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Capitalisation indices

S&P/ASX 20 Index

The S&P/ASX 20 Index (XTL) is comprised of the 20 largest stocks by market capitalisation in Australia, emphasising liquidity and investability. It is the narrowest index of the S&P Australian index family.

S&P/ASX 50 Index

The S&P/ASX 50 Index (XFL) comprises the 50 largest stocks by market capitalisation in Australia. The constituent companies represent the biggest national and multi-national publicly listed companies in the Australian equity market. The S&P/ASX 50 index places an emphasis on liquidity and investability. The constituents of the index are reviewed quarterly using the previous six months data.

S&P/ASX 100 Index

The S&P/ASX 100 Index (XTO) is Australia's premier large capitalisation equity index, it is comprised of 100 stocks selected by the S&P Australian Index Committee. The index provides a benchmark for large active managers whose emphasis is on having a portfolio with strong liquidity. It essentially covers large-cap and mid-cap stocks evaluated for liquidity and size.

S&P/ASX 200 Index

The S&P/ASX 200 Index (XJO) is recognised as the investable benchmark for the Australian equity market, it addresses the needs of investment managers to benchmark against a portfolio characterised by sufficient size and liquidity. The S&P/ASX 200 is comprised of the S&P/ASX 100 plus an additional 100 stocks.

S&P/ASX 300 Index

The S&P/ASX 300 Index (XKO) provides additional depth and coverage to the S&P/ASX 200 whilst maintaining strict liquidity guidelines. It provides up to an additional 100 small-cap stocks to the S&P/ASX 200.

S&P/ASX MidCap 50 Index

The S&P/ASX MidCap 50 Index (XMD) is comprised of companies within the S&P/ASX 100, but not those included in the S&P/ASX 50. The index provides a benchmark for large active managers where the emphasis is on having a portfolio with sufficient liquidity. 

All Ordinaries Index

The All Ordinaries Index (XAO) is Australia's premier market indicator. The index represents the 500 largest companies listed on the ASX. Market capitalisation is the only eligibility requirement of constituents, as liquidity is not considered, with the exception of foreign domiciled companies.

S&P/ASX Small Ordinaries Index

The S&P/ASX Small Ordinaries Index (XSO) is comprised of companies included in the S&P/ASX 300 index, but not in the S&P/ASX 100 index. This index provides a benchmark for small-cap investments.

S&P/ASX All Australian 50 Index

The S&P/ASX All Australian 50 Index (XAF) is a large-cap index that consists exclusively of Australian domestic companies. Foreign domicile and foreign exempt companies listed on ASX are ineligible for index inclusion. The S&P/ASX All Australian 50 enables investors to monitor the performance of the top 50 Australian domestic companies by capitalisation and construct internationally diversified portfolios with an allocation to Australian equities. Index constituents are selected primarily by capitalisation, although they must also meet minimum liquidity requirements. The S&P/ASX All Australian 50 Index will be included in the S&P Global 1200.

S&P/ASX All Australian 200 Index

The S&P/ASX All Australian 200 Index (XAT) is similar to the S&P/ASX All Australian 50 with the number of constituents being the sole point of difference. The S&P/ASX All Australian 200 is a broad market index comprising of the top 200 Australian domiciled companies by capitalisation. Similar to the S&P/ASX All Australian 50, foreign domicile and foreign exempt companies listed on ASX are ineligible for index inclusion with index constituents being selected primarily on the basis of their capitalisation and ability to meet minimum liquidity requirements. The S&P/ASX All Australian 200 allows investors to focus on a purely Australian investment universe and construct portfolios with a distinct allocation to Australian equities.

S&P/ASX 200 Net Total Return index

The S&P / ASX 200 Net Total Return Index is similar to a total return index with cash dividends reinvested on the ex-date of the dividend. The difference is that a net total return index reinvests dividends after the deduction of withholding taxes where the withholding tax rate is that applicable to an investor in a non-tax treaty country.

S&P/ASX Emerging Companies Index

The S&P/ASX Emerging Companies Index (XEC) complements the larger capitalisation indices in the S&P/ASX index suite by providing an investable benchmark representing the performance of companies ranked outside the S&P/ASX 300 by capitalisation. The S&P/ASX Emerging Companies Index methodology has been designed to reflect the characteristics of companies and resulting portfolios from this market segment and so enable performance comparisons to the larger segments represented in the S&P/ASX index family.  Emerging Companies Index fact sheet.

Accumulation Indices

Accumulation indices exist for all of the indices listed above with the exception of the ASX LIC Index. Accumulation indices assume that dividends are reinvested and so measure both growth and dividend income. Price indices (non-accumulation indices) do not take dividends into account and measure price growth only.

 

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