The largest company in the index may not weigh more than 35% of the total market value and the companies next in line may not weight more than 20% each. The index will be reviewed on a weekly basis to ensure that this critera is not broken. At the end of each Thursday each company?s weight in the ICEX-15 index is reviewed and capped if necessary. The revised composition takes effect the following Monday. If the largest company?s weight is greater than 35% its weight is capped at 34% and if other companies? weight exceeds 20% their weight is capped at 19%. The capping results in the proportional increase of weights of non-capped index constituents. Should it happen as a result of the capping that the weight of another company exceeds the forementioned limits, it is capped as well. This procedure is recursively repeated until no further capping is necessary. Finally a capping factor is calculated for each index member. The capping factor is the ratio of a company?s capped number of shares to its number of shares in the ICEX-15 index. Thus we see that index members which are capped have a capping factor < 1, and companies which have not been capped have a capping factor = 1. When share increases/decreases occur, the number of shares in the index is increased/decreased according to the capping factor.
As has already been mentioned in ?ICEX News & Views? on the 12th of March earlier this year, ICEX granted Kaupthing Bank Asset Management Company the exclusive right to use the ICEX-15 cap index to operate the first Icelandic Exchange Traded Fund or ETF. The decision to calculate this capped version of the ICEX-15 index was made so that the ETF would fulfill the EU?s UCITS regulations and would therefore be applicable for further marketing in the EU.
In the following table the composition of the ICEX-15 cap index can be seen as it was found to be at the end of trading last Tursday.
|
Company |
Number of Shares |
Market Value |
Weight in index |
|
Actavis hf. |
1.347.201.135 |
57.929.648.805 |
11,0% |
|
Fjarfestingarfelagid
Atorka hf. |
1.802.872.500 |
10.222.287.075 |
1,9% |
|
Bakkavor hf. |
1.050.785.291 |
26.269.632.275 |
5,0% |
|
Burðaras hf. |
2.779.408.822 |
35.020.551.157 |
6,6% |
|
Grandi hf. |
739.475.000 |
6.063.695.000 |
1,1% |
|
Íslandsbanki hf. |
8.400.000.000 |
99.120.000.000 |
18,8% |
|
Kaupthing Bunaðarbanki
hf. |
389.879.260 |
179.344.459.625 |
34,0% |
|
Landsbanki Íslands hf. |
3.645.000.000 |
45.562.500.000 |
8,6% |
|
Marel hf. |
144.038.400 |
8.282.208.000 |
1,6% |
|
Medcare Flaga hf. |
569.932.847 |
3.391.100.440 |
0,6% |
|
Og fjarskipti hf. |
1.589.315.724 |
5.403.673.462 |
1,0% |
|
Opin kerfi Group hf. |
106.359.631 |
2.935.525.816 |
0,6% |
|
Össur hf. |
175.142.550 |
15.324.973.125 |
2,9% |
|
Samherji hf. |
581.000.000 |
7.233.450.000 |
1,4% |
|
Straumur
fjarfestingarbanki hf. |
2.700.000.000 |
25.380.000.000 |
4,8% |
|
Total |
26.020.411.160 |
527.483.704.779 |
100,0% |