 
 
S&P Dow Jones Indices:  S&P Property Indices Methodology  1 
Table of Contents 
 
Introduction  3 
Index Objective  3 
Highlights  3 
Index Family  3 
Supporting Documents  4 
Eligibility Criteria  6 
Index Eligibility  6 
Index Construction  7 
S&P Global Property & REIT Indices  7 
S&P Global Property Shariah  11 
S&P Global Property 40  12 
S&P Asia Property 40  13 
S&P Technology REIT Indices  14 
S&P U.S. Equity All REIT Index  16 
Index Maintenance  18 
Index Calculations  18 
Rebalancing  18 
Peer Group Reviews  18 
Corporate Actions  18 
Investable Weight Factor (IWF)  19 
Currency of Calculation and Additional Index Return Series  19 
Base Date and History Availability  19 
Index Data  20 
Calculation Return Types  20 
Index Governance  21 
Index Committee  21 
Index Policy  22 
Announcements  22 
Pro-forma Files  22 
Holiday Schedule  22 
Rebalancing  22 
Unexpected Market Closures  22 

 
 
S&P Dow Jones Indices:  S&P Property Indices Methodology  2 
Recalculation Policy  22 
Contact Information  22 
Index Dissemination  23 
Tickers  23 
Index Data  24 
Web site  24 
Appendix I  25 
Structural Hierarchy Graph  25 
Appendix II  26 
Definition of Property Types  26 
Appendix III  28 
Methodology Changes  28 
Disclaimer  30 
Performance Disclosure/Back-Tested Data  30 
Intellectual Property Notices/Disclaimer  31 
ESG Indices Disclaimer  33 

S&P Dow Jones Indices: S&P Property Indices Methodology 3

Introduction

Index Objective

The S&P Property Indices are float-adjusted market capitalization (FMC) weighted indices that measure

the performance of property and Real Estate Investment Trust (REIT) stocks in selected markets and

industrial segments.

Highlights

The S&P Global Property Index (and related subindices) comprise an investable universe of publicly

traded property companies. Companies included in the index family are involved in a wide range of real

estate-related activities, such as property management, development, rental, and investment.

The S&P Global Property Index also serves as the universe of other property related indices, such as the

S&P Global REIT, S&P Global Property 40, and S&P Asia Property 40 indices.

The REIT indices include property trusts that invest in physical assets and other pass-through vehicles. In

addition, the index family includes other real estate indices with more focused themes, such as the S&P

Technology REIT Indices, which are sector-level indices, or the S&P U.S. All Equity All REIT Index, a

country-level index.

Index Family

S&P Global Property Index. The index contains property companies trading in developed and emerging

countries and is market-capitalization weighted, as are many of its sub-indices. Constituents are those

constituents of the S&P Global BMI classified as part of the Global Industry Classification Standard

(GICS) Real Estate Sector.

For more information on the S&P Global BMI, please refer to the S&P Global BMI, S&P/IFCI

Methodology, available at www.spglobal.com/spdji.

The S&P Global Property Index also has various sub-indices – the S&P Developed Property, the S&P

Emerging Property, and S&P Global REIT Indices. The S&P Global REIT Index is further broken down

into Developed and Emerging Indices.

The following is a brief explanation of the major sub-indices included within the S&P Global Property

Index:

• S&P Developed Property Index. The index represents the developed markets portion of the

S&P Global Property Index.

• S&P Emerging Property Index. The index represents the emerging markets portion of the S&P

Global Property Index.

• S&P Global REIT Index. The index consists of real estate investment trusts in both developed

and emerging markets, excluding timber REITs, mortgage REITs, tower REITs, and mortgage-

backed REITs.

o S&P Developed REIT Index. The index is a subset of the S&P Global REIT Index and

consists of eligible real estate investment trusts in developed markets, as defined by S&P

Dow Jones Indices.

S&P Dow Jones Indices: S&P Property Indices Methodology 4

o S&P Emerging REIT Index. The index is a subset of the S&P Global REIT Index and

consists of eligible real estate investment trusts in emerging markets, as defined by S&P

Dow Jones Indices.

S&P Global Property Shariah. The index is part of the S&P Global Property index family. The index

contains all publicly traded property companies from the S&P Global Property Index that are Shariah

compliant. The index is designed to offer investors an Islamic compliant version of the S&P Global

Property Index. S&P Dow Jones Indices also offers a Shariah compliant version of the S&P Developed

Property Index.

Similar to their parent indices, the S&P Global and Developed Property Shariah Indices are market-

capitalization weighted indices.

S&P Global Property 40. The index consists of 40 companies taken from the S&P Global Property

Index that meet more stringent size, liquidity, and stability requirements. Constituents are FMC weighted,

subject to single stock and basket liquidity constraints.

S&P Asia Property 40. The index consists of 40 Asian companies taken from the S&P Global Property

Index that meet more stringent size, liquidity, and stability requirements. Constituents are FMC weighted,

subject to single stock and country capping constraints.

S&P U.S. Equity All REIT Index. The index measures the performance of all U.S. domiciled equity

REITs that are members of the S&P U.S. BMI Real Estate Index that own and manage income-producing

real estate.

S&P Technology REIT Indices. The indices measure the performance of REITs supporting the

technology-related themes of internet communications, digital infrastructure, supply chain logistics, and

the growth of e-commerce. REITs that own and operate communications towers, data centers, and

industrial properties are included. The indices are FMC weighted, subject to single and aggregate stock

capping constraints.

• S&P U.S. Technology REIT Index. The index measures the performance of all U.S.-domiciled

REITs whose primary business is to support the technology-related themes of internet

communications, digital infrastructure, supply chain logistics, and the growth of e-commerce.

REITs that own and operate communications towers, data centers, and industrial properties are

included.

• S&P Global Technology REIT Index. The index measures the performance of all developed

and emerging market REITs whose primary business is to support the technology-related themes

of internet communications, digital infrastructure, supply chain logistics, and the growth of e-

commerce. REITs that own and operate communications towers, data centers, and industrial

properties are included.

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 &

Practices Methodology

Equity Indices Policies & Practices

S&P Dow Jones Indices’ Index Mathematics

Methodology

Index Mathematics Methodology

S&P Dow Jones Indices’ Float Adjustment

Methodology

Float Adjustment Methodology

S&P Dow Jones Indices: S&P Property Indices Methodology 5

Supporting Document

URL

S&P Dow Jones Indices’ Global Industry

Classification Standard (GICS) Methodology

GICS Methodology

S&P Dow Jones Indices’ Country Classification

Methodology

Country Classification 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 Property Indices Methodology 6

Eligibility Criteria

Index Eligibility

S&P Property Indices. The index universe is all constituents of the S&P Global BMI classified as part of

the GICS Real Estate Sector. In addition, index constituents must derive more than 60% of their revenue

from property or real estate–related activities. Specifically, at least 60% of the constituent’s revenue must

come from real estate development, management, rental, and/or investment, as well as companies that

invest in physical assets, such as REITs and property trusts. Along with revenues, operating profit, and

market perception of the company are all elements that are considered in defining a property index

constituent.

For more information on the S&P Global BMI, please refer to the S&P Global BMI, S&P/IFCI

Methodology, available at www.spglobal.com/spdji.

S&P Global REIT Index. The index universe is all constituents of the S&P Global Property Index.

S&P U.S. Equity All REIT Index. The index universe is all equity REITs in the S&P United States BMI

Real Estate Index.

S&P Technology REIT Indices. The index universe is the constituents of the S&P Global BMI Industrial

REITs (GICS sub-industry 60102510), S&P Global BMI Telecom Tower REITs (GICS sub-industry

60108030), S&P Global BMI Data Center REITs (GICS sub-industry 60108050), and those constituents

of the S&P Global BMI Specialized REITs (GICS sub-industry 60108010) deriving more than 60% of

revenues from technology real estate-related activities.

For more information on the GICS Sectors please refer to the GICS Methodology.

S&P Dow Jones Indices: S&P Property Indices Methodology 7

Index Construction

S&P Global Property & REIT Indices

Eligibility Factors

S&P Global Property Index constituents are drawn from the S&P Global BMI and are added to either the

property or REIT sub-indices based on their GICS code. Companies added to the indices must be part of

the Real Estate Sector.

For more information on GICS, please refer to the GICS Methodology and Map documents.

Inclusion and Exclusion Criteria

S&P Global Property Index. Below are specific industry criteria for company inclusion in the S&P Global

Property Index. In particular, these companies must be engaged in real estate ownership, development

and/or management.

• Lessors of buildings and dwellings

• Lessors of mini warehouses and self-storage units

• Real estate development

• Real estate property managers

• Real estate rental and leasing

The Property Index specifically excludes companies whose main source of revenue is derived from fees

or interest earned when providing real estate services or financing.

• Brokers and investment management service companies

• Companies primarily engaged in the financing of real estate

• Companies solely engaged in the management of properties or facilities

• Homebuilders and companies in construction, contracting and project management services

• Real estate agents and appraisers

S&P Global REIT Index. In addition to the criteria mentioned above, index universe constituents must

conform to the legal structures that define a REIT in the U.S., or similar guidelines in the country or region

of their domicile. The REITs in the index are primarily companies that invest in buildings, which are

human occupied or used for storage.

The REIT indices specifically exclude timber REITs, mortgage REITs, tower REITs, and mortgage-

backed REITs.

To be eligible for a REIT classification, the company must meet one of the following listed legal

structures. This list may expand as more countries/regions adapt these structures.

• Australia: A-REITs (Australian Real Estate Investment Trust)

• Belgium: SICAFI (Société d’Investissement a Capital Fixe Immobilière) or B-REIT (Société

Immobilière Réglementée/Gereglementeerde VastgoedVennootschap)

• Bulgaria: REIT, SPIC (Special Purpose Investment Companies)

S&P Dow Jones Indices: S&P Property Indices Methodology 8

• Canada: REIT (Real Estate Investment Trust)

• China: REIT (Real Estate Investment Trust)

• Finland: REIT (Real Estate Investment Trust)

• France: SIIC (Sociétés d’Investissements Immobiliers Cotées)

• Germany: REIT-AG (German Real Estate Investment Trust)

• Greece: REIC (Real Estate Investment Company)

• Hong Kong: REIT (Real Estate Investment Trust)

• India: REIT (Real Estate Investment Trust)

• Israel: REIT (Real Estate Investment Trust)

• Italy: SIIQ (Società Di Investimento Immobiliare)

• Ireland: REIT (Real Estate Investment Trust)

• Japan: J-REIT (Japanese Real Estate Investment Trust)

• Kuwait: REIT (Real Estate Investment Trust)

• Malaysia: REIT (Real Estate Investment Trust/Property Trust Funds)

• Mexico: FIBRA (Fideicomisos de Infraestructuras y Bienes Raices)

• Netherlands: FBI (Fiscal investment institution/Fiscale Beleggingsinstelling)

• New Zealand: (Unit Trusts, Portfolio Investment Entities, Limited Partnerships)

• Pakistan: REIT (Real Estate Investment Trust)

• Philippines: REIT (Real Estate Investment Trust)

• Romania: REIT (Real Estate Investment Trust)

• Saudi Arabia: REIT (Real Estate Investment Trust)

• Singapore: S-REIT (Singapore Real Estate Investment Trust)

• South Africa: SA-REIT (South African Real Estate Investment Trust) or PUT (Property Unit Trust)

• South Korea: K-REITs, P-REITs or CR-REIT

• Spain: REIT (Real Estate Investment Trust)

• Taiwan: REIT (Real Estate Investment Trust)

• Thailand: REIT (Real Estate Investment Trust)

• Turkey: REIT (Real Estate Investment Trust - Gayrimenkul Yatirim Ortakligi)

• United Arab Emirates: REIT (Real Estate Investment Trust)

• United Kingdom: REIT (Real Estate Investment Trust)

• United States: REIT (Real Estate Investment Trust)

Additions and Deletions

Additions. Most additions and deletions occur as part of the annual reconstitution of the indices.

Initial Public Offerings

IPO additions to the index take place quarterly. The criteria for inclusion of an IPO will be the same as

that used at the annual reconstitution of the S&P Global BMI. The reference date for IPO inclusions will

S&P Dow Jones Indices: S&P Property Indices Methodology 9

be five weeks prior to the effective rebalancing date, and additions are effective at the open of Monday

following the third Friday of March, June, September, and December.

For information on the immediate inclusion or “fast-track” of significantly sized IPOs, please refer to the

S&P Global BMI, S&P/IFCI Methodology available at www.spglobal.com/spdji.

Spin-Offs

Property company spin-offs from index constituents are eligible for index inclusion and are included in the

index on their ex-dates.

If a company, which is not in the index, spins off a property or REIT business, the spun-off company is

treated as an IPO for initial add consideration. Otherwise, the spun-off issue is reviewed at the next

annual reconstitution.

Industry Reclassifications

Industry reclassifications may result in BMI constituents being added to or deleted from the S&P

Property/REIT indices following a two to five business days’ notice typically at the quarterly share

rebalancing or at month end, whichever happens sooner.

Deletions. Companies may be removed from the indices for the following reasons:

• Any constituent removed from the S&P Global BMI Index will be removed from the S&P Global

Property Index simultaneously.

• Delisting due to merger, acquisition, takeover, or bankruptcy

• Industry reclassification out of the eligible Real Estate Sector Activities

Companies reclassified out of the GICS Real Estate Sector or out of the GICS Equity Real Estate

Investment Trusts Industry Group are deleted from the S&P Property index and/or the S&P REIT Index,

respectively. Deletions due to industry reclassifications of non-REIT companies become effective on the

first of the month following a five-day notice period. REIT companies may be deleted sooner, also

following a two to five business days’ notice.

Bankruptcies & Stock Suspensions

Please refer to the Bankruptcies and Stock suspensions section of the S&P Dow Jones Indices’ Equity

Indices Policies & Practices Methodology for more information on the treatment of bankrupt and

suspended securities.

Timing of Changes

All changes are preceded by two to five business days’ notice, unless noted otherwise.

Additions

• IPOs – Added at the quarterly share rebalancing

• Spin-offs from property companies – Added on the ex-date

• Spin-offs from non-property companies – Added at the quarterly share rebalancing

• GICS reclassifications into property – Added at month end

• GICS reclassifications into REIT – Added at month end

Deletions

• Delisting due to merger, acquisition, takeover or bankruptcy – with two to five business days’

notice. Bankruptcy or delisting after-the-fact has a one-day notice period.

S&P Dow Jones Indices: S&P Property Indices Methodology 10

• Reclassifications out of the GICS Real Estate Sector – Property companies at month-end, REIT

companies immediately following a five-day notice period.

Peer Group Classification. In addition to the GICS classification, property index constituents are further

classified as part of Peer Groups to identify specific property types. The classification consists of 12

different higher-level property peer groups and nine lower-level peer groups. The Retail Property and

Residential Property groups subdivide into five and four different lower-level peer groups, respectively.

For definitions of these classifications, please refer to Appendix II.

S&P Global Property/REIT Peer Groups

S&P Property Type Codes – Equity

S&P REIT Type Codes – Equity

Diversified Property

E01

E01R

Hotel/Resort/Leisure Property

E02

E02R

Industrial Property

E03

E03R

Office Space Property

E04

E04R

Healthcare Property

E05

E05R

Retail Property

E06

E06R

Malls Property

E061

E061R

Retail, Other Property

E062

E062R

Factory Outlets Property

E063

E063R

Strip Centers Property

E064

E064R

Free-Standing Property

E065

E065R

Storage Property

E08

E08R

Specialty Property

E09

E09R

Residential Property

E10

E10R

Apartments Property

E101

E101R

Manufactured Homes Property

E102

E102R

Single Family Home Property

E103

E103R

Student Housing Property

E104

E104R

Timber Property

E11

E11R

Data Center Property

E12

E12R

Tower Property

E13

E13R

Regional, Country/Region and Peer Group Divisions. Within the S&P Global Property family, Property

and REIT indices are available at world, regional, country and peer group levels. S&P Dow Jones Indices

headline indices include:

Property Regional Indices

REIT Regional Indices

S&P Global Property

S&P Global REIT

S&P Europe Property

S&P Developed REIT

S&P Eurozone Property

S&P Europe REIT

S&P EPAC Property

S&P North America REIT

S&P Developed Ex-Japan Property

S&P Asia Pacific REIT

S&P Developed Ex-US Property

S&P Developed Ex-Japan REIT

S&P Developed Property Peer Groups

S&P Developed REIT Peer Groups

S&P Dow Jones Indices: S&P Property Indices Methodology 11

S&P Global Property Shariah

Eligibility Criteria

The S&P Global Property Shariah adheres to the same eligibility criteria as its parent index, the S&P

Global Property index. The additional eligibility condition for this index is Shariah compliance.

For more information on Shariah eligibility, please refer to the S&P Shariah Indices Methodology available

on our Web site, www.spglobal.com/spdji.

Timing of Changes

The index is reviewed monthly for any potential Shariah compliant changes. Removals due to failure to

comply with Shariah law become effective after the close of business of the third Friday of each month.

Removals due to corporate events are effective with two to five business days’ notice.

In addition, the index undergoes a full rebalancing on the third Friday of September to coincide with the

annual reconstitution of the S&P Global Property Index.

Companies in the S&P Global Property Index meeting Shariah eligibility rules may be added to the index

the third Friday of the following month.

Index Construction

The index is FMC weighted.

Regional and Country Divisions. The S&P Global Property Shariah indices are available at regional

and country levels, in both U.S. dollars and euros. S&P Property Shariah headline indices include:

Property Regional Indices

S&P Asia Pacific Property Shariah

S&P Global Property Shariah

S&P Developed Property Shariah

S&P North America Property Shariah

S&P Europe Property Shariah

S&P United States Property Shariah

S&P Dow Jones Indices: S&P Property Indices Methodology 12

S&P Global Property 40

Index Universe. The index universe consists of all constituents of the S&P Global Property Index.

Eligibility Factors. Companies in the index universe must, as of each rebalancing reference date,

satisfy the following to be eligible for index inclusion:

• Market Capitalization: have a total market capitalization of at least US$ 1 billion.

• Liquidity: have a three-month average daily value traded (ADVT) of at least US$ 3 million.

• Domicile: be domiciled in China or a developed market.

• Listing: be listed in a developed market.

• Earnings Stability: have non-negative earnings in the last fiscal year.

• Dividend Stability: have paid dividends in the last fiscal year.

Constituent Selection. At each rebalancing, the eligible companies in the index universe are selected

and form the index, according to the following process:

1. Eligible companies are classified as being part of one of the four S&P Dow Jones Indices’

Developed Regions: North America, Europe, Asia, and Middle-East Africa.

2. Companies are ranked by FMC.

3. Companies are selected top-down until the target constituent count of 40 is reached, such that no

more than 20 and no fewer than five companies are selected from any one region. If at any point

during the selection process a region reaches 20 selected constituents, the remaining companies

from that region are removed from the rankings. Selection is subject to the following buffer:

o Companies ranked in the top 35 companies are selected for the index. Current

constituents ranked among the top 45 are selected until the target constituent count is

reached.

o If the number of selected companies is still less than 40, current non-constituents are

selected top-down until the target constituent count is reached.

o If, after the prior steps are completed, any region has fewer than five companies

selected, the region is removed from the eligible universe, companies are re-ranked, and

the selection steps are repeated utilizing the new rankings.

Constituent Weightings. At each rebalancing, constituents are FMC weighted, subject to the following

constraints:

• No single constituent’s weight can exceed 10% of the total index weight.

• The minimum initial portfolio size that can be turned over in a single day (based on three-month

average value traded) cannot be lower than US$ 400 million.

• Any excess weight is proportionally redistributed to uncapped constituents.

S&P Dow Jones Indices: S&P Property Indices Methodology 13

S&P Asia Property 40

Index Universe. The index universe consists of all the constituents of the S&P Global Property index.

Eligibility Factors. Companies in the index universe must, as of each rebalancing reference date,

satisfy the following to be eligible for index inclusion:

• Market Capitalization: have a total market capitalization of at least US$ 1 billion.

• Liquidity: have a three-month ADVT of at least US$ 3 million.

• Domicile. Constituents in the S&P Asia Property 40 Index must be domiciled in the following

Asian countries/regions. In addition, each stock’s primary listing must also be in the following

Asian countries/regions. To ensure tradability, local Indian listings and Chinese A and B shares

are currently ineligible for the index.

Eligible Countries/Regions

China

Philippines

Hong Kong

Singapore

India

South Korea

Indonesia

Taiwan

Japan

Thailand

Malaysia

Pakistan

Constituent Selection. At each rebalancing, the eligible companies in the index universe are selected

and form the index, according to the following process:

1. Stocks are classified according to country/region of domicile (China and Hong Kong are treated

as separate countries/regions).

2. Companies are ranked based by FMC.

3. Companies are selected top-down until the target constituent count of 40 is reached, with no

more than 15 stocks selected from any one country/region, subject to the following selection

buffer:

o The top 35 companies are selected for the index. Current constituents ranked among the

top 45 are selected until the target constituent count is reached.

o If the number of selected companies is still less than 40, current non-constituents are

selected top-down until the target constituent count is reached.

Constituent Weightings. At each rebalancing, constituents are FMC weighted, subject to the following

constraints:

• No single constituent’s weight can exceed 10%.

• No single country/region’s weight can exceed 40%.

• Any excess weight is proportionally redistributed to uncapped constituents.

Timing of Changes

The S&P Property 40 family of indices is fully rebalanced annually or semi-annually. Please refer to Index

Maintenance for details on the rebalancing schedule.

Additions. No additions are made to the indices between rebalancings, except for spin-offs.

Deletions. Index constituents may be deleted from their indices during their respective rebalancings if

any fail eligibility criteria. Index constituents are removed from their corresponding index between

rebalancings, if the stock undergoes a corporate event such as a merger, acquisition, takeover or

delisting. Deletions are announced as soon as practical and are made effective with two to five business

days’ notice.

S&P Dow Jones Indices: S&P Property Indices Methodology 14

S&P Technology REIT Indices

Index Universe. The index universe consists of the constituents of the S&P Global BMI Industrial REITs

(GICS Sub-Industry 60102510), the S&P Global BMI Telecom Tower REITs (GICS Sub-Industry

60108030), and the S&P Global BMI Data Center REITs (GICS Sub-Industry 60108050), as well as any

constituents of the S&P Global BMI Other Specialized REITs (GICS Sub-Industry 60108010) with

business exposure to communications towers or data centers that satisfy the index-specific domicile

criteria:

• S&P Global Technology REIT Index. All developed and emerging market domiciled companies

in the index universe.

• S&P U.S. Technology REIT Index. U.S. domiciled companies in the index universe.

Eligibility Factors. At each rebalancing reference date, companies in the index universe must satisfy

the following to be eligible for index inclusion:

• Market Capitalization: have a float-adjusted market capitalization of at least US$ 200 million

(US$160 million for existing constituents). In cases where the eligible stock count is less than 12,

the top ranked non-constituents by float-adjusted market capitalization are added until it reaches

12 companies.

• Liquidity: have a three-month median daily value traded (MDVT) of at least US$ 1 million (US$

$0.8 million for existing constituents).

Constituent Selection. At each rebalancing, the eligible companies in the index universe are selected

and form the index

Constituent Weightings. At each rebalancing, constituents are FMC weighted, subject to the following

constraints:

1. No single company can represent more than 10% of the index. If any company’s weight exceeds

10%, that company has its weight capped at 10% and all excess weight is proportionally

redistributed to all uncapped companies within the index. If, after this redistribution, any other

company breaches the company weight cap the process is repeated iteratively until no company

breaches the company capping rule.

2. The aggregate weight of the companies with weight greater than 4.5% cannot exceed the

aggregate cap which is 45% of the total index weight.

3. If the rule in step 2 is breached, all the companies are ranked in descending order of their weights

and the company with the smallest weight above 4.5% is identified. The weight of this company

is, then, reduced either until the rule in step 2 is satisfied or it reaches 4.5%.

4. This excess weight is proportionally redistributed to all companies with weights below 4.5%. Any

company that receives weight cannot breach the 4.5% cap. This process is repeated iteratively

until step 2 is satisfied or until all companies are greater than or equal to 4.5%.

5. If the rule in step 2 is still breached and all companies are greater than or equal to 4.5%, the

index’s company count will 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

Constituents

Single Company

Weight Cap

Threshold for Aggregate

Company Weight Capping

Aggregate Company

Weight Cap

>=18

10%

4.50%

45%

16-17

15.00%

4.50%

45%

20.00%

4.50%

50%

12-14

25.00%

5.00%

50%

S&P Dow Jones Indices: S&P Property Indices Methodology 15

6. 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.

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.

Additions. No additions are made to the indices between rebalancings, except for spin-offs. Any spin-off

intra-rebalancing addition is capped at the subsequent rebalancing.

Deletions. Index constituents may be deleted from their indices during their respective rebalancings if

any fail eligibility criteria. Index constituents are removed from their corresponding index between

rebalancings, if the stock undergoes a corporate event such as a merger, acquisition, takeover or

delisting. Deletions are announced as soon as practical and are made effective with two to five business

days’ notice.

S&P Dow Jones Indices: S&P Property Indices Methodology 16

S&P U.S. Equity All REIT Index

Index Universe. The index universe consists of all companies in the S&P United States BMI classified

as part of the GICS Equity REITs Industry Group (Code: 6010) on the rebalancing reference date,

adjusted for any composition changes due to the current rebalancing.

For information on the S&P United States BMI, please refer to the S&P Global BMI, S&P/IFCI

Methodology available at www.spglobal.com/spdji.

Eligibility Factors. At each rebalancing reference date, companies in the index universe must satisfy

the following to be eligible for index inclusion:

• Be a member of the index universe.

• Own some type of commercial real estate that may include offices, residential buildings, industrial

properties, healthcare-related properties, shopping centers, hotels/resorts, commercial forests,

data centers, cell towers, other infrastructure properties, and properties with diversified ownership

across two or more properties.

• Be a REIT classified as part of the GICS Equity REITs Industry Group 6010 as follows:

GICS Sub-Industry Code

GICS Sub-Industry

60101010

Diversified REITs

60102510

Industrial REITs

60103010

Hotel & Resort REITs

60104010

Office REITs

60105010

Health Care REITs

60106010

Multi-Family Residential REITs

60106020

Single-Family Residential REITS

60107010

Retail REITs

60108010

Other Specialized REITs

60108020

Self-Storage REITs

60108030

Telecom Tower REITs

60108040

Timber REITs

60108050

Data Center REITs

• Not be classified as part of the GICS Sub-Industry Mortgage REITs (Code: 40204010).

Constituent Selection. At each rebalancing, eligible companies in the index universe are selected and

form the index.

Constituent Weightings. At each rebalancing, constituents are FMC weighted.

Additions.

• Additions to the index universe that satisfy the eligibility criteria are added to the index

simultaneously.

• Stocks reclassified as part of the GICS Equity REITs Industry Group (Code: 6010) that are

constituents of the index universe are added on the effective date of the GICS change.

• Spin-off securities from current constituents are added on the ex-date.

Currently, all REITs in the index are classified under GICS Industry Group 6010. Prior to September 2016, they were classified

under GICS Industry 404020, excluding Mortgage REITs 40402030.

S&P Dow Jones Indices: S&P Property Indices Methodology 17

Deletions.

• Delisting due to merger, acquisition, takeover, or bankruptcy.

• Stocks reclassified as part of the GICS Equity REITs Industry Group (Code: 6010) are removed

on the date of the GICS change.

• Any constituent removed from the index universe is removed from the index simultaneously.

S&P Dow Jones Indices: S&P Property Indices Methodology 18

Index Maintenance

Index Calculations

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

equity indices.

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.

Rebalancing

S&P Global Property Index. The index, along with all sub-indices, is fully reconstituted each September

using end-of-July data and becomes effective at the close of the 3

Friday of September.

S&P Global Property Shariah. The index follows the same reconstitution schedule as that of its parent,

the S&P Global Property Index. In addition, constituents of the universe are reviewed for Shariah

compliance at the beginning of each month. Changes that result in additions and/or deletions are

implemented the third Friday of each month.

S&P Global Property 40. The index rebalances semi-annually, effective after the close of trading on the

third Fridays of May and November. The rebalancing reference dates are after the close of trading on the

third Fridays of April and October, respectively. The price reference date for stock weighting is the

Wednesday prior to the second Friday of May and November.

S&P Asia Property 40. The index rebalances annually, effective after the close of trading on the third

Friday of November. The rebalancing reference date is after the close of trading on the third Friday of

October. The price reference date for stock weighting is the Wednesday prior to the second Friday of

November.

S&P Technology REIT Indices. The indices rebalance semi-annually, effective after the close of trading

on the third Friday of June and December. The rebalancing reference dates are after the close of trading

on the last business day of May and November, respectively. The price reference date for stock weighting

is the Wednesday prior to the second Friday of June and December.

S&P U.S. Equity All REIT Index. The index reconstitutes annually, effective after the market close on

the third Friday of September. The reconstitution reference date is the last business day of July. In

addition, the index rebalances quarterly, effective after the market close on the third Friday of March,

June, and December.

Peer Group Reviews

The indices review peer group classifications during the annual reconstitution in September. Peer groups

reclassifications resulting from a GICS change are effective at the month-end of the respective GICS

change month. A GICS or DJI Industry Code change does not automatically trigger a change in peer

group classification; the change is reviewed during the next annual reconstitution, if needed.

Corporate Actions

S&P Global Property, S&P Global Property Shariah Indices, S&P Technology REIT Indices, and

S&P U.S. Equity All REIT Index. Please refer to the Market Capitalization Weighted Indices section of

S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology for specific information

regarding treatment for these, and all other corporate actions for market-capitalization weighted indices.

S&P Dow Jones Indices: S&P Property Indices Methodology 19

S&P Global Property 40 and S&P Asia Property 40. Please refer to the Non-Market Capitalization

Weighted Indices section of S&P Dow Jones Indices’ Equity Indices Policies & Practices Methodology for

specific information regarding treatment for these, and all other, corporate actions for non-market

capitalization weighted index.

Investable Weight Factor (IWF)

All constituents of the S&P Property Indices are assigned a float-adjustment factor, called an Investable

Weight Factor (IWF). The IWF ranges between 0 and 1 and is an adjustment factor that accounts for the

publicly available shares of a company. The company’s adjusted market capitalization is used to

determine a constituent’s weight in the index.

Please refer to S&P Dow Jones Indices’ Float Adjustment Methodology for a detailed description of float

adjustment and Investable Weight Factor (IWF).

Currency of Calculation and Additional Index Return Series

All the indices in the S&P Property Indices family are calculated daily. Price return, total return, and net

return versions are available in the following currencies:

• S&P Global Property Index: Australian dollars, Canadian dollars, euros, British pounds, Japanese

yen, and U.S. dollars.

• S&P Global Property 40: U.S. dollars and euros.

• S&P Asia Property 40: U.S. dollars and euros.

WMR foreign exchange rates are taken daily at 4:00 PM London Time and used in the calculation of the

indices. These mid-market fixings are calculated by WMR based on LSEG data and appear on LSEG

pages.

In addition to the indices detailed in this methodology, additional return series versions of the indices may

be available, including, but not limited to: 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 information on the calculation of different types of indices, please refer to S&P Dow Jones Indices’

Index Mathematics Methodology.

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 Date and History Availability

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

Index

Launch

Date

First Value

Date

Base

Date

Base

Value

S&P Global Property

12/31/1992

01/01/1995

12/31/1997

100

S&P Developed Property

12/31/1992

07/01/1989

12/31/1992

100

S&P Emerging Property

12/31/1997

01/01/1995

12/31/1997

100

S&P Global REIT

12/31/1992

07/01/1989*

12/31/1997

100

S&P Developed REIT

12/31/1992

07/01/1989

12/31/1992

100

S&P Global Property 40

01/24/2007

11/16/2001

1000

S&P Asia Property 40

06/23/2008

10/18/2002

1000

S&P Global Technology REIT

08/09/2021

06/19/2015

1000

S&P U.S. Technology REIT

08/09/2021

06/17/2016

1000

S&P U.S. Equity All REIT

06/28/2021

05/01/2006

1000

* For the S&P Global REIT, data prior to January 1, 1995, consists of developed REIT country/region data only.

S&P Dow Jones Indices: S&P Property 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.

S&P Dow Jones Indices: S&P Property Indices Methodology 21

Index Governance

Index Committee

An S&P Dow Jones Indices’ Index Committee maintains the indices. The Committee meets regularly. At

each meeting, the Index Committee may review 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 the daily governance of indices and maintenance of index methodologies, at least once

within any 12-month period, the Index Committee reviews the 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 Property Indices Methodology 22

Index Policy

Announcements

All index constituents are evaluated daily for data needed to calculate index levels and returns. All events

affecting the daily index calculation are typically announced advance via the Index Corporate Events

report (.SDE), delivered daily to all clients. Any unusual treatment of a corporate action or short notice of

an event may be communicated via email to clients.

Pro-forma Files

In addition to the corporate events file (.SDE), S&P Dow Jones Indices provides constituent pro-forma

files each time the indices rebalance. The pro-forma file is typically provided daily in advance of the

rebalancing date and contains all constituents and their corresponding weights and index shares effective

for the upcoming rebalancing. Since index shares are assigned based on prices prior to the rebalancing

effective date, the actual weight of each stock at the rebalancing differs from these weights due to market

movements.

Please visit www.spglobal.com/spdji for a complete schedule of rebalancing timelines and pro-forma

delivery times.

Holiday Schedule

The S&P Global Property and S&P Global REIT indices are calculated daily, throughout the calendar

year. The only days the indices are not calculated or files are not distributed are on days when all

exchanges where an index’s constituents are listed are officially closed. All other indices are calculated

daily on all business days of the year, throughout the calendar year.

A complete holiday schedule for the year is available 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 Market 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.

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_serv[email protected].

S&P Dow Jones Indices: S&P Property 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.

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 (Currency)

Return Type

BBG

RIC

S&P Asia Pacific Property (USD)

Price Return

SPBMAPU

.SPCBMIRAPPR

Total Return

SPBMAPUT

S&P Developed Property (USD)

Price Return

SPBMWDU

.SPCBMIRWDPR

Total Return

SPBMWDUT

Net Total Return

SPBMWDUN

S&P Developed Ex-U.S. Property (USD)

Price Return

SPBMWUU

.SPCWPXUU

Total Return

SPBMWUUT

S&P EPAC Property (USD)

Price Return

SPBMEPU

.SPCBMIREPPR

S&P Europe Property (USD)

Price Return

SPBMEUU

.SPCBMIREUPR

Total Return

SPBMEUUT

S&P Eurozone Property (USD)

Price Return

SPBMEZU

.SPCBMIREZPR

S&P Global Property (USD)

Price Return

SPBMGPPU

.SPCBMIRGLPR

Total Return

SPBMGPTU

S&P Global Ex-U.S. Property (USD)

Price Return

SPBMGUU

S&P United States Property (USD)

Price Return

SPBCUSU

S&P North America Property (USD)

Price Return

SPBMNAU

.SPCBMIRNAPR

S&P Developed REIT (USD)

Price Return

SREIT

Total Return

SREITTR

S&P Developed REIT (JPY)

Price Return

SREITJ

.SPCBMIRWDRE

Total Return

SREITTRJ

S&P Developed Ex-U.S. REIT (USD)

Price Return

SREITWU

Total Return

SREITTWU

S&P Emerging REIT (USD)

Price Return

SREIEMUP

Total Return

SREIEMUT

Net Total Return

SREIEMUN

S&P Europe REIT (USD)

Price Return

SREIEUU

Total Return

SREIEUUT

S&P Global REIT (USD)

Price Return

SREITGL

.SPCMBMIRGLRE

Total Return

SREITTGL

S&P Global Ex-Japan REIT (USD)

Price Return

.SPCBMIRWJRE

S&P United States REIT (USD)

Price Return

STCGUSRE

.SPCBMICUSRE

S&P Asia Property 40 (USD)

Price Return

SPP4ADP

.SPP4ADP

Total Return

SPP4ADPT

Net Total Return

SPP4ADPN

S&P Asia Property 40 (EUR)

Price Return

SPP4AEP

.SPP4AE

Total Return

SPP4AET

Net Total Return

SPP4AEN

S&P Global Property 40 (USD)

Price Return

SPP4GDP

.SPP4GDP

Total Return

SPP4GTT

Net Total Return

SPP4GDT

.SPP4GDT

S&P Dow Jones Indices: S&P Property Indices Methodology 24

Index (Currency)

Return Type

Bloomberg

RIC

S&P Global Property 40 (EUR)

Price Return

SPP4GEP

Total Return

SPP4GET

S&P Global Technology REIT Index (USD)

Price Return

SPGTREUP

Total Return

SPGTREUT

Net Total Return

SPGTREUN

S&P U.S. Technology REIT Index (USD)

Price Return

SPUTREUP

Total Return

SPUTREUT

Net Total Return

SPUTREUN

S&P U.S. Equity All REIT Index (USD)

Price Return

SPUSARUP

Total Return

SPUSARUT

Net Total Return

SPUSARUN

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 Property Indices Methodology 25

Appendix I

Structural Hierarchy Graph

S&P Global Property and S&P Global REIT Indices

S&P Global BMI (Broad Market Index)

S&P Global Property

S&P Developed Property

S&P Emerging Property

S&P Global REIT

S&P Developed REIT

S&P Emerging REIT

S&P Global Property 40 and S&P Asia Property 40 Indices

S&P Global Property

S&P Global Property 40

S&P Asia Property 40

S&P Technology REIT Indices

S&P Global BMI (Broad Market Index)

S&P Global BMI Industrial REITs + S&P Global BMI Telecom Tower REITs + S&P Global

BMI Data Center REITs

S&P Global Technology REIT Index

S&P U.S. Technology REIT Index

S&P Dow Jones Indices: S&P Property Indices Methodology 26

Appendix II

Definition of Property Types

Below is a brief description of each property peer group classification.

• Diversified property companies, focus on more than one of the major activities enumerated

below. Typically, if the revenue from one kind of activity is less than 60% of the total and the

remaining property focus accounts for the rest, the company is deemed diversified.

• Hotel/Resort/Leisure property companies own, acquire, develop, lease, manage and operate

hotels, resorts and other entertainment facilities such as amusement parks.

• Industrial property companies own, acquire, develop, lease, manage and operate a diverse set of

industrial facilities such as warehousing facilities, distribution and manufacturing bases.

• Office Space property companies own, acquire, develop, lease, manage and operate office

buildings. These can be based in business districts, in suburbs, and could be multi-tenant vs.

single tenant facilities.

• Healthcare property companies own, acquire, develop, lease, manage and operate healthcare

facilities like nursing homes, assisted living facilities, hospitals, psychiatric facilities, and medical

office buildings.

• Retail property companies own, acquire, develop, lease, manage and operate shopping malls,

outlet malls, and neighborhood and community shopping centers. The category is further sub-

divided into:

o Malls companies with a focus on investment in malls, defined as large and enclosed retail

centers that contain primarily national and/or regional store brands.

o Strip Centers companies with a focus on investment in strip centers, defined as small, local

shopping centers that are usually open-air facilities containing some nationally branded

stores but are mostly local retail establishments. Often these centers are described as

grocery-anchored or local/community shopping centers. This includes single-tenant,

standalone retail locations.

o Factory Outlets companies with a focus on investment in outlet centers, defined as spaces

where national brands sell merchandise at a discount. Generally, these spaces are open-air

and have the word outlet in the property name.

o Free-standing companies with a focus on investment in free-standing establishments that

offer medium to long-term leases under which the tenant is responsible for the upkeep and

expenses of the property. Generally, tenants offer a product or service that is needed on a

regular basis, such as restaurants, theaters, fitness centers, pharmacies, and convenience

stores. These REITs often utilize triple net leases.

o Other: companies with a focus on any REIT that invests in retail properties that cannot be

classified into any of the categories listed above (for example, restaurants, leisure,

entertainment, concert venue, and theme parks) or any portfolio that contains a mix of the

above property types.

• Storage property companies own, acquire, develop, lease, manage and operate self-storage

facilities. These could be equipped with advanced security systems and climate-controlled units.

• Specialty property companies own, acquire, develop, lease, manage and operate a range of

specialized activities not classified elsewhere. Includes companies that operate and invests in

S&P Dow Jones Indices: S&P Property Indices Methodology 27

correctional and restaurant facilities. Since each of these activities is highly specialized in nature,

they have been dubbed specialty property companies.

• Residential property companies own, acquire, develop, lease, manage and operate residential

properties including multifamily homes, apartments, manufactured homes and housing properties

for the purpose of rentals. The category is further sub-divided into:

o Apartments companies with a focus on investment in multi-family dwellings and apartment

buildings.

o Manufactured Homes companies with a focus on investment in manufactured home

communities for individual households, including trailer parks and co-habitation housing.

o Single Family Home companies with a focus on investment in single-family homes and

related communities.

o Student Housing companies with a focus on investment in student housing, dormitories, and

campus residential communities.

• Timber property companies own, acquire, develop, lease, manage and operate land that is used

for the production and harvesting of timber.

• Data Center property companies own, acquire, develop, lease, manage and operate data centers

in three primary lines of business: wholesale, colocation, and interconnection.

• Tower property companies own, acquire, develop, lease, manage and operate telecom tower

structures generally leased to telecommunication firms.

S&P Dow Jones Indices: S&P Property Indices Methodology 28

Appendix III

Methodology Changes

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

Change

Effective Date

Methodology

(After Close)

Updated

Membership

Classification: All

S&P Property

Indices

06/16/2023

S&P REIT Type:

• Diversified Property E01R

• Hotel/Resort/Leisure Property E02R

• Industrial Property E03R

• Office Space Property E04R

• Healthcare Property E05R

• Retail Property E06R

• Storage Property E08R

• Specialty Property E09R

• Residential Property E10R

S&P REIT Type:

• Diversified Property E01R

• Hotel/Resort/Leisure Property E02R

• Industrial Property E03R

• Office Space Property E04R

• Healthcare Property E05R

• Retail Property E06R

• Storage Property E08R

• Specialty Property E09R

• Residential Property E10R

• Timber Property E11R

• Data Center Property E12R

• Tower Property E13R

Membership

Classification: All

S&P Property

Indices

06/16/2023

S&P Property Type:

• Diversified Property E01

• Hotel/Resort/Leisure Property E02

• Industrial Property E03

• Office Space Property E04

• Healthcare Property E05

• Retail Property E06

• Storage Property E08

• Specialty Property E09

• Residential Property E10

S&P Property Type:

• Diversified Property E01

• Hotel/Resort/Leisure Property E02

• Industrial Property E03

• Office Space Property E04

• Healthcare Property E05

• Retail Property E06

• Storage Property E08

• Specialty Property E09

• Residential Property E10

• Timber Property E11

• Data Center Property E12

• Tower Property E13

Membership

Classification:

S&P Technology

REIT Indices

03/17/2023

GICS sub-industries:

• Industrial REITs (60101020)

• Specialized REITs (60101080)

GICS sub-industries:

• Industrial REITs (60102510),

• Telecom Tower REITs (60108030)

• Data Center REITs (60108050)

Membership

Classification:

S&P U.S: Equity

All REIT Index

03/17/2023

GICS sub-industries:

• Diversified REITs (60101010)

• Industrial REITs (60101020)

• Hotel & Resort REITs (60101030)

• Office REITs (60101040)

• Health Care REITs (60101050)

• Residential REITs (60101060)

• Retail REITs (60101070)

• Specialized REITs (60101080)

GICS sub-industries:

• Diversified REITs (60101010)

• Industrial REITs (60102510)

• Hotel & Resort REITs (60103010)

• Office REITs (60104010)

• Health Care REITs (60105010)

• Multi-Family Residential REITs

(60106010)

• Single-Family Residential REITS

(60106020)

• Retail REITs (60107010)

• Other Specialized REITs (60108010)

• Self-Storage REITs (60108020)

• Telecom Tower REITs (60108030)

• Timber REITs (60108040 )

• Data Center REITs (60108050)

S&P Global

Property and S&P

Global REIT

Indices:

Inclusion of Saudi

Arabia

03/15/2019

Saudi Arabia was initially a stand-alone

market. In March 2019, it was promoted to

emerging market status. Eligible stocks are

included using a specified float-adjusted

market capitalization percentage of 50% in

March 2019 and 100% beginning in

September 2019.

S&P Dow Jones Indices: S&P Property Indices Methodology 29

Change

Effective Date

Methodology

(After Close)

Updated

S&P Global

Property 40 and

S&P Asia Property

40:

Final Constituent

Selection Buffer

Rule

04/29/2016

Subject to the geographical

diversification criteria, all of the three

indices above allow for a five-stock

buffer. Therefore, index constituents

that fall among the top 45 stocks based

on float-adjusted market capitalization

remain in the index.

Subject to the geographical diversification

criteria, all of the three indices above allow

for a five-stock buffer. Therefore, index

constituents that fall among the top 45

stocks based on float-adjusted market

capitalization remain in the index and non-

constituents that fall among the top 35

stocks based on float-adjusted market

capitalization are added to the index.

S&P Global

Property Shariah

Index:

Treatment of Spin-

offs

09/30/2015

Spin-offs are reviewed for Shariah

compliance as soon as possible with

any available information. If the

company meets all eligibility rules,

including industry criterion and is

deemed to be Shariah compliant then

the company is added to the index. If,

however, the Shariah Board is unable

to determine that the new company is

Shariah compliant, the company is not

added to the index. The company may

be added at the next monthly review

when it meets all eligibility rules

including Shariah compliance.

Spin-offs are added at a zero price at the

market close of the day before the ex-date

(with no divisor adjustment) and are

removed after at least one day of regular

way trading (with a divisor adjustment),

regardless of Shariah compliance.

S&P Dow Jones Indices: S&P Property Indices Methodology 30

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 Property Indices Methodology 31

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).

Intellectual Property Notices/Disclaimer

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S&P Dow Jones Indices: S&P Property Indices Methodology 32

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In addition, S&P Dow Jones Indices provides a wide range of services to, or relating to, many

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Some indices use the Global Industry Classification Standard (GICS

), which was developed by, and is

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S&P Dow Jones Indices: S&P Property Indices Methodology 33

thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy,

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ESG Indices Disclaimer

S&P DJI provides indices that seek to select, exclude, and/or weight index constituents based on, but not

limited to, certain environmental, social or governance (ESG) indicators, or a combination of those

indicators, including the following: environmental indicators (including the efficient use of natural

resources, the production of waste, greenhouse gas emissions, or impact on biodiversity); social

indicators (such as, inequality and investment in human capital); governance indictors (such as sound

management structures, employee relations, remuneration of staff, tax compliance, respect for human

rights, anti-corruption and anti-bribery matters), specific sustainability or values-related company

involvement indicators (for example, production/distribution of controversial weapons, tobacco products,

or thermal coal), or controversies monitoring (including research of media outlets to identify companies

involved in ESG-related incidents).

S&P DJI ESG indices use ESG metrics and scores in the selection and/or weighting of index constituents.

ESG scores or ratings seek to measure or evaluate a company’s, or an asset’s, performance with respect

to environmental, social and corporate governance issues.

The ESG scores, ratings, and other data used in S&P DJI ESG indices is supplied directly or indirectly by

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S&P DJI ESG index’s ability to reflect ESG factors depends on these third parties’ data accuracy and

availability.

ESG scores, ratings, and other data may be reported (meaning that the data is provided as disclosed by

companies, or an asset, or as made publicly available), modelled (meaning that the data is derived using

a proprietary modelling process with only proxies used in the creation of the data), or reported and

modelled (meaning that the data is either a mix of reported and modelled data or is derived from the

vendor using reported data /information in a proprietary scoring or determination process).

ESG scores, ratings, and other data, whether from an external and/or internal source, is based on a

qualitative and judgmental assessment, especially in the absence of well-defined market standards, and

due to the existence of multiple approaches and methodologies to assess ESG factors and

considerations. An element of subjectivity and discretion is therefore inherent in any ESG score, rating, or

other data and different ESG scoring, rating, and/or data sources may use different ESG assessment or

estimation methodologies. Different persons (including ESG data ratings, or scoring providers, index

administrators or users) may arrive at different conclusions regarding the sustainability or impact of a

particular company, asset, or index.

Where an index uses ESG scores, ratings or other data supplied directly or indirectly by third parties, S&P

DJI does not accept responsibility for the accuracy of completeness of such ESG scores, ratings, or data.

No single clear, definitive test or framework (legal, regulatory, or otherwise) exists to determine ‘ESG’,

‘sustainable’, ‘good governance’, ‘no adverse environmental, social and/or other impacts’, or other

equivalently labelled objectives. In the absence of well-defined market standards and due to the existence

of multitude approaches, the exercise of judgment is necessary. Accordingly, different persons may

classify the same investment, product and/or strategy differently regarding ‘ESG’, ‘sustainable’, ‘good

S&P Dow Jones Indices: S&P Property Indices Methodology 34

governance’, ‘no adverse environmental, social and/or other impacts’, or other equivalently labelled

objectives. Furthermore, the legal and/or market position on what constitutes an ‘ESG’, ‘sustainable’,

‘good governance’, ‘no adverse environmental, social and/or other impacts’, or other equivalently labelled

objectives may change over time, especially as further regulatory or industry rules and guidance are

issued and the ESG sustainable finance framework becomes more sophisticated.

Prospective users of an S&P DJI ESG Index are encouraged to read the relevant index methodology and

related disclosures carefully to determine whether the index is suitable for their potential use case or

investment objective.