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----- Original Message -----
Sent: Monday, May 23, 2005 11:32 AM
Subject: Re: [RT] nyse/sp500
Recently the NYSE has modified the way
the Composite is calculated
mano
From the NYSE website:
| Index Description |
| The NYSE Composite Index (NYA) is designed to
measure the performance of all common stocks listed on the NYSE,
including ADRs, REITs and tracking stocks. In January 2003 the
NYSE reintroduced the NYSE Composite Index under a new methodology that
is fully transparent and rule-based. Under the new methodology, all
closed-end funds, ETFs, limited partnerships and derivatives are
excluded from the index. As of year-end
2004, the NYSE Composite consists of over 2,000 U.S. and non-U.S.
stocks. It is a measure of the changes in aggregate market value of all
NYSE-listed common stocks, adjusted to eliminate the effects of
capitalization changes, new listings and delistings. The index
is weighted using free-float market capitalization and calculated on
both price and total return basis. |
The NYSE has redefined the NYSE Composite's index methodology. The
methodology is now rule based and fully transparent. The following table
summarizes the differences between the new and the old methodology:
|
Old Methodology |
New Methodology |
| Security class eligible for inclusion |
| Common stocks |
Yes |
Yes |
| ADRs |
Yes |
Yes |
| Tracking Stocks |
Yes |
Yes |
| REITs |
Yes |
Yes |
| Closed-end funds |
Yes |
No |
| ETFs |
Yes |
No |
| Preferred stocks |
No |
No |
| Derivatives |
Yes |
No |
| Shares of beneficial interest |
Yes |
No |
| Trust units |
Yes |
No |
| Limited partnerships |
Yes |
No |
| Weighting |
Full market capitalization |
Float-adjusted market cap |
| Base Date |
December 31, 1965 |
December 31, 2002 |
| Base Value |
50 |
5,000 |
| Maintained/Calculated by |
Securities Industry Automation Corp. (SIAC) |
Dow Jones Indexes |
| Reconstitution/Rebalancing |
Ongoing |
Ongoing |
| Share Updates (<10%) |
Daily |
Quarterly |
| Return Calculation |
Price return index |
Price and total return indexes |
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