JPX-Nikkei Mid and Small Cap Index

Overview

The JPX-Nikkei Mid and Small Cap Index is comprised of companies with middle and small market capitalization, which make up the majority of listed companies in Japan, that are selected based on the same concept as JPX-Nikkei Index 400 and appealing to shareholders and aim at sustainably increasing corporate value. The index was jointly developed by Nikkei and Tokyo Stock Exchange.

• Chart
• Constituents
  Common stocks whose main market is the Tokyo Stock Exchange Prime Market, Standard Market or Growth Market (in principle)
• Periodic review
  Annually (August)
• Selection rules
  • (1)Issues constituting the top 20% of market capitalization on the selection base date, under the 10 billion yen of market capitalization on the selection base date and under 15 billion yen of trading value in the one year since the selection base date shall be removed, (2)Each stock is scored by 3-year average ROE and 3-year cumulative operating profit with the weights on the each indicator 70% and 30% respectively, (3)200 stocks are selected by the final ranking with the scores calculated in (2) and qualitative factors from the perspectives of corporate governance and disclosure.
  • In case of delisting of the components due to a merger or bankruptcy etc, new stocks shall not be added in principle.
• Number of constituents
  200
• Weighting
  Free-float adjusted market value weight (1.5% cap)
• Calculation Method
  • The index is calculated based on market capitalization adjusted by FFW (Free Float Weight) and the index is calculated by dividing the current total free float adjusted market value by "base market value".
  • In case where the cap maximum of the components exceed 1.5% at the Annual Review, the each weight to the total market value of the index shall be adjusted within 1.5% at the end of June, the selection base date of the Annual Review.
• Calculation frequency
  Real time (every 1 second)
• Commencement date
  March/13/2017
• Inception date
  August/31/2006
• Calculation base date
  August/31/2016 ＝ 10,000