sector.
Real Estate Index 09/16/2016 Group excluding Mortgage 5. GICS Real Estate Sector.
REITs.
5. S&P 500 Equal Weight Real 6. GICS Financials Sector & GICS
Estate Index 4. GICS Real Estate Industry Real Estate Sector.
Group excluding Mortgage
6. S&P MidCap 400 Capped 7. GICS Financials Sector & GICS
REITs.
Financials & Real Estate Real Estate Sector.
(sector) Index 5. GICS Real Estate Industry
Group excluding Mortgage
7. S&P SmallCap 600 Capped
REITs.
Financials & Real Estate
(sector) Index 6. GICS Financials Sector.
7. GICS Financials Sector.
1. S&P MidCap 400 Capped 1. S&P MidCap 400 Capped
Index names for the following Financials (sector) Index Financials & Real Estate (sector)
indices: 2. S&P SmallCap 600 Capped Index
1. S&P MidCap 400 Capped Financials (sector) Index 2. S&P SmallCap 600 Capped
Financials (sector) Index 3. S&P 500 Ex-Financials Financials& Real Estate (sector)
09/16/2016 Index
2. S&P SmallCap 600 Capped 4. S&P 500 Ex-Financials TR
Financials (sector) Index 3. S&P 500 Ex-Financials & Real
3. S&P 500 Ex-Financials Estate
4. S&P 500 Ex-Financials TR 4. S&P 500 Ex-Financials & Real
Estate TR

S&P Dow Jones Indices: S&P U.S. Indices Methodology 66

 Effective Date Methodology
Change (After Close) Previous Updated
The rebalancing reference date is The rebalancing reference date is
Rebalancing Reference Date:
the last trading day of the month five weeks prior to the rebalancing
09/16/2016
prior to the rebalancing effective effective date.
S&P Total Market Index
date.
Tracking stocks are ineligible for Tracking stocks are eligible for the
the S&P U.S. Indices. S&P Total Market Index but are
Eligibility of tracking stocks 07/29/2016
ineligible for the S&P Composite
1500 and its component indices.
A share freeze is implemented the A share/IWF freeze period is
week leading up to the rebalancing implemented during each quarterly
effective date. rebalancing. The freeze period
begins after the market close on the
Tuesday preceding the second
Share/IWF Freeze Period 07/29/2016
Friday of each rebalancing month
(i.e., March, June, September, and
December) and ends after the
market close on the third Friday of
the rebalancing month.
Changes in a company’s total Changes in a company’s total
Treatment of voluntary shares outstanding of 5% or more shares outstanding of 5% or more
exchange offers, Dutch 07/29/2016 due to exchange offers, Dutch due to voluntary exchange offers,
auctions, & tender offers auctions & tender offers are made Dutch auctions & tender offers are
as soon as reasonably possible. made weekly.
Eligible securities include all U.S. Eligible securities include all U.S.
common equities listed on NYSE, common equities listed on NYSE,
Primary listing for S&P NYSE Arca, NYSE MKT, NASDAQ NYSE Arca, NYSE MKT, NASDAQ
Composite 1500 index 06/17/2016 Global Select Market, NASDAQ Global Select Market, NASDAQ
eligibility Select Market and NASDAQ Select Market, NASDAQ Capital
Capital Market. Market, Bats BZX, Bats BYX, Bats
EDGA, and Bats EDGX exchanges.
In the event an index count falls to S&P Dow Jones has provided a
Clarification of the capping a level that renders the general detailed process for capping in the
rules for the S&P SmallCap 03/21/2016 capping rules unworkable, S&P event an index count falls to a level
600 Capped Sector Indices Dow Jones Indices may relax the that renders the general capping
4.5%/45% rule. rules unworkable.
Companies that have more than There will no longer be consolidated
one class of common stock lines in the S&P Float Market Cap
outstanding are represented only (FMC) indices. Instead, all multiple
once in an index. The stock price is share class companies that have
based on one class, and the share listed share class lines will be
Multiple Share Class 09/18/2015 count is based on the total shares adjusted for shares and float such
outstanding of all classes. that each share class line will only
represent that line’s shares and
float. All multiple share class
companies that have an unlisted
class line will also be adjusted.
-- All public offerings (also known as
follow-on offerings) eligible for next
day share implementation must be
underwritten, must have a publicly
available prospectus or prospectus
Clarification for recognizing
summary filed with the SEC, and
next day secondary offerings 01/21/2015
must include a public confirmation
in the S&P Composite 1500
that the offering has been
completed. Block trades and spot
secondaries must meet the above
criteria in order to be eligible for
next day implementation.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 67

Appendix D
ESG Disclosures

EXPLANATION OF HOW ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) FACTORS ARE

REFLECTED IN THE KEY ELEMENTS OF THE BENCHMARK METHODOLOGY 23
1. Name of the benchmark administrator. S&P Dow Jones Indices LLC.
Underlying asset class of the ESG
2. N/A
benchmark.24
Name of the S&P Dow Jones Indices
3. S&P DJI Equity Indices Benchmark Statement
benchmark or family of benchmarks.
Do any of the indices maintained by this
4. methodology take into account ESG No
factors?
Appendix latest update: January 2021
Appendix first publication: January 2021

23
The information contained in this Appendix is intended to meet the requirements of the European Union Commission Delegated
Regulation (EU) 2020/1817 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards
the minimum content of the explanation of how environmental, social and governance factors are reflected in the benchmark
methodology and the retained EU law in the UK [The Benchmarks (amendment and Transitional Provision) (EU Exit) Regulations
2019].
24
The ‘underlying assets’ are defined in European Union Commission Delegated Regulation (EU) 2020/1816 supplementing
Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark
statement of how environmental, social and governance factors are reflected in each benchmark provided and published.

S&P Dow Jones Indices: S&P U.S. Indices Methodology 68

Disclaimer
Performance Disclosure/Back-Tested Data

Where applicable, S&P Dow Jones Indices and its index-related affiliates (“S&P DJI”) defines various
dates to assist our clients by providing transparency. The First Value Date is the first day for which there
is a calculated value (either live or back-tested) for a given index. The Base Date is the date at which the
index is set to a fixed value for calculation purposes. The Launch Date designates the date when the
values of an index are first considered live: index values provided for any date or time period prior to the
index’s Launch Date are considered back-tested. S&P DJI defines the Launch Date as the date by which
the values of an index are known to have been released to the public, for example via the company’s
public website or its data feed to external parties. For Dow Jones-branded indices introduced prior to May
31, 2013, the Launch Date (which prior to May 31, 2013, was termed “Date of introduction”) is set at a
date upon which no further changes were permitted to be made to the index methodology, but that may
have been prior to the Index’s public release date.

Please refer to the methodology for the Index for more details about the index, including the manner in
which it is rebalanced, the timing of such rebalancing, criteria for additions and deletions, as well as all
index calculations.

Information presented prior to an index’s launch date is hypothetical back-tested performance, not actual
performance, and is based on the index methodology in effect on the launch date. However, when
creating back-tested history for periods of market anomalies or other periods that do not reflect the
general current market environment, index methodology rules may be relaxed to capture a large enough
universe of securities to simulate the target market the index is designed to measure or strategy the index
is designed to capture. For example, market capitalization and liquidity thresholds may be reduced. In
addition, forks have not been factored into the back-test data with respect to the S&P Cryptocurrency
Indices. For the S&P Cryptocurrency Top 5 & 10 Equal Weight Indices, the custody element of the
methodology was not considered; the back-test history is based on the index constituents that meet the
custody element as of the Launch Date. Also, the treatment of corporate actions in back-tested
performance may differ from treatment for live indices due to limitations in replicating index management
decisions. Back-tested performance reflects application of an index methodology and selection of index
constituents with the benefit of hindsight and knowledge of factors that may have positively affected its
performance, cannot account for all financial risk that may affect results and may be considered to reflect
survivor/look ahead bias. Actual returns may differ significantly from, and be lower than, back-tested
returns. Past performance is not an indication or guarantee of future results.

Typically, when S&P DJI creates back-tested index data, S&P DJI uses actual historical constituent-level
data (e.g., historical price, market capitalization, and corporate action data) in its calculations. As ESG
investing is still in early stages of development, certain datapoints used to calculate certain ESG indices
may not be available for the entire desired period of back-tested history. The same data availability issue
could be true for other indices as well. In cases when actual data is not available for all relevant historical
periods, S&P DJI may employ a process of using “Backward Data Assumption” (or pulling back) of ESG
data for the calculation of back-tested historical performance. “Backward Data Assumption” is a process
that applies the earliest actual live data point available for an index constituent company to all prior
historical instances in the index performance. For example, Backward Data Assumption inherently
assumes that companies currently not involved in a specific business activity (also known as “product
involvement”) were never involved historically and similarly also assumes that companies currently
involved in a specific business activity were involved historically too. The Backward Data Assumption
allows the hypothetical back-test to be extended over more historical years than would be feasible using
only actual data. For more information on “Backward Data Assumption” please refer to the FAQ. The
methodology and factsheets of any index that employs backward assumption in the back-tested history

S&P Dow Jones Indices: S&P U.S. Indices Methodology 69

will explicitly state so. The methodology will include an Appendix with a table setting forth the specific
data points and relevant time period for which backward projected data was used. Index returns shown
do not represent the results of actual trading of investable assets/securities. S&P DJI maintains the index
and calculates the index levels and performance shown or discussed but does not manage any assets.

Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the
securities underlying the Index or investment funds that are intended to track the performance of the
Index. The imposition of these fees and charges would cause actual and back-tested performance of the
securities/fund to be lower than the Index performance shown. As a simple example, if an index returned
10% on a US $100,000 investment for a 12-month period (or US $10,000) and an actual asset-based fee
of 1.5% was imposed at the end of the period on the investment plus accrued interest (or US $1,650), the
net return would be 8.35% (or US $8,350) for the year. Over a three-year period, an annual 1.5% fee
taken at year end with an assumed 10% return per year would result in a cumulative gross return of
33.10%, a total fee of US $5,375, and a cumulative net return of 27.2% (or US $27,200).

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S&P Dow Jones Indices: S&P U.S. Indices Methodology 72

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S&P Dow Jones Indices: S&P U.S. Indices Methodology 73